The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

INTRO Let's Do This!

Accelerate wealth. Build a business that pays freedom. Join more than 70,000 entrepreneurs and register for the Fastlane Entrepreneur forum. Remove ads? Join the INSIDERS.

StartUpDavid

New Contributor
Read Millionaire Fastlane
Jan 17, 2018
8
7
16
26
Washington, D.C.
Hello everyone. My name is David. I am excited to join the Fast Lane family here.

My Story


When I was 7, I was gifted a box of Twizzlers, which I resold at my afterschool center then launched a snack business. That incited my entrepreneurship and pushed me to attempt to create income streams with various levels of failure throughout the years: distribution of multi-level marketing products, affiliate sites, sales of liquidated stock at markets, direct marketing, and others. I learned a basic entrepreneurship’s skillset through the experience: selling, following through, motivating myself, thinking creatively, etc.

When time for university came around, I had no serious success to stop me from applying and much cajoling from my parents who worked hard so that I could have a better life. I started out heavily involved in my college’s entrepreneurship program, yet multiple reasons or excuses over the years led me further and further toward a corporate career. The less I enjoyed it, the harder I pushed. It all came to a standstill when I was injured and needed to recover for a year. In that case, pushing through made it worse, so I took time off school, graduated soon after, and started a corporate career.

My role is good. I have a great manager, the pay is decent, and I have a solid career trajectory. However, I started to fall into emotional funks similar to those I experienced in college. I started to get sick often, and it seems to be catalyzed by my thoughts – thoughts craving change. I realized that entrepreneurship is missing from my life with many of its beautiful aspects: leading, creating products, ideating, trading rules for results, seeing the impact, and working in a dynamic, changing environment. In college, I realized some of those traits in startup-type initiatives I led, but I want to experience it fully.

I’m not here for the money. I would like to live a lifestyle like @MJ DeMarco and some of the folks here, but I also enjoy the process. I want to launch businesses that make an impact by solving societal needs.

My Present

Right now, I have a ton of excuses. I accepted a signing bonus that constitutes a sizeable amount of my salary – staying another 6 months means I can keep half, staying another 18 months means I can keep it all. Luckily, I did not spend it. I have an apartment lease through June wherein subletting or Airbnbing may not be possible and terminating early comes with a penalty. This makes it hard to reduce my expenses so that I could focus on a business. I also cannot receive bulk packages here.

That said, I am moving past the excuses. I had two business ideas, one of which is more feasible in the short-term. It fulfills a need that I personally had, and I believe there is significant potential in creating a brand around it. After reading @Walter Hay's fantastic book on importing, @biophase's posts, and other users’ experiences on here, I am looking at working with manufacturers in China to import the item. Since quality control will be very important for this category and the brand I would like to build, I am looking at renting storage units. This would add a cost of $150+ per month; with package delivery and package pick-up, this could be $300+ per month, but I plan to call to confirm. My concern is that I really only need these storage units when I am receiving deliveries – not during manufacturing, shipping, between orders, etc. – but I am paying monthly. Moreover, this creates a very high cost base creating a high risk; even if successful, margins will drop significantly just for storage.

Other options I am looking at include buying a house and renting it out; I may speak with my leasing company about breaking the lease. Otherwise, I will have to wait until June, though I can start looking for a house earlier. I do not like the idea of being tied down, but I am creating a network in the city that could be helpful. Ideally, I would prefer to quit my job, travel for a few months to detox (also get business ideas while travelling), then return to start this business. That is another option I am considering.

Hopefully, that tells you a little about me. I look forward to learning more about everyone here as we work together to achieve our goals.
 

Don't like ads? Remove them while supporting the forum. Subscribe.

Sponsored Offers

Introducing MJ's Personal Unscripted Network, Join Now for FREE!
Text from today... Muhammad Ali said, "I hated every minute of training", but followed with...
  • Sticky
MARKETPLACE NEW: The Best School for Going Fastlane (Now open for summer enrollment)
With 300+ students, the method and/or main sources of traffic don't saturate? Seems web design...
MARKETPLACE Fox Web School "Legend" Group Coaching Program 2021
Hi - I sent out some emails with the updates but I'll PM you now also, thanks. The issue is...
MARKETPLACE Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...
  • Sticky
MARKETPLACE You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
Chris is super sharp and is aware of many facets of entrepreneurship and can help get your...

Learn Fastlane Business Skills & Get Profitable Within 30 Days...

Get Started Now

Don't like ads? Remove them while supporting the forum. Subscribe.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

More Intros...

Top Bottom