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Hello everyone. I don't contribute much but I figure I would post this just as a way to keep track of my own progress and help anyone I can along the way.
Some background information:
Age: 24
Male
College graduate
Active entrepreneur since age 18
Intro
This first thing I will say is that I am in no way any type of expert in any particular field and regard myself as pretty average but with a strong work ethic. I do not believe I am better than anyone else or that what I have accomplished makes me special. If you want to do this, its pretty easy... All you have to do is actually apply yourself and not listen to people that want you to fail.
Before I get to the details of the partnership I am forming, it is best if you understand how I got here. I basically started a business about 3 years ago in an industry related to my college degree(I can hear the yelling and screaming already). I rented an office, started making money, and basically learned the business while going to school. Fast forward to now and what has happened is what you can never expect but will inevitable occur if you stick it out and work your a$$ off. Keep in mind that I am only a 24 year old kid.
So what exactly has happened? Well.. i have been approached through networking in my industry by experts that are much more experienced and have the capital to push me where I want to go. We are actively forming a venture which I will talk about in a second. Here is a bit of information about their backgrounds:
Partner #1
30+ years of experience in the industry
Partner #2
5 years of experience in the industry
Current business doing 5 million in revenue(Same industry as our venture)
Current business grew 1000% this year alone, growth begins to slow around 15 million assuming no new services are added
The Venture
Basically partner #2 sees Partner #1 and I as competition and we have all agreed to partner up on a venture that will benefit us all in the same industry. Here are the terms(not in writing as of yet):
- I will take majority of the shares since I will be doing the majority of the work.
- Partner #2 business will loan our new venture 25-50K to begin operations.
- Partner #2 will be active for first year and then scale back after everything is established.
These terms are not in stone but they have been informally agreed upon. I cannot tell you anything more than this. I also cannot tell you the industry I am in, sorry. We expect to generate 1-2 million in revenue the first year assuming we are able to find and hire talented individuals in a timely fashion.
Thoughts
Do not think for one single second that this was an accident, I actively sought out this industry for over a year. This niche was only visible as a gold mine until I was so well researched that I could see what everyone else was missing. At this point in time, most of that larger firms have existed(due to reasons other than not being able to generate a profit) while demand has continued to rise. An opportunity like this is only capitalized on if you are able to pick your industry and niche wisely.
Sure, you can make money selling fruit on the side of the road but so can any idiot.. If you want to make your life easier, spend the majority of your time researching your niche upfront and the rest will be much easier.
Most people want to just jump in because they have no patience, this is a huge mistake. You want to be both aggressive and passive, you must be still and once you have found what you are looking for, be prepared to pull the trigger.
I could write 200x more; but I will stop here and let you ask questions.
Thanks
Edit: Would also like to thank JackEdwards & zend***phin for always helping when I had a question or two.
Some background information:
Age: 24
Male
College graduate
Active entrepreneur since age 18
Intro
This first thing I will say is that I am in no way any type of expert in any particular field and regard myself as pretty average but with a strong work ethic. I do not believe I am better than anyone else or that what I have accomplished makes me special. If you want to do this, its pretty easy... All you have to do is actually apply yourself and not listen to people that want you to fail.
Before I get to the details of the partnership I am forming, it is best if you understand how I got here. I basically started a business about 3 years ago in an industry related to my college degree(I can hear the yelling and screaming already). I rented an office, started making money, and basically learned the business while going to school. Fast forward to now and what has happened is what you can never expect but will inevitable occur if you stick it out and work your a$$ off. Keep in mind that I am only a 24 year old kid.
So what exactly has happened? Well.. i have been approached through networking in my industry by experts that are much more experienced and have the capital to push me where I want to go. We are actively forming a venture which I will talk about in a second. Here is a bit of information about their backgrounds:
Partner #1
30+ years of experience in the industry
Partner #2
5 years of experience in the industry
Current business doing 5 million in revenue(Same industry as our venture)
Current business grew 1000% this year alone, growth begins to slow around 15 million assuming no new services are added
The Venture
Basically partner #2 sees Partner #1 and I as competition and we have all agreed to partner up on a venture that will benefit us all in the same industry. Here are the terms(not in writing as of yet):
- I will take majority of the shares since I will be doing the majority of the work.
- Partner #2 business will loan our new venture 25-50K to begin operations.
- Partner #2 will be active for first year and then scale back after everything is established.
These terms are not in stone but they have been informally agreed upon. I cannot tell you anything more than this. I also cannot tell you the industry I am in, sorry. We expect to generate 1-2 million in revenue the first year assuming we are able to find and hire talented individuals in a timely fashion.
Thoughts
Do not think for one single second that this was an accident, I actively sought out this industry for over a year. This niche was only visible as a gold mine until I was so well researched that I could see what everyone else was missing. At this point in time, most of that larger firms have existed(due to reasons other than not being able to generate a profit) while demand has continued to rise. An opportunity like this is only capitalized on if you are able to pick your industry and niche wisely.
Sure, you can make money selling fruit on the side of the road but so can any idiot.. If you want to make your life easier, spend the majority of your time researching your niche upfront and the rest will be much easier.
Most people want to just jump in because they have no patience, this is a huge mistake. You want to be both aggressive and passive, you must be still and once you have found what you are looking for, be prepared to pull the trigger.
I could write 200x more; but I will stop here and let you ask questions.
Thanks
Edit: Would also like to thank JackEdwards & zend***phin for always helping when I had a question or two.
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