Cant figure this stuff out, unbelievably confused

[psaco131]

Every time I think I'm on to something, I find out a little more info and conclude its no longer worth pursuing. Its like a recurring cycle. Very confused at this point. I feel like an idiot seeing kids in middle school as entrepreneurs and I'm still working a shitty job.

First I wanted to start a Debt Consolidation service but later found out I need a license.
2nd, A social news site, I lost enthusiasm for this project, didn't really believe it filled a need.
3rd, I wanted to become a Real Estate Investor, I realized I hated driving around all day knocking on doors, I know there are more efficent ways to make money.
4th, A mail advertising service for local businesses, I found out some company already does this (This is the idea I had the most faith in)


What am I doing wrong? I've tried taking a week off thinking/brainstorming and the same shit happens again. My last option in my mind before I lose it mentally is to just go out tomorrow morning and try selling my service (4th idea) to businesses just for the hell of it.

 

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[Runum]

Sounds like you want the easy way out. This is work man, no one has said it was easy.

 

[pdog]

Re 1 - so what's wrong with getting a license? Do you not drive a car because you didn't want to get a license? If you have a better moustrap in this area there could be good money at it, and you could start by sending leads to an existing licensed operation to better get a handle on the business, and then get your licence to handle the customers 100% by yourself (or a % of them anyway and refer the rest).

Re 4 - did you read the book section re competition? I think you missed the point so simply reread it.

Cheers,
Peter

 

[psaco131]

@Runum, Stupid question but how do you take the hard way out? (Seriously)

@pdog, In my state you need a Financial Planner certificate/license which requires a bachelors in Finance, college isn't for me.

 

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[pdog]

Can you outsource/hire the guy w/ the license to handle the part that needs the license?

 

[psaco131]

Can you outsource/hire the guy w/ the license to handle the part that needs the license?

Ill look into that, thanks

 

[The-J]

3rd, I wanted to become a Real Estate Investor, I realized I hated driving around all day knocking on doors, I know there are more efficent ways to make money.

Hire a bird dog to do this for you. Any kid with a bus pass and an ability to speak English can do this. Pay them per deal closed, like a couple hundred dollars every time he/she gives you a solid lead.

Also: that last option in your mind is an excellent one. Yes, there is mail advertising already but how can you do it better? More efficient?

Listen to the needs, the problems, the bitches and moans.

 

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[wade1mil]

@Runum, Stupid question but how do you take the hard way out? (Seriously)

You get a job and do exactly what someone tells you to do for the rest of your life. (Seriously)

 

[Runum]

@Runum, Stupid question but how do you take the hard way out? (Seriously)

Actually, you have no idea how hard I worked when I first started. I drove neighborhoods, made calls, pounded nails, rewired rehabs, crawled under houses, rebuild entire plumbing systems, crawled in attics in the summer, dug ditches, painted walls, laid tiles, unclogged toilets, and anything else that needed to be done. There were lots of days with 3-4 hours of sleep and lots of days of being dead tired. I also had to attend networking events and charity events to keep up face time with people that were in positions to help me. The work is different now but I still stay busy with the business because I don't trust anyone else to run it. I do hire most labor out and don't have to pound the pavement as much.

Even at 21 I was working 10 hours a day on the job and 8 hours a day on my racing cars. I sure wasn't on an entrepreneur forum making excuses of why I can't get things done. I was out everyday making answers. It was tough, fun, draining, and a blast.

Deal is, all my life, if I wanted it, I made it happen. I didn't get on a forum and whine because it was hard or uncomfortable. I actually never gave any thought to how hard or uncomfortable it was. I just did it.

I believe you need to get yourself a nice paying, 50 hour a week, job so that someone else can do your thinking for you and tell you what to do next. You obviously would rather make excuses than step out and take a chance.

Good luck.

 

[GlobalWealth]

I believe you need to get yourself a nice paying, 50 hour a week, job so that someone else can do your thinking for you and tell you what to do next. You obviously would rather make excuses than step out and take a chance.

I can feel the sting on MY cheek from this one. Hopefully it will be a wake up call. Otherwise he will make someone a nice mediocre employee someday.

 

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[Kwik]

Why do you think it's suppose to be easy? That's a bit how you come across. "I had this idea, then I realised it did not work because of a roadblock, and so I started something different".

 

[LamboMP]

What am I doing wrong?

Your chasing money

 

[BrucetonGuy]

Your chasing money

This ^^^^^^^^^^^^^

Listen to the needs, the problems, the bitches and moans.

and This ^^^^^^^^^^^^^^^^^^^^^^^^^^

I believe you need to get yourself a nice paying, 50 hour a week, job so that someone else can do your thinking for you and tell you what to do next. You obviously would rather make excuses than step out and take a chance.

and probably This ^^^^^^^^^^^^^^^^^^^^^

 

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[MJ DeMarco]

What am I doing wrong?

First, you're chasing MONEY.

As soon as you "try" something and it doesn't provide money, you bail out.

None of what you described insofar as business revolves around a need.

Second, you're chasing EVENTS.

This is the big one.

You think starting a business and finding a customer is an EVENT. As soon as you discover that it isn't (as evidenced by encountering your first roadblock) you give up and look for something different.

The roadblocks (I need a license, I need this, I hate doing that, I don't like this, blah blah) are evidence to the process. Do you seriously think you can start a business without any roadblocks? Or barriers to entry? Or significant "sweat equity" -- doing shit you hate?

NEWSFLASH: I don't need to work and I STILL DO STUFF, almost daily, that I DON'T NECESSARILY ENJOY.

But you know what?

I love freedom. I love my life. I love what I've created. I love that I don't know how to work the alarm clock. I love that I can choose NOT to answer your post, or any other post.

All of this, makes the process of a few minutes (or hours) of "dirty-work" worth it.

Do you think I enjoy logging into Amazon and having to type in a long gregarious UPS confirmation number, just so I can tell them I just shipped them a case of books? LOL.

Bottomline...

Anything that represents PROCESS is shunned away and discarded for something that might give you the EVENT.

You're a typical EVENT driven thinker -- you want your story to be: I did THIS, and then wham, I made some money! Hooray! This type of thinking is best suited to an employee personality, not an entrepreneur, or an employer. (You see, as an employee, you show up, work 8 hours, and wham, money!) (EVENT!!)

As the others have alluded, the war you're fighting isn't on the outside, it's on the inside.

 

[pdog]

Wow I thought I was being blunt but obv this forum gives the straight goods even harder than I expected.

I love it.

psaco - don't give up man. All the advice above is with the best intentions so soak it up and keep at it, but you need to shift your paradigm.

 

[psaco131]

The last idea, I plan to make a postcard and place local business offers/coupons and then mail them to around 10,000 residents in surrounding neighborhoods.
The need: More customers for local businesses, new customers, brand strengthening

I went ahead and registered my business, i got nothing to lose really.
Anyway thanks for the input people, today I put in a 2 week notice to quit my job.

 

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[wade1mil]

I went ahead and registered my business, i got nothing to lose really.
Anyway thanks for the input people, today I put in a 2 week notice to quit my job.

What? Why?

Here is what you have to lose: money on an idea you don't know whether will work or not. If the reason you quit your job is to do this business, you are making a mistake. I also think you aren't listening to a damn thing people are telling you.

 

[Jake]

What? Why?

Here is what you have to lose: money on an idea you don't know whether will work or not. If the reason you quit your job is to do this business, you are making a mistake. I also think you aren't listening to a damn thing people are telling you.

Takes money to send post cards. I don't see how your job(the op's) prevent him from sending post cards?

 

[MJ DeMarco]

today I put in a 2 week notice to quit my job.

Now that's an EVENT.

Still, it doesn't create a viable business.

The need: More customers for local businesses, new customers, brand strengthening

Are you listening to yourself? This is hot air - it means nothing.

 

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[psaco131]

I quit the job because I'm sick of being an employee. I got two weeks to create, if worse comes to worse I'll get a temporary job.

@MJ, I was planning on going from business to business and selling them an ad spot. That isn't a process? So there is no value to this?

 

[MJ DeMarco]

I was planning on going from business to business and selling them an ad spot.

Did you even run the numbers on such a venture?

How much it costs to produce the postcard?
To mail it?
To get the addresses?
The average CPM for mail packs?
The average cost a business owner is willing to pay to hit 10,000 mailboxes, shared with 10 other advertisers?

I'm gonna bet you haven't.

If you have, please post the numbers. I'd be curious to see them.

 

[BrucetonGuy]

I quit the job because I'm sick of being an employee.

You and me both my friend but the hard truth of the matter is that having an income coming in while you work through the PROCESS of building a business is necessary (IMO). I don't believe that you are putting much thought into your decision process. Think about what you are doing.....you left a job (INCOME) to start a business that probably will result in (NO INCOME) because the business that you are trying to start...As MJ said

This is hot air - it means nothing.

I think you need to reconsider your decision. Just my opinion.

 

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[psaco131]

Did you even run the numbers on such a venture?

How much it costs to produce the postcard?
To mail it?
To get the addresses?
The average CPM for mail packs?
The average cost a business owner is willing to pay to hit 10,000 mailboxes, shared with 10 other advertisers?

I'm gonna bet you haven't.

If you have, please post the numbers. I'd be curious to see them.

I plan to charge $500. I have 16 spaces available (500x16=$8000)

8000
-1500 (Mailing Cost)
-1600 (Printig Cost)

=$4900/month

There is a monthly booklet with coupons that charges around $600 and up that comes in the mail. That's my first roadblock I guess.

to scale I was thinking of hitting other cities, west side of Detroit, East, North & South for example.

 

[LamboMP]

Oh man, please reread EVERYTHING IN THIS THREAD. YOUR NOT LISTENING. Your only focusing on ME ME ME.

I plan to charge $500.

I have 16 spaces available

No one cares. What kind of value are you providing to these people. Wow a freaking ad spot on a postcard. That's what these prospects are going to say to you.

You shouldn't have quit your job. You have a lot to learn.

 

[JAJT]

There is a monthly booklet with coupons that charges around $600 and up that comes in the mail.

I'd like to know the thought process behind charging less than your competition.

 

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[psaco131]

Obviously from the responses my ideas aren't viable. I'm going to reread the book, and stop worrying about what I need in life and instead what people need.

 

[MJ DeMarco]

Obviously from the responses my ideas aren't viable.

I think we're saying that your process/execution/mindset isn't viable -- your ideas might be perfectly fine.

 

[petethepeddler]

Definetly reread the book and the posts in this thread.

I was in your shoes. I know what you're going through.

Quiting your job is a VERY BIG MISTAKE.

Trust me, I did the same thing. The idea and venture I was working on didn't work out
the way I planned and I went back and got another job. But it paid less and was less
flexible with the hours.

Had I worked on the venture in my spare time while continuing to work the job I would
be a bit farther ahead. Instead I had to play catchup when the business didn't take off.

Go back to your boss NOW and tell him you made a mistake and you don't want to quit.

There are guys here that work multiple jobs and still work on their businesses (I'm one of them).
So don't think you won't have time and that you're going to need all 24 hours in a day to work
on a business that may or may not work out.

 

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[psaco131]

Will do, thanks

 

[Kwik]

You are 21 years old. If you have been lucky enough you probably don't have that much life experience and with that not much of an idea what you can provide to this world. Do you know your strenghts? It's best to stick to your strenghts. Strengths can become stronger, weaknesses can only become mediocre.

I would stick to your job, for now. You have no idea what you want to do, you don't have a business plan, you have nothing. You just decided that you are sick of being an employee and you feel like entrepreneurship is your way out.
Maybe you still live at home? I can't imagine telling my girlfriend that I am going to quit my job without any plan what so ever. "Sorry babe, can't pay the rent any longer, I just hated my job and I am coming to become an entrepreneur within now an two weeks'.
'The fastlane millionaire', isn't as quick as you want it to be. Your fastlane road might take you another 10 years, maybe even longer.
You are 21, still very young. I would really educate yourself about business, but also about decision making. You seem to be lacking in both areas.