Business idea

[Tommy-G]

So I have an idea that I know would be desirable here in Florida. It would be a local business only.
2 units needed to start at $90k each.
There is nothing like it on the Gulf and I know it would do well.
Non seasonal
Low overhead
Would not affect my full time job

Why shouldn’t I do it? Why am i terrified to try? Been stewing over it for 2 years now

[2000cs]

What are you afraid of? Name your fear(s).

[Tommy-G]

Originally Posted by 2000cs

What are you afraid of? Name your fear(s).

I have only been a manager with someone else’s money
I don’t have the money to lose if for any reason it failed, I mean it would have to be a business loan anyway not my personal funds
Like many people I have a fear of failing I guess, even though I know it’s a foolproof idea in this area

[DenverSteve]

From a businessman - If it's so great.........??? Why haven't you done it.? Oh yeah, that's your question. As someone who has begun several successful businesses - the first is always the hardest. If it's a great idea, get your budget together, get as much money as you can (without strings) and a SBA loan for the rest - based on your business plan and viability - then, let us know how it went.

[tom2021]

Own your business and become your own boss is great.
However, to start your own business requires entrepreneurship.
I met a retired person who used her retirement money to start a business with a friend.
It didn't go well. She went back to work part time.

The idea can be great. To make it successful, the business has to be executed well.
The customers may have different perception and expectation.
Can you endure hardship, improvise and change course?

You can look at your friends or family members who are successful on their own.
You can figure out what skills and personalities they have and you can assess whether you have those skills and personalities.

Also, you can get a partner whom you trust. Many successful business starts with two partners: Google and Microsoft.

Best of luck.

[Joe T]

what's the idea? maybe someone will be an investor/silent partner

[No one]

This has just reminded me of "Nash Bridges. Wild Card". This is how it started: "What will go wrong?". This is how it went: "Don't look at me! I never had a problem in this area.".

[2000cs]

Originally Posted by Tommy-G

I have only been a manager with someone else’s money
I don’t have the money to lose if for any reason it failed, I mean it would have to be a business loan anyway not my personal funds
Like many people I have a fear of failing I guess, even though I know it’s a foolproof idea in this area

A business loan usually has some personal security/guarantee, especially for a new business. So you could be at risk financially.

Why would it fail?
Not really a good idea - have you done research, etc to understand how this business idea works and makes money?
Not executed well - have you evaluated what skills and time are required and then made sure you can commit to both?
Is your fear of failing that you could lose some of the money or that you’d be branded a failure, or both - that would motivate some but if it scares you then you are probably not an entrepreneur at heart.

I don’t know how old you are or how much you earn, but you might recover from losing part or all of that amount of money (And I would hope you could limit the loss in some way). You might have to save more, invest more aggressively, work longer into retirement years, etc. Plan that and maybe you’ll lose some of the financial fear. But to start a business, even with having thought of all the contingencies, you have to focus on winning.

[dinonz]

Originally Posted by Tommy-G

So I have an idea that I know would be desirable here in Florida. It would be a local business only.
2 units needed to start at $90k each.
There is nothing like it on the Gulf and I know it would do well.
Non seasonal
Low overhead
Would not affect my full time job

Why shouldn’t I do it? Why am i terrified to try? Been stewing over it for 2 years now

Have you actually created some cash flow forecasts? Investigated any taxes/levies in the field? Performed risk analysis of several "what if" scenarios?

Often I see people underestimate the effort it will take, underestimate the outgoings (forgetting to allow for advertising, or printing of business cards) and overestimate the sales.

[nowayout]

I am in the same boat, I have a good idea but too scared to execute it. Meanwhile my wife wanted to start a business and I backed her financially and she's doing great but her and I are not the same. She is a hustler and loves what she does. I honestly have never seen her so happy.

I on the other hand am a procrastinator and overthink everything, I cant execute hence why I haven't been able to start my business. I just continue to go to work everyday miserable.

My apologies for having nothing to add but I think some of us have "it" and some of us dont.

[dreamingat30fps]

I read somewhere something along the lines of great ideas are a dime a dozen, it's the execution that matters. Luckily the businesses I have been involved with required mostly sweat equity with little actual startup $$.

Since I have no actual idea what you want to do, I would say maybe you can find a way to test your idea before having to spend a bunch of $$.

[shoei]

Originally Posted by nowayout

I am in the same boat, I have a good idea but too scared to execute it. Meanwhile my wife wanted to start a business and I backed her financially and she's doing great but her and I are not the same. She is a hustler and loves what she does. I honestly have never seen her so happy.

I on the other hand am a procrastinator and overthink everything, I cant execute hence why I haven't been able to start my business. I just continue to go to work everyday miserable.

My apologies for having nothing to add but I think some of us have "it" and some of us dont.

The thing of it is though, your awareness will be light years ahead of someone that may procrastinate or not follow through. Most don't have the realizations you do.

Plus, you kinda hit it on the head. You've never seen your wife so happy from an idea she had. That's where a chunk of her happiness is coming from - she found something that resonates with her. What is it that Jobs said? Something along the lines of - "if you love what you do you'll never work a day in your life" or something to that extent.

Not often people get to do what they love for a living. Why some pro athletes still go on to do stupid shit because there's still a hole. Maybe they were born with a gift and have a third calf muscle to run faster or can see the entire field in a split second - because they don't love it just born with the gift.

You never know. Maybe if you found your calling, you may tackle it with the same force as your wife. On the other hand, let's say you don't feel as comfortable - at least you know your wife can help assist you and I'm sure she'd love to see you as happy as much as you have enjoyed seeing her happy.

[Tommy-G]

Originally Posted by nowayout

I am in the same boat, I have a good idea but too scared to execute it. Meanwhile my wife wanted to start a business and I backed her financially and she's doing great but her and I are not the same. She is a hustler and loves what she does. I honestly have never seen her so happy.

I on the other hand am a procrastinator and overthink everything, I cant execute hence why I haven't been able to start my business. I just continue to go to work everyday miserable.

My apologies for having nothing to add but I think some of us have "it" and some of us dont.

Oh no, you added ALOT, many similarities in my brain right now

[Joe T]

Originally Posted by nowayout

I am in the same boat, I have a good idea but too scared to execute it. Meanwhile my wife wanted to start a business and I backed her financially and she's doing great but her and I are not the same. She is a hustler and loves what she does. I honestly have never seen her so happy.

I on the other hand am a procrastinator and overthink everything, I cant execute hence why I haven't been able to start my business. I just continue to go to work everyday miserable.

My apologies for having nothing to add but I think some of us have "it" and some of us dont.

I was in a meeting a couple years ago where we had to rank ourselves and share our scores with the Sr leadership team.
One of the categories was "entrepreneurial spirit" and I ranked myself a 2

The Sr VP, commented "why so low, that's now what we see"

and my response was "because if I had any balls, I'd quit, open my own company and live great just stealing the business we don't take care of"

I'm now team lead on a business at risk project, weekly we look at customers that are "at risk".

[S1nner]

The only thought that I'll be working for someone 9-5 for the rest of my life has been killing me. It was a good motivation for me to start a business and I did. I'm still full-time employed and now have to work 9-11, 7 days a week lol. The only concern I have is why I didn't start earlier, but I guess everything has its own time. Whatever money and time you have to invest is a risk ofc, but you can't predict everything in a business, and risk always will be there. You can at least try, so you're not questioning yourself years later on why you didn't. Good luck!

[Fritzer]

The only reasons that should stop you are things we know nothing about, like family life, lifestyle etc.

"You miss 100% of the shots you don't take."
-Wayne Gretzky

[Nativetexan]

Originally Posted by Joe T

I was in a meeting a couple years ago where we had to rank ourselves and share our scores with the Sr leadership team.
One of the categories was "entrepreneurial spirit" and I ranked myself a 2

The Sr VP, commented "why so low, that's now what we see"

and my response was "because if I had any balls, I'd quit, open my own company and live great just stealing the business we don't take care of"

I'm now team lead on a business at risk project, weekly we look at customers that are "at risk".

Phenomenal response!

Kudos to you sir : )

[Joe T]

Originally Posted by Nativetexan

Phenomenal response!

Kudos to you sir : )

off topic, but thought I'd share

My favorite one here was when I was interviewing. An old colleague saw I moved to the area, knew my work and of a job opening at the company. He arranged a lunch meeting with himself, my potential boss and me to see if there was enough interest in further discussions. there was and They set me up with a formal interview the following week.

I met with my potential manager, the Sr VP of sales (same guy as above answer) and the VP of HR. My boss was a great guy, I knew I liked him, his boss was/is a blowhard, but a likable enough guy. Meetings were brief, talked about my past, why I moved to the area, but not too much about the job or the company.

I meet with the VP of HR and he introduces himself , sits back in his chair and said "there's a line of people that would like to work here, we're been trying to fill this position for 2 months (since my boss was promoted to his position) we're down to final interviews and have 10 people we've invited back. why should we hire you instead of the other 9"

My answer was as honest as it could be and took him completely off guard. I said
"I'm not sure you should, I don't know the other 9 people, but more importantly I'm not 100% sure what the job is or if I want to work here yet. I know it's a sales gig and what you sell, and you know I can sell because John told you so and is staking his reputation bringing me here. Lets discuss what you're looking for, and why you think I should work here and then IF I'M STILL INTERESTED, why you should choose me"

We talked for about an hour about the company, the job, the people, the culture... and even what he saw as the flaws in the company. Before I left, he thanked me and made a verbal offer and told me if he was interested have have a formal offer emailed over in the morning.

I started 7 years ago today (the Tuesday after Labor day 2014) started as a sales rep, then a manager and now a VP. Although not perfect, it's been the best job I've ever had

[Nativetexan]

Originally Posted by Joe T

off topic, but thought I'd share

My favorite one here was when I was interviewing. An old colleague saw I moved to the area, knew my work and of a job opening at the company. He arranged a lunch meeting with himself, my potential boss and me to see if there was enough interest in further discussions. there was and They set me up with a formal interview the following week.

I met with my potential manager, the Sr VP of sales (same guy as above answer) and the VP of HR. My boss was a great guy, I knew I liked him, his boss was/is a blowhard, but a likable enough guy. Meetings were brief, talked about my past, why I moved to the area, but not too much about the job or the company.

I meet with the VP of HR and he introduces himself , sits back in his chair and said "there's a line of people that would like to work here, we're been trying to fill this position for 2 months (since my boss was promoted to his position) we're down to final interviews and have 10 people we've invited back. why should we hire you instead of the other 9"

My answer was as honest as it could be and took him completely off guard. I said
"I'm not sure you should, I don't know the other 9 people, but more importantly I'm not 100% sure what the job is or if I want to work here yet. I know it's a sales gig and what you sell, and you know I can sell because John told you so and is staking his reputation bringing me here. Lets discuss what you're looking for, and why you think I should work here and then IF I'M STILL INTERESTED, why you should choose me"

We talked for about an hour about the company, the job, the people, the culture... and even what he saw as the flaws in the company. Before I left, he thanked me and made a verbal offer and told me if he was interested have have a formal offer emailed over in the morning.

I started 7 years ago today (the Tuesday after Labor day 2014) started as a sales rep, then a manager and now a VP. Although not perfect, it's been the best job I've ever had

See the humility that comes from a response like that can only set you up to be in the right position, if it's right for you.

Kudos to you also sir!