Should I start my own business?

Question

I am thinking about starting my own business.

Right now I am a first year undergraduate; however I am not really enjoying my studies. I have always wanted to run my own business and I am thinking about leaving college to do so. I have heard a lot of "rags to riches" stories and stories about graduates who despite having degree can't get a well paid job.

Do you think that at my age it is possible to start a business? (I am 18 soon to be 19)

Maybe someone with experience can give me some pros and cons?


I have allready asked this in a different section but nobody answered so I'm asking it in this section too.

Answer 1

It depends. I've heard many "rags to riches" story as well. I'm sure you are familiar with Entrepreneur magazine right? Sometimes they have issues like Young millionaires... Anyway, what kind of business do you have in mind? If you think you can make money-then go for it! How much startup money do think you will need? Is this a franchise business? A product you invented? etc...

Let me know.

Answer 2

Finishing college is your best bet. At least get an associates degree. Then get the book "What Color is Your Parachute" and it will help you find the right type of business to focus on. Next, work for at least a year in the type of business that you want to open. Going in blind is why most people fail. Take as many freebie business classes as you can online, and read lots of books. A small business is one where you need to have a real passion for what you do, and the talent to back it up. In my life, I have had three businesses. My first was during the end of high school and to help pay with college, and i sold under $1 items to 1-10 year olds inside my Dads gift shop. It was great because we shared a space, expenses, and covered for each other. I was able to make enough to finish college. Then, after spending about 3 years working for major clothing stores, I opened a ladies clothing store with my mother, and we did fantastic. This was a agreat moneymaker. When she decided to leave the area, we closed the stores, and once again, I went out in to the work force. I was in the wholesale trade for a few years, and in radio advertising sales and production for five years, and now work from home as a Marketing Consultant to Small Businesses, and its right where I want to be.

Pros of being in business for yourself: you make as much as you want to work. No bosses. You choose what you do. You can turn your great idea or service into a company you are proud to run.

Cons of being in business for yourself, taxes are more, benefits are really expensive (insurance), you will work 7 days a week, you will ultimately be responsible if employees don't show up, so you may never get a day off!

For a business to succeed, you need to have something that lots of people want, the location where they can find you, a detailed knowledge of the business, advertising, marketing, accounting services or abilities, and an intense burning desire to work. It can be the most wonderful thing you do, if you have the skills, personaltiy and ability to respond well to customers. Good Luck!@

Answer 3

The odds of success are in your favor if you have a college degree. It is theoretically possible to start a successful business at a young age and without a degree. The last person to do it was Bill Gates.
Most businesses end in failure. For restaurants the failure rate in the first year is about 90%. It would also depend on what type of business you want to get into. To get started in the landscaping business, you would have to undercut the pricing of the competition. That leaves little chance of making any money.

Answer 4

You should do research on your idea for a small business. The age does not matter, if you have a good idea. You should consult the SBA in your area. The can give you the number for SCORE. They can help with a business plan for your idea. Running your own business is hard work. It takes alot of time and effort. You would also need startup momey. Banks are only going to loan you $5 -15M depending on your personal credit.

Good luck

Answer 5

i started my own business and its a journey! honestly, be ready for anything, but the best thing to do is plan and be prepared. there's alot to do, including dealing with the IRS, secretary of state and other government agencies...then you have banks if you want a loan too! all i can say is be prepared and be a LLC, that way IF the company dies, you won't go down with it. If you do decide to start, use this company to help you with everything and i mean everything you need to do to start your business. they were so helpful and affordable. check them out. .... www.links2biz.com