FH wants to start own business

posted 3 years ago in Career
Post # 2
Member
745 posts
Busy bee

A failed business does not have to mean bankruptcy or loss of home. It certainly can if you rely on that income.  

Live well within your means and manage your money properly. Don’t start a business that requires a huge amount for start up or overhead.

Also, I’m not sure how much 2 years of business school will really help.

Post # 4
Member
11338 posts
Sugar Beekeeper
  • Wedding: City, State

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mingogo4 :  

Some people were born to be entrepreneurs.  It’s in their DNA.  If their business fails, they start a new one. They will. Ever be happy working for someone else.

Granted, he may fall flat on his face.  But, he also might succeed. Unlike a regular job, there is really no ceiling as to how much money he can earn.

If you love him, support him in this.  A few business courses will be very helpful.

Post # 6
Member
11338 posts
Sugar Beekeeper
  • Wedding: City, State

View original reply
mingogo4 :  

The best thing he could possibly do for himself would be to find a mentor in his field.  Also, the SBA provides free assistance in running a small business.  They have retired executives who can help with things like drafting a business plan.  It’s a great free service.

Post # 8
Member
9995 posts
Buzzing Beekeeper
  • Wedding: August 2016

My dad owns his own business without going to business school. Business school doesn’t really teach you about entrepreneurship (at least that’s what my friends who’ve been in business school have told me). He had quite a bit of experience in his field and took some classes on entrepreneurship that were offered in our city and also originally had his business located in an office building that was specifically rented out to new businesses and held seminars on running your own business and being successful. People were much more interested in my dad having credentials in what he was actually selling (his skills as a geophysistist) not in him having a business degree. I would suggest he talk to some people who actually own thier own businness to find out about how they started up and what was most helpful to them.

There’s also plenty of people who are successful small business owners – you don’t have to have the level of sucess as Mark Zuckerburg to be sucessful. 

Post # 9
Member
1646 posts
Bumble bee
  • Wedding: April 2018

View original reply
mingogo4 :  Does your Fiance know what kind of business he wants to start up, and has he researched it extensively (or does he just want *a* business?)? Does he have a career to fall back on if the business doesn’t work out? 

If you answer yes to both of the above, I think it would be wise to support him if it’s what he really wants to try.  The most important thing is to have a really good accountant.  A company is seen as a “person”, separate to the director/s, so as long as everything is set up correctly, so if the business fails, then it shouldn’t have an effect on your personal finances.  I would definitely budget  for living just off of your wage for a few years and he will be working really long hours for quite some time. 

Post # 10
Member
248 posts
Helper bee

The chances of becoming “the next Mark Zuckerberg” are slim, yes. Startig a business and making a living of it is quite reasonable, however. 

The first few years are always extremely difficult though, so if you do agree to go ahead you need to be 100% supportive because it will be tough both emotionally and financially.

 

Post # 11
Member
7024 posts
Busy Beekeeper

Hopefully your FH will take the time to work in the type of business he wants to own to gain practical experience before attempting to start his own business.

Post # 12
Member
13886 posts
Honey Beekeeper
  • Wedding: November 1999

Does he have an idea of what his business will actually be? 

I agree with PPs that 2 years of business school probably isn’t enough education or experience to run his own business.  He should get real-world experience working in the same field for a few years before taking the plunge into running his own.

Post # 15
Member
7024 posts
Busy Beekeeper

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mingogo4 :  He would be in the best position if he both studied to gain at least a basic understanding of accounting and general business practices AND worked in his desired field to gain practical experience. 

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