When did you start your first business???
Discussion
itstony said:
Just out of curiosity;
- What age did those of you who are in business, actually start your first real business (i.e. legitimate)
- Also, how many people needed funding from parents/families/friends etc?
- Was it a partnership?
- Do you still own and run the business now?
- What age did those of you who are in business, actually start your first real business (i.e. legitimate)
- Also, how many people needed funding from parents/families/friends etc?
- Was it a partnership?
- Do you still own and run the business now?
20
I had three student bank accounts and got 3 graduate loans telling each I was paying off the other ones overdrafts!
No partnership
Yes, still run it now.
justinp1 said:
20
I had three student bank accounts and got 3 graduate loans telling each I was paying off the other ones overdrafts!
No partnership
Yes, still run it now.
I had three student bank accounts and got 3 graduate loans telling each I was paying off the other ones overdrafts!
No partnership
Yes, still run it now.
About the statement above about having three student bank accounts and 3 graduate loans. Is the idea to get three accounts so you have three overdrafts and then to max these overdrafts. Also, could you elaborate on the 3 graduate loans thing. I'm currently a student but always thought you were only supposed to have one student bank account.
From graduation always worked for startups.
First 'sole trader' status in 1990, aged 28, while moonlighting on a real startup company at the same time - the sole trader was just to bring in some cash.
Exited in 2000. Moderately successfully.
Dot com startup in 2000... (aged 38) wrong side of the dot com boom.
4 years later, down the pan.
New startup in progress...
First 'sole trader' status in 1990, aged 28, while moonlighting on a real startup company at the same time - the sole trader was just to bring in some cash.
Exited in 2000. Moderately successfully.
Dot com startup in 2000... (aged 38) wrong side of the dot com boom.
4 years later, down the pan.
New startup in progress...
Started in 1988 aged 23 with my own small amount of funds. Still my own company, still have the original customers ( other than those that have retired,gone bust etc)all repeat work, still got my finger on it and always will.I never EVER fail to return a phone call or not do what I say I'll do. It's that simple and it works.
First one in 1988 when I was 20, then had a break for a couple of year and got a real job, then helped some friends set something up when I was about 24 (I played a minor ish role in the beginning). We co founded three or four other companies a couple of whihc are still around (although I no longer have any involvement, which is annoying as one has a turnover of over £20m+ last year!), we did quite well and sold out to an american .com in jan 2000 with promises of many millions in the bank (it really looked good, I'd have been laughing no more work ever a mclaren F1, huge pile in the country and all the toys, the two bigger shareolders would have been utterly, utterly minted), however then the bust came along, the parent co (who have 38M to play with) started to run out of cash and lose their way so my current business partner and I did an MBO in 2001 and it has been very hard work ever since...
So much for the F1
Still I love what I do, my team is brilliant and we are about to announce a fantastic new customer.
And I'm only 38, so hopefully a few more years yet.
D
PS no loans, no overdraft (mind you no cash)
So much for the F1
Still I love what I do, my team is brilliant and we are about to announce a fantastic new customer. And I'm only 38, so hopefully a few more years yet.
D
PS no loans, no overdraft (mind you no cash)
itstony said:
justinp1 said:
20
I had three student bank accounts and got 3 graduate loans telling each I was paying off the other ones overdrafts!
No partnership
Yes, still run it now.
I had three student bank accounts and got 3 graduate loans telling each I was paying off the other ones overdrafts!
No partnership
Yes, still run it now.
About the statement above about having three student bank accounts and 3 graduate loans. Is the idea to get three accounts so you have three overdrafts and then to max these overdrafts. Also, could you elaborate on the 3 graduate loans thing. I'm currently a student but always thought you were only supposed to have one student bank account.
Who said you could only have one?
I applied for them all on the same day and grabbed £50, Young Persons Railcard and some other stuff. They all asked if I already had a student bank account. I quite honestly replied I hadnt.... I just didnt say "Yet...."!
From that point they all assumed that they were the 'one and only' and never asked again!
Started out when I was 22 with no capital, no experience, no contacts - but crucially, nothing to lose.
Still here some six years laer with a growing business. Took four years before the contacts and experience stated to kick-in and move everything forwards. You could argue I should have done that bit working for someone else first - but if I'd done that, then I'd have had something to lose, so would never have started up on my own.
Besides, I can't work for other pople.
Still here some six years laer with a growing business. Took four years before the contacts and experience stated to kick-in and move everything forwards. You could argue I should have done that bit working for someone else first - but if I'd done that, then I'd have had something to lose, so would never have started up on my own.
Besides, I can't work for other pople.
Edited by groomi on Monday 29th January 20:38
Stareted when I was 19. £200 startup fund and no business bank account. Sold the company 3 years on for a decent little profit. Started 4 companies since then. 2 have done nothing, one is a work in progress and one we got offered 120m for (that would be 34.5 for me!) until the dot com bubble burst a few days later, which was not top of my "good day list". Oh well, never mind, onwards and upwards, or something like that!
Started my first real business aged 29 - still own and run the Company.
Traditional software house and software product business. B2B.
Probably going to start my second business before long. Going to be a totally non-traditional software business.
Oh: 29.
Funded out of savings. Probably cost £15 - 20K as we made no money at all for the first year. Second year we made money. Then we had some very successful years.
Yes - I still have two partners.
Still own now.
Traditional software house and software product business. B2B.
Probably going to start my second business before long. Going to be a totally non-traditional software business.
Oh: 29.
Funded out of savings. Probably cost £15 - 20K as we made no money at all for the first year. Second year we made money. Then we had some very successful years.
Yes - I still have two partners.
Still own now.
Edited by Don on Friday 26th January 11:26
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