Eventually want to start my own business...

[Baxter 69]

Hello guys,

I am 17 and currectly a student at 6th Form.

I am starting to find school a bit tedious and fancy getting out into the big bad world and earn some money.

My small, simple and more than likely unoriginal plan is to leave school (Whether I finish the year or not) and locate a full time job in an industry where I would like to create my own business. The obvious reasons for this is so I can learn the trade a bit and develop my skills whilst learning how everything works. Also, I will gain experience.

However, I am going to go on a intense 'saving' spree and when I become full time, put a massive chunk of my wages away into the bank to save me borrowing as little capital as possible from the bank and undoubtably get into debt.

I will freely admit that I am pretty much clueless about running a business or even how business works. I was just wondering if anybody has any advice or tips they would care to offer?

Any comments would be great even if they are negative...

Thanks,

Baxter

[Glassman]

Bless...

[Superstylin']

Nice idea fella,

Don't worry, you're not the only one with big hopes and dreams!

Did you not take Business at school? Nevermind if you didn't, think I read somewhere that over half of the UK's self-made millionaires don't have a GCSE to their name.

Try this for starters: http://www.businesslink.gov.uk/bdotg/action/layer?...

[Rob_T]

statistically, you have a better chance of achieving your goals (and fantasy garage) by finishing school and ideally getting a good degree.

statistically, quitters don't tend to succeed either... i would put you in that category based on your following remark:

Baxter 69 said:

I am starting to find school a bit tedious and fancy getting out

sorry if i'm being a bit harsh on you. good luck with whatever you decide to do though.

[Eric Mc]

What do you like doing?

What are you interested in?

Do you have entrepeneurial tendencies? (i.e. do you like making business deals at low level - selling stuff to mates and school colleagures, for instance)?

[roadsweeper]

Rob_T said:

statistically, you have a better chance of achieving your goals (and fantasy garage) by finishing school and ideally getting a good degree.

statistically, quitters don't tend to succeed either... i would put you in that category based on your following remark:

Baxter 69 said:

I am starting to find school a bit tedious and fancy getting out

sorry if i'm being a bit harsh on you. good luck with whatever you decide to do though.

That is unduly harsh IMO. You haven't even met the guy and you're calling him a quitter?!

[V8mate]

roadsweeper said:

Rob_T said:

statistically, you have a better chance of achieving your goals (and fantasy garage) by finishing school and ideally getting a good degree.

statistically, quitters don't tend to succeed either... i would put you in that category based on your following remark:

Baxter 69 said:

I am starting to find school a bit tedious and fancy getting out

sorry if i'm being a bit harsh on you. good luck with whatever you decide to do though.

That is unduly harsh IMO. You haven't even met the guy and you're calling him a quitter?!

Not really. The OP has already suggested ducking out halfway through his course. Granted, 'A' levels are probably the toughest bit of education - harder than Uni IMO - and, you're right, maybe the OP isn't academically minded and would be better do something more vocational.
If that's the case, maybe he should look to his local FE college and consider the options for learning a trade.

Given that the new school year has only just started, the OP has either only just started his 'A' levels or is only a few months short of sitting his exams. If it's the latter, I'd recommend he put some of the 'knuckle-down' energy he clearly has into completing the course.

The OP is deluded, however, if he thinks that with his GCSE's alone, he's going to walk into a job which will allow him to start his 'saving spree'. Sure, he could go and get a sales job and maybe earn a decent income (though now's not a great time to be selling consumer goods) but if he wants to learn a real skill he'll be on some kind of apprenticeship/traineeship which pays at the minimum end of the range; mainly due to the fact that the time spent is considered an investment.

Wanting to start a business and THEN trying to think of an industry to set it up in is, frankly, @rse-about-face. He needs to properly use his youth to discover what he is good at and what he enjoys and then, once having seen some success, look into whether he has the necessary skills to become a good manager and business owner.

He doesn't even suggest what his strengths are: talking, explaining, encouraging, technically-minded, creative with his hands etc.

Advice summary:
1. Don't do anything in haste
2. Maximise the benefit of things which are already open to you/underway
3. Ask youself some searcing questions about what makes you tick/what kind of person you are
4. Enjoy your youth

[Taita]

5. Research.

[V8mate]

Taita said:

5. Research.

+1

I lost the will to live on my post and just pressed 'Submit'

[Baxter 69]

Superstylin' said:

Nice idea fella,

Don't worry, you're not the only one with big hopes and dreams!

Did you not take Business at school? Nevermind if you didn't, think I read somewhere that over half of the UK's self-made millionaires don't have a GCSE to their name.

Try this for starters: http://www.businesslink.gov.uk/bdotg/action/layer?...

Yes, I did to Business for GCSE and got a D overall

I didn't like the subject because the teacher couldn't control the class. I also had the ' Monkey Group ' who were a bunch of lads who only took business because they had nothing else to take. They were very disruptive and the teacher just couldn't control the class. But I am very interested in business and wish I had a teacher with authority and I could relate to. Only one student in the whole class got a GCSE in Business Studies. Modern schools are a disgrace.

I got an A in my coursework but completely cooked my exam, The exam is not the environment I thrive under unfortunately...

Thankyou for the link, Will have a look

Edited by Baxter 69 on Monday 6th October 14:31

[Baxter 69]

Rob_T said:

statistically, you have a better chance of achieving your goals (and fantasy garage) by finishing school and ideally getting a good degree.

statistically, quitters don't tend to succeed either... i would put you in that category based on your following remark:

Baxter 69 said:

I am starting to find school a bit tedious and fancy getting out

sorry if i'm being a bit harsh on you. good luck with whatever you decide to do though.

Hi there,

Honestly, I don't take it as you being harsh, I am asking for your opinions even if they are negative and Im getting them

Your right, But I have found that what drives me is money and also it's relatively irritating that some of my friends have come out of school and got jobs such as ' Apprentice Carpenters, Mechanics and Electricians ' and enjoy it because they don't have to go to school and they are in a more comfortable environment that suits them and earning money (Not alot though).

Thanks for your reply.

Edited by Baxter 69 on Monday 6th October 14:31

[Baxter 69]

Eric Mc said:

What do you like doing?

What are you interested in?

Do you have entrepeneurial tendencies? (i.e. do you like making business deals at low level - selling stuff to mates and school colleagures, for instance)?

Hi Eric,

My main interests are football and I am pretty much in love with cars!

I just love them! Not so much the mechanical side of them unfortunately.

Yes, I love to do little deals around school. A few months ago I bought a bunch of Ralph Lauren Polo's and attempted to sell them. Let's just say lesson learnt!

It was my first attempt and it didn't go well.

Yeh, I hate losing money on anything (And I like cars? ) and so I try to sell things I buy for more than I paid for it or at worst get my money back.

About 2 years ago I bought an Xbox 360, At the time it was £279.00. I was lucky enough to get it for £145.00 of my cousins friend brand new (Irrelevant to entrepreneur skills because any one would do it).

Every game I bought after that I made a small profit. The other 3 I got exactly what I paid for it back. Even though they were friends, I enjoyed making money out of them Really harsh I know. They don't know that though

Cheers.

Thanks to everybody who has contributed to this thread

Edited by Baxter 69 on Monday 6th October 14:32

[E36GUY]

Rob_T said:

statistically, you have a better chance of achieving your goals (and fantasy garage) by finishing school and ideally getting a good degree.

statistically, quitters don't tend to succeed either... i would put you in that category based on your following remark:

Baxter 69 said:

I am starting to find school a bit tedious and fancy getting out

sorry if i'm being a bit harsh on you. good luck with whatever you decide to do though

Agree with this man. Stick at it, get a degree in something that's relevent to what you want to do then you can join a firm much higher up the tree (potentially) where you can learn the business side before going it alone.

We all found school tedious but at 17, trust me you've loads to do and see before you really settle on what you actually want to do as a business. Finish school, get a job for 6 months, go travelling for 6 months to see the world and broaden your horizons then go to uni.

[Eric Mc]

I'd concentrate on getting qualified at something and then look around at how best to use the talents you have gained.

[jeff m]

If I was young and was starting again I think I would take the accountancy route.
It allows you a good insight into what is involved, not only will it enable you see which sectors are tough but it will you make you aware of all the other things you have to do to placitate the Gov and stay within the lines.
Service companies require less capital.
Retail...working with Joe Public not for everyone.
Production of some sort....China ??? it would have to be something that somebody needs "yesterday" or you cannot meet the price.

I noticed in another thread that UK does not have drive through oil change places. As you have an interest in cars, that could be a possibility.
I know they are profitable here.
Some enviromental issues to look into of course.

Growth, don't try to grow too fast. Cash flow.

Mix with people that run a business. They nearly all have horror stories you can learn from. One terrible law we have here (in the US) is Preferential Payment. Basically it enables a lawyer to get back monies paid to you from a client that has gone bankrupt. Anything he paid you in the last 30 days is fair game. Imagine that two days before salaries are due
(Any real preferential payment is made 30+days before filing)

[DonnyMac]

You seem eloquent with a desire to sell, somewhat impetuous with a requirement to earn money now.

Perfect entrepreneurial starting points.

I know it will be a serious pain to watch your peers earn cash, enjoy themselves and buy toys whilst you’re ‘studying’, but trust me, your career/business will accelerate past them in a flash with a university education combined with your apparent qualities.

This isn’t to suggest that life will be hopeless if you don’t go to uni, you’ll still succeed and outperform your original peers, but less so in comparison – you’ll look back and think I wish I’d…

By going into the work place early you’ll get on-the-job experience but will lack the structured skills that uni will give you; these will need to be learnt in your first venture when you’ll have the least time to be learning new skills.

In a perfect world I would suggest a business degree (after a year travelling) 2-5 years in relevant paid employment whilst considering and dismissing the dozen or so new business opportunities you will dream up every night and then jumping into NewCo with both feet when it ‘feels right’ – and it will, you’ll just know, rather than it being just ‘a good idea’.

My original experience was in Sales & Marketing within the Publishing industry, later moving into digital marketing (services) – you sound as if you’d fit in nicely in a couple of years.

If looking at Sales & Marketing (core skills; as an entrepreneur you can buy everything else – Admin, Accountants etc.) look at emerging technologies or those which seem to be a ‘black-art’ – mobile and SEO would be two such examples today, as they’ll be in high demand by first-movers, usually those with big budgets.

Anyhow, good luck – I’ll look out for your name in a few years time.

Best,
Don

[jamesuk28]

Finish your education, Decide what business you wish to take up, get some further qualifications, take the plunge, work hard and dont be afraid of taking risks or failure.

And if you ever get any bad debts give me a bell.

[Baxter 69]

DonnyMac said:

You seem eloquent with a desire to sell, somewhat impetuous with a requirement to earn money now.

Perfect entrepreneurial starting points.

I know it will be a serious pain to watch your peers earn cash, enjoy themselves and buy toys whilst you’re ‘studying’, but trust me, your career/business will accelerate past them in a flash with a university education combined with your apparent qualities.

This isn’t to suggest that life will be hopeless if you don’t go to uni, you’ll still succeed and outperform your original peers, but less so in comparison – you’ll look back and think I wish I’d…

By going into the work place early you’ll get on-the-job experience but will lack the structured skills that uni will give you; these will need to be learnt in your first venture when you’ll have the least time to be learning new skills.

In a perfect world I would suggest a business degree (after a year travelling) 2-5 years in relevant paid employment whilst considering and dismissing the dozen or so new business opportunities you will dream up every night and then jumping into NewCo with both feet when it ‘feels right’ – and it will, you’ll just know, rather than it being just ‘a good idea’.

My original experience was in Sales & Marketing within the Publishing industry, later moving into digital marketing (services) – you sound as if you’d fit in nicely in a couple of years.

If looking at Sales & Marketing (core skills; as an entrepreneur you can buy everything else – Admin, Accountants etc.) look at emerging technologies or those which seem to be a ‘black-art’ – mobile and SEO would be two such examples today, as they’ll be in high demand by first-movers, usually those with big budgets.

Anyhow, good luck – I’ll look out for your name in a few years time.

Best,
Don

Yeh, I understand what you are saying but it seems a bit bizzare going to Uni even though I want out of Education now...

Im still young, and like others my age, we don't see things beyond the end of our noses. We don't look into the future prospects of what we are working towards and that's why we give up so rapidly.

Could I take Business at Uni even though I havn't done it for A-Level?

If so... I might consider going...

I think what lets me down is my level of maturity, Since last October I have wanted out of Education but I know I should stay on because A-Levels will be so much more benificial than a coming straight out of Education and into full time employment.

Oh what to do?!...

The scary thing is, Is I only got 6 GCSE's and tried my nuts off! Its exams... They kill me!

I am not even garunteed A-Levels at the end of this acedemic year.

[BigAlinEmbra]

Not being academically minded doesn't mean you've not got a decent earning potential.
If you're not an academic type then some sort of trade like plumber/sparky/joiner/mechanic could ultimately lead to a decent pot of gold at the end of the rainbow.

Bloody hard graft and st money early doors, but then there aren't many jobs that hand a fat salary to the new boys.

[Baxter 69]

BigAlinEmbra said:

Not being academically minded doesn't mean you've not got a decent earning potential.
If you're not an academic type then some sort of trade like plumber/sparky/joiner/mechanic could ultimately lead to a decent pot of gold at the end of the rainbow.

Bloody hard graft and st money early doors, but then there aren't many jobs that hand a fat salary to the new boys.

And that's where we run into another problem... I feel that if I am going to make enough money to fund a decent lifestyle then I am going to have to use my head not hands.

I changed the back light on my Corsa the other day and it took me ages...