Future Direction...
Discussion
Hi All,
I browse this forum every so often and from what I can see there are some successful business owners here. I'm looking for some direction and/or advice based on your experience (if you would be so kind).
I'm 24 & graduated from an average university last year with a 2:1 in Business. I've ended up working as a junior accountant for a large retail company. I took this route is because it's an area where I outperformed my peers at university and builds on my year placement which was finance based.
Most mornings I find it hard to really be motivated for work. It's fair to say that it's not my passion. Having said that, my personality is to always do the best that I can. I've worked very hard in the role and, based on my feedback (formal and informal) I've made a good impression. My passion is business. I really want to run my own company. I live at home with parents at the moment and my only contractual outgoings are a phonebill for ~ £50/month. It's probably worth adding that I only have about £5k in savings currently - £10k if I sold my car).
I'm a hard worker so I'm ready to put in 12+ hour days and I understand that I wont (nesscercerily) make £50k (or even £20k) in my first year. Here's my problem: I just don't know what sort of business to start. If I had a feasable plan, I would quit my job tomorrow and do my best to make it a realitly.
I know that there is only one life, and I want to get to the stage where I can drive an £80k Aston without it taking up my life savings.... a net worth of a few million is where I'd like to get, preferably before I'm 60.
I'm just looking for some direction/any other advice you wish to impart and/or what you would do in my shoes, knwoing what you know now.
Sorry it's such a long post. I appriciate you reading it and thank you in advance for your replies.
I browse this forum every so often and from what I can see there are some successful business owners here. I'm looking for some direction and/or advice based on your experience (if you would be so kind).
I'm 24 & graduated from an average university last year with a 2:1 in Business. I've ended up working as a junior accountant for a large retail company. I took this route is because it's an area where I outperformed my peers at university and builds on my year placement which was finance based.
Most mornings I find it hard to really be motivated for work. It's fair to say that it's not my passion. Having said that, my personality is to always do the best that I can. I've worked very hard in the role and, based on my feedback (formal and informal) I've made a good impression. My passion is business. I really want to run my own company. I live at home with parents at the moment and my only contractual outgoings are a phonebill for ~ £50/month. It's probably worth adding that I only have about £5k in savings currently - £10k if I sold my car).
I'm a hard worker so I'm ready to put in 12+ hour days and I understand that I wont (nesscercerily) make £50k (or even £20k) in my first year. Here's my problem: I just don't know what sort of business to start. If I had a feasable plan, I would quit my job tomorrow and do my best to make it a realitly.
I know that there is only one life, and I want to get to the stage where I can drive an £80k Aston without it taking up my life savings.... a net worth of a few million is where I'd like to get, preferably before I'm 60.
I'm just looking for some direction/any other advice you wish to impart and/or what you would do in my shoes, knwoing what you know now.
Sorry it's such a long post. I appriciate you reading it and thank you in advance for your replies.
Edited by SE24 on Thursday 25th March 23:14
Edited by SE24 on Thursday 25th March 23:20
While you have no outgoings, while you have little to use - GO FOR IT
Maybe set up something in your spare time, once you've got something going then quit. Some ideas:
What are your hobbys/pastimes e.g. if you love guitars then maybe sell vintage guitars online.
What are your current passions?
If you need that final step to push you to it, then quit tomorrow, that then gives you your notice period to come up wth an idea.
I waited until I was 27 to start my first business and it was in my spare time for 2 years. Then I quit both my job and the hobby business and set up on my own full time, was tough first 18 months but now eyeing up the Aston Martin's
Maybe set up something in your spare time, once you've got something going then quit. Some ideas:
What are your hobbys/pastimes e.g. if you love guitars then maybe sell vintage guitars online.
What are your current passions?
If you need that final step to push you to it, then quit tomorrow, that then gives you your notice period to come up wth an idea.
I waited until I was 27 to start my first business and it was in my spare time for 2 years. Then I quit both my job and the hobby business and set up on my own full time, was tough first 18 months but now eyeing up the Aston Martin's
All I can say is go for it, like Overheads has said, find something you either are passionate about or something you're good at. I was in this dilemma late last year but have got to a point where I know what I want and how. It has been a tough 7 months of nothing but planning, but I'm confident that my start-up next month will get me going with the preparations made. Just don't rush it.
Well my business was born from my hobby really and then moulded a little over the years to make it what it is now.
All I can say is that it is best to start the business in something you know and love. If you have no interest in pottery and start a pottery shop you will get bored very quickly. What do you like to do and what from that do you think could be profitable?
All I can say is that it is best to start the business in something you know and love. If you have no interest in pottery and start a pottery shop you will get bored very quickly. What do you like to do and what from that do you think could be profitable?
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