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Portia Henson

I agree with the other gentleman's comment and would like to add that it may be a good idea to get around other entrepreneurs brainstorm. Joining a Mastermind Group or other group that is designed to develop entrepreneurs can keep you up with different business ideas. Also, don't be afraid to dig within. I personally believe that the business you will be doing for the "rest" of your life is probably something you have "already" been doing. Do a self-inventory to assess your skills, talents, and experiences, then go from there. This will help determine what path you can take for the rest of your life. You should also assess your objectives in order to make sure you have a good plan in order.

For example, if you're wanting a business solely for the purpose of making money, then you can certainly consider purchasing a business currently in operation or building to sale. However, from my experience I find that if you're not passionate about the business, you will find yourself going from one thing to the next, and a lot of money can be lost (or made- it just depends). So, if you choose to start a business based on something you really have a passion for- or at least a sustainable level of interest in, there is probably a greater chance of you staying in the business longer AND growing it into something bigger, better, and competitive in the fast paced society we live in.

If you start with one product, service, etc. then because of your passion, you can develop it into something more. Consider Disney, Coke, and Sony; a little bit of passion went a long way. Now you must translate that into modern business!

Good luck!

Answered 3 years ago

Portia Henson
0

Robert Stein

I think you need to consider more than the question you asked. I suggest you carefully consider what you want your life to look like at various stages. Make a page for age 30, age 40, age 50 and so on. Write each of the things that you want in your life on the page where you want them to be occurring. When this is done, see what kind of a business fits into your plan. You also do not have to buy or build a business and work there for the rest of your life. I have owned several different kinds of businesses and currently own none. My suggestion is to try to get into a business that meets your needs for 10 years or so. At some point during the 10 years you start to plan your transition to the next business. Think of the time you spend with the business as a stock purchase or membership in a club. You are not getting married to the thing. You need to enter a business having an exit strategy.
Many people who get into small businesses do not have an exit strategy. I believe this is a mistake. You wind up working there 24 hours a day until they carry your corpse out of the place. Your (now) widow or widower sells the business and spends the money enjoying the partner they get as your replacement. An exit strategy could be building the business to the point it could be sold, partners could be added, or the firm could be taken public. You could also exit through a plan to structure the business so it could be run by an employee while you retain ownership. Business failure statistics suggest it is probably not good to expect your children to take over the business. Very few businesses make the transition well and the children may have other plans for their lives.
It sounds like you want to start your own business from scratch but there are other ways to get into a business. About a third of the small businesses are for sale at any given time. Since most people who started small business did not plan an exit strategy, even if a business is not for sale you can probably structure a deal with the current owner to work there and gradually take the business over so they can move into another business or retire.

Answered 3 years ago

Robert Stein