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From regular 9-5 office jobs to entrepreneurship

  • Last Updated:
  • Oct 3rd, 2019 2:34 pm
[OP]
Deal Fanatic
Jun 7, 2005
9639 posts
1101 upvotes

From regular 9-5 office jobs to entrepreneurship

I have heard lot of people are sick and tired of their 9-5 office jobs. How many friends you know that have successfully switch from 9-5 office jobs to entrepreneurship ?

I would be very interested to know what entrepreneurship to start with. I guess it got to start with something we like and/or familiar with e.g. hobby.

I can assume it is going to require lot of time, effort and money to start.
7 replies
Deal Addict
Dec 31, 2007
4992 posts
1515 upvotes
Richmond Hill
Someone close jumped from working for a very stable job, to starting up their own tea/food shop.

It started going downhill real fast, and they were forced to go back to the stable job while still working in the shop (and juggling family).

It was a very difficult 6 yrs when they were finally in a position to walk away without losing too much.

I guess what I'm trying to say is, make sure you know what you're doing, the market is good for what you're setting up, before you get way over your head.
"Buy now, think later. This is the way."
[OP]
Deal Fanatic
Jun 7, 2005
9639 posts
1101 upvotes
enwhyRFD wrote: Someone close jumped from working for a very stable job, to starting up their own tea/food shop.

It started going downhill real fast, and they were forced to go back to the stable job while still working in the shop (and juggling family).

It was a very difficult 6 yrs when they were finally in a position to walk away without losing too much.

I guess what I'm trying to say is, make sure you know what you're doing, the market is good for what you're setting up, before you get way over your head.
I hear you. The failure rate for entrepreneurship is very high. Otherwise, everyone will start their business.......

It is not just time consuming, probably need to work more than double of their 9-5 job hours, with less than half of previous pay (none) to begin with. I guess the worst part would be losing all savings and health (due to lack of sleep and super stressed).....
Penalty Box
Jul 21, 2019
346 posts
654 upvotes
I recommend first starting a small side business you can do from home first and see how well that works for you. You need to find something you like and are comfortable with.
I myself got into toy collecting and have started selling, and with the way it is going might open my own toy store. I scour the internet for the best pricing and then mark up and sell for a lot higher, this is something that is easy to start up and do as long you have some small capital to buy some things.
You really want something that is not going to go out of style, I get a lot of Star Wars, Lord of the Rings and other big franchise things, they are not something that will go out of style anytime soon, and there will always be collectors crazy about the items. So you need to have something that will last. For example opening a video game store isn't a good idea, as they are more so going to digital now, and with things like Game Pass more and more people will get that instead of getting a physical copy.
If you can do something like this successfully then you would be more likely to succeed in opening an actual store or franchise.
[OP]
Deal Fanatic
Jun 7, 2005
9639 posts
1101 upvotes
I guess the issue would be everyone is able to search and buy from online, unless you have an unique source..........
Brandon26 wrote: I recommend first starting a small side business you can do from home first and see how well that works for you. You need to find something you like and are comfortable with.
I myself got into toy collecting and have started selling, and with the way it is going might open my own toy store. I scour the internet for the best pricing and then mark up and sell for a lot higher, this is something that is easy to start up and do as long you have some small capital to buy some things.
You really want something that is not going to go out of style, I get a lot of Star Wars, Lord of the Rings and other big franchise things, they are not something that will go out of style anytime soon, and there will always be collectors crazy about the items. So you need to have something that will last. For example opening a video game store isn't a good idea, as they are more so going to digital now, and with things like Game Pass more and more people will get that instead of getting a physical copy.
If you can do something like this successfully then you would be more likely to succeed in opening an actual store or franchise.
Deal Fanatic
Sep 23, 2007
5350 posts
1583 upvotes
rdx wrote: I have heard lot of people are sick and tired of their 9-5 office jobs. How many friends you know that have successfully switch from 9-5 office jobs to entrepreneurship ?

I would be very interested to know what entrepreneurship to start with. I guess it got to start with something we like and/or familiar with e.g. hobby.

I can assume it is going to require lot of time, effort and money to start.
Lots of people dream about leaving their 9-5 to do their own thing. Very few people actually execute it. And even fewer do it successfully. A lot of people think the grass is greener on the other side. You have no idea how nice it is to be promised a fixed wage/salary, have paid vacation days, a health benefits package etc. Have someone else pay for office space, stationary etc. Most have no idea how nice it is when the fate of the business does not hit your personal finances directly. You finish your 9-5 and go home. Whether the company makes money or not, you get paid.

When you own a business, chances are good you might need financing (borrowing). This will ALWAYS require a personal guarantee. Banks will ask for your personal assets and chase after you if you fail to pay up. Your credit will tank. You have no recourse if you don't have money to pay yourself a salary. Forget about minimum wage. You can't exactly take yourself to the ministry of labour to complain. You will have to file taxes separately, and the CRA will chase you if you don't remit deductions and HST. These are your biggest stresses about a small business.

You don't know how to find suppliers? Don't speak the language? Don't understand accounting/tax? Don't understand labour laws? No one gives a damn. Everyone acts toward their interest and hold you liable. You do it yourself, or you find someone else to do it (and pay them), and even then they might do it wrong. Think about it, you can hire a staff to do a particular task, maybe involving the customer. The staff may have performed it wrong. Who gets the blame? YOU. The employee can say you didn't provide proper training. The customer don't care whose fault because the customer is dealing with the company YOU own.

In school, you learn that corporation is a separate entity from the person. In practice, this is untrue. Being a director (every company requires a director), makes you liable to the CRA for corporate taxes and and shortages to employee deductions. Bank loans, leases will typically hold you personally liable by asking you to sign personal guarantees.

How do I know all this? From experience. I own a business. I don't regret it as I learned alot, but it has not been a rosy exercise. Just because you have money to blow, that's far from guaranteeing any results. Plenty of people lose 6 digit figures thinking they can make it big.
Deal Fanatic
Sep 23, 2007
5350 posts
1583 upvotes
Brandon26 wrote: I recommend first starting a small side business you can do from home first and see how well that works for you. You need to find something you like and are comfortable with.
I myself got into toy collecting and have started selling, and with the way it is going might open my own toy store. I scour the internet for the best pricing and then mark up and sell for a lot higher, this is something that is easy to start up and do as long you have some small capital to buy some things.
You really want something that is not going to go out of style, I get a lot of Star Wars, Lord of the Rings and other big franchise things, they are not something that will go out of style anytime soon, and there will always be collectors crazy about the items. So you need to have something that will last. For example opening a video game store isn't a good idea, as they are more so going to digital now, and with things like Game Pass more and more people will get that instead of getting a physical copy.
If you can do something like this successfully then you would be more likely to succeed in opening an actual store or franchise.
Agree 100%. Definitely start small if you want a taste of running a business.

E commerce is the cheapest way to start a business and with very low risk. Only problem is that everybody can do it, so your competition level is extremely high.

If you don't fail within a year, there will eventually come a point where you need to make a decision to take it to the next level. At that stage, then all the problems I listed will become more apparent. if you don't take it to another level, you will probably find that you should have just stuck with a day job. If you have family, all the more reason to seek stable income. I think business owners have divorce rates significantly higher than norm lol.
[OP]
Deal Fanatic
Jun 7, 2005
9639 posts
1101 upvotes
Agree. I met an entrepreneur who started doing small business since he was 27, and he has gone through many times of up (owned $50M property) and down (to bankruptcy). But he is type of person that can't work for anyone. Thus, he has to be his own boss.

Anyway, he once told me that "If doing business is easy, everyone will be doing business instead of working". I guess personality will also determine if you can be entrepreneur.
BananaHunter wrote: Lots of people dream about leaving their 9-5 to do their own thing. Very few people actually execute it. And even fewer do it successfully. A lot of people think the grass is greener on the other side. You have no idea how nice it is to be promised a fixed wage/salary, have paid vacation days, a health benefits package etc. Have someone else pay for office space, stationary etc. Most have no idea how nice it is when the fate of the business does not hit your personal finances directly. You finish your 9-5 and go home. Whether the company makes money or not, you get paid.

When you own a business, chances are good you might need financing (borrowing). This will ALWAYS require a personal guarantee. Banks will ask for your personal assets and chase after you if you fail to pay up. Your credit will tank. You have no recourse if you don't have money to pay yourself a salary. Forget about minimum wage. You can't exactly take yourself to the ministry of labour to complain. You will have to file taxes separately, and the CRA will chase you if you don't remit deductions and HST. These are your biggest stresses about a small business.

You don't know how to find suppliers? Don't speak the language? Don't understand accounting/tax? Don't understand labour laws? No one gives a damn. Everyone acts toward their interest and hold you liable. You do it yourself, or you find someone else to do it (and pay them), and even then they might do it wrong. Think about it, you can hire a staff to do a particular task, maybe involving the customer. The staff may have performed it wrong. Who gets the blame? YOU. The employee can say you didn't provide proper training. The customer don't care whose fault because the customer is dealing with the company YOU own.

In school, you learn that corporation is a separate entity from the person. In practice, this is untrue. Being a director (every company requires a director), makes you liable to the CRA for corporate taxes and and shortages to employee deductions. Bank loans, leases will typically hold you personally liable by asking you to sign personal guarantees.

How do I know all this? From experience. I own a business. I don't regret it as I learned alot, but it has not been a rosy exercise. Just because you have money to blow, that's far from guaranteeing any results. Plenty of people lose 6 digit figures thinking they can make it big.

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