NotMVH

Is anyone here an entrepreneur? Or managed to start their own successful business? I am planning on starting my post secondary education and am debating what to do. I have a real passion for industrial design and would like to study it but I can not afford almost any of the schools I could attend. I am thus thinking of getting a business diploma or degree of some kind because I do plan to own and operate my own business in the future. After completion I could find a higher paying job and thus be able to afford a second venture through school. The other alternative would be to continue to pick up what I can about managing a business through work and in research and to try to put something together without any formal training.

Has anyone here been through business training in a college or university environment? How long did it take to complete? Was the knowledge usefull, did you apply it practicly to operate your business? Could you or your business faired succesfully without your training?

Hardknock

I don't have a business of my own right now, but I'm planning on starting one out of my home. I went through an aviation business degree program and I liked it. I don't know if this will help you in your endeavor but when I went through was basic business courses such as small business management, airline/airport management, you know the basic stuff. Maybe you should look into an industrial design degree and take general business courses on the side as your electives. That way you can kind of customize your degree a little bit. Hope this helps.

NotMVH

It does. I have done some research and will use the next few days to decide if I want to apply to the local college for a diplo of business management.

I would love to be able to attend art school to study industrial design but there is no school within my current area and to study. I would like to study in the U.S. but I would need all my funds in place before I could have my visa approved (43,000USD in a confirmed bank account) which simply isn't going to happen at this time. The few institutions to choose from in Canada have stricter addmission requirments and are far less recognized in the industry from my understanding.

raeanna74

My Dad has run his own business for over 15 years. For a time after I was out of highschool I did all his secretarial work and worked on his taxes.

I have run my own home day care for 3 years now.

A couple comments I would have are - A business degree may be helpful.
Make sure you use contracts. Even get a lawyer to help you draw up the first few to make sure you include all the important things. My Dad uses contracts and until he learned to make better ones he lost a lot of money from people refusing to pay.

My standard contract, that all the parents sign, is 2 pages long. It has saved me before from loosing more than $40. In my contract I included a clause that I can discontinue services after 2 weeks of non-payment. That way if they slip and can't pay one week they've got some clearance but they push it off at the end of the second week - I'm not watching their kids till they pay up. Some daycares don't do it that way but it works best for me. For those 2 weeks - small claims court isn't worth it. Be prepared to run into losers who won't pay.

Get your money up front if there's any question as to whether they'll pay. At least get a portion of it to begin with.

Of course you'll have to get your tax number and things to begin with. I don't because mine is small enough and I can use my social security number if I file it for taxes.

Keep close track of your expenses. Even if it's a pack of pencils. You'll be surprised how it all adds up.

Have someone else do your taxes at the end of the year. It will be well worth it.

The early bird does get the worm. Owning your own business is more demanding than any other job. You get sick - you can't call in sick so easily. If you aren't working, you aren't earning. You aren't your own boss - the customer is your boss.

I would also suggest finding a job in the field and working even just as a secretary. You can see the business in action and you'll see a lot of things that you like and want to duplicate and things you want to avoid doing. Get some experience in the field before you run your own business in it. I worked at several different daycares for 3 years and also as a elementary school teacher for 1 1/2 years before I started my daycare. The experience of working in that field before running the business gave me lots of info that I wouldn't have gotten in school.

That's all I can think of for now - hope it helps.

__________________
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My Karma just ran over your Dogma.

NotMVH

I added up the cost for attending CCS (College for Creative Studies, detriot) $154,000 CDN to attend four years with living expenses :'(

raeanna74

May I also suggest finding some individuals who are already in the field. Let them know that you want to go in that career direction and would appreciate any suggestions on your education and what steps to take to get you there. You may be surprised at what kind of educations that they have. This is one thing that I did when I was deciding whether or not to go into elementary education. I got lots of advice that I still remember and use even now. Those who are already in the field won't view you as competition and are usually glad to share what they've learned.
You don't necessarily have to go to a specialized and consequently more expensive school. You said you're going to secondary education - What kind of education have you had up until now?? College prep, any college classes at all? Must you get a visa to attend college? Might you get a work visa and take night classes to begin with? Every class you take is a step in the right direction. Don't worry about the total cost to begin with because in 2 years that can change dramatically. Take one year at a time.

Look for an internship or apprentice type of position or just be an assistant for someone in the field you desire. You will learn a lot along the way.

__________________
"Always learn the rules so that you can break them properly." Dalai Lama
My Karma just ran over your Dogma.

a2k

What type of business are you thinking about starting?

I'm a believer that the best teacher is experience! But my perspective is biased, I've started three businesses and have no business degree. I've had MBA's working for me from some of the best schools in the country who didn't have the slightest clue about how to run a business and employees without a college degree with as good a grasp on business operations as you'll find anywhere.

My advice to any potential business owners:

1. Learn quickbooks and don't outsource your bookkeeping until you know what's going on with the numbers absolutely intuitively. Otherwise, you can end up in big trouble.
2. Know EXACTLY how you are going to get customers. No matter what your business does, this is going to be your #1 job and what keeps you up at night. Build it and they will come just doesn't work.
3. Your bank is your best friend. Find a local bank, introduce yourself to them, and every few months drop them some information about what's going on with your business. You'd never believe how much capital is available at 6% from a bank that knows you and trusts you. You need to start cultivating the relationship before you need money, though.

Janey

wtf!! damn. my queens degree was only 6K per year plus room and board...

bendsley

I have a BBA in Management. I also own my own network/security consulting company with three other guys.

Good stuff.

www.axigent.net

__________________
"You hear the one about the fella who died, went to the pearly gates? St. Peter let him in. Sees a guy in a suit making a closing argument. Says, "Who's that?" St. Peter says, "Oh, that's God. Thinks he's Denny Crane."

NotMVH

I am intrested in starting up a company to produce retail product for wholesale, but that is some day in the future.

I appreaciate all the advice. I have applied to attend this fall semester and will find out if I have been accepted in 6-8 weeks but I exceed all the minimum requirments so I anticipate I will be accepted. I understand the importance of working with experience people in the feild and will be enrolling in the co operative education program so I will have two co-op terms spanning four months each to work in a business and get hands on training.

DDDDave

Just read your post about co-oping while going to school. That is a great idea and supports what a2k mentioned earlier and which I totally agree with. I am a real estate developer and while my education is as a civil engineer there really is no real teacher except experience. I think the old school term is 'School of Hard Knocks'.




I'd like to add that while you need to enjoy what you do and have a passion you need to figure out how you are going to get paid. This reinforces point #1 above. Understand accounting. The successful businessman always understands the numbers.

Sounds like you've got some good ideas and are moving forward. Thats key too, do something, every day to work on going out on your own. Even if it's only research or networking in your field. Entrepreneurship is about making things happen.

Good Luck.

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