Originally Posted by CCA-Dave
No, you don't need a mentor to start your own business. You need to work for someone else to learn about what running a business entails. You aren't at the bike stage yet. In fact, you're not even at the tricycle stage. You're at the looking-out-the-window at the experienced kids stage saying "I want to do that". But before you can ride a bike, you need to first learn to walk...then learn to ride a tricycle, THEN learn to ride a bike.
The walking stage: Working for someone else, even a shoe store in the mall, will teach you far more than any mentor has time to teach you...if you're smart enough to learn and watch, and work hard. You first work in your industry of choice, learning and sucking up as much of everything you can possibly learn.
Then, after you have real experience. And I'm talking to the point where you've worked so well you're managing the store, the boss is sending you to conferences, you know who the suppliers are and how shipping on a large scale is made. THIS is the tricycle stage. You understand every tiny detail from what country the textiles are made in, to where you buy the little stands the shoes sit on in the store. Then, and only then, you might know how you could do it better.
NOW you're at the bike stage. You've been saving all your money during the walking and tricycle stage, right? Now you get to put your money where your mouth is, perhaps your old boss is now you're mentor because he was so impressed with your work ethic he wants to see you succeed at your own shoe company. You work ridiculously long hours, invest every penny you own, and you see a little success. Then, and only then, can you start looking for investors.
Investors don't invest in a business idea or concept. They invest in people and things they can trust. They're investing in you, and your ability to run the business successfully. You want to start a business in an industry you have zero experience in, when you yourself have (what seems like) zero experience running a business. ANY business. If you had experience, you could have answered my four questions in less time than it took me to write this post. See what I'm getting at? I'm actually trying to help you here.
Suppose two entrepreneurs posted asking for help investing in their new business. You read each of the posts, and this is what you find:
Entrepreneur #1 likes cars and wants to make a lot of money. All his friends buy new wheels for their cars, so he wants to start a wheel company. He needs your help to invest in it. He owns a car, has had two others before it. He bought new wheels for all of them. 60% of men buy new wheels for their cars. He needs help with investors to get his business off the ground.
Entrepreneur #2 also likes cars, and wants to make a lot of money. He too likes wheels, and would like to start a wheel company. He has worked for 2 years at the Toyota dealership as a lot boy, 2 years at Canadian Tire and the last year at Big-T Wheels and Tires. He can tell you who the top three distributors in Canada for wheels are, and how most people choose and buy their wheels. He's found an Asian wheel supplier who will sell to him direct, can tell you how much they cost, the minimum order, where he will ship them to and how he will sell them. The retail cost on each wheel is X, and he will make Y per wheel. He figures he needs $15,000 to start the business, and is asking you to invest $5,000.
Who would you invest in?
Even #2 would probably get laughed off the forum...but at least he's got enough experience and a business concept that his friends and family might invest and he'd never need to post to a forum.
You need experience. Experience leads to knowledge (if you want it to). Knowledge leads to potential business success.
-Dave
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