Comments on: 5 Myths and Realities of Owning My Own Business http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/ Wise Choices. Improved Finances. A Better Life. Wed, 17 Mar 2010 19:29:52 -0600 http://wordpress.org/?v=2.9.2 hourly 1 By: Ron http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-7718 Ron Thu, 23 Oct 2008 03:06:46 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-7718 <a href="#comment-7715" rel="nofollow">#</a>Rebecca→ Certainly! I've owned several. #Rebecca→
Certainly! I’ve owned several.

]]> By: Rebecca http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-7715 Rebecca Thu, 23 Oct 2008 00:02:26 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-7715 I am currently writing a paper in my Business Management class on Entrepreneurship. You said you owned your business, did you consider yourself an Entrepreneur? I am currently writing a paper in my Business Management class on Entrepreneurship. You said you owned your business, did you consider yourself an Entrepreneur?

]]> By: So, you think you want to open your own salon? (from GSH archive) « Advice for small salons http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-1214 So, you think you want to open your own salon? (from GSH archive) « Advice for small salons Sun, 30 Mar 2008 17:59:35 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-1214 [...] Here is an article for you that gives you some myths and realities about small business ownership. (excerpt) [...] [...] Here is an article for you that gives you some myths and realities about small business ownership. (excerpt) [...]

]]> By: Aura Mae http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-1114 Aura Mae Mon, 24 Mar 2008 01:27:42 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-1114 Re: Myth 1 My 16 year old recently left her job at a new franchised business because she and the owner didn't see eye to eye on why the teenager was working there. The owner's last statement: "It seems like all you want from us is a paycheck." As a fellow small business owner, I wish I could explain to her that all of the people she employs will be there for a paycheck. They don't LOVE the business like you do and never will. Re: Myth 1

My 16 year old recently left her job at a new franchised business because she and the owner didn’t see eye to eye on why the teenager was working there. The owner’s last statement: “It seems like all you want from us is a paycheck.” As a fellow small business owner, I wish I could explain to her that all of the people she employs will be there for a paycheck. They don’t LOVE the business like you do and never will.

]]> By: So you think you want to open your own salon? « Get Some Hairapy! http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-1113 So you think you want to open your own salon? « Get Some Hairapy! Sun, 23 Mar 2008 23:14:12 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-1113 [...] Here is an article for you that gives you some myths and realities about small business ownership. (excerpt) [...] [...] Here is an article for you that gives you some myths and realities about small business ownership. (excerpt) [...]

]]> By: Ron http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-1103 Ron Sat, 22 Mar 2008 23:54:00 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-1103 @Shama Hyder: People have the tendency to overestimate their sales and underestimate their costs, especially startup costs. They also underestimate the number of days it will take to even get the doors opened. It always seems to take longer to get the doors open for business than you imagined. I wasn't kidding about the local and state governments, either. They seem to be working against you. Today, I work for a pretty large chain that's expanding in several states. Our biggest roadblock is the local inspectors. It all depends on which one you get. Some are easy to satisfy, others are impossible. @Shama Hyder:
People have the tendency to overestimate their sales and underestimate their costs, especially startup costs. They also underestimate the number of days it will take to even get the doors opened. It always seems to take longer to get the doors open for business than you imagined.

I wasn’t kidding about the local and state governments, either. They seem to be working against you. Today, I work for a pretty large chain that’s expanding in several states. Our biggest roadblock is the local inspectors. It all depends on which one you get. Some are easy to satisfy, others are impossible.

]]> By: Shama Hyder http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-1102 Shama Hyder Sat, 22 Mar 2008 22:43:37 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-1102 Ron, great article! I agree with all the myths-especially #2! This why only 1 out of 7 businesses makes it past the 3 year mark. Ron, great article!

I agree with all the myths-especially #2!

This why only 1 out of 7 businesses makes it past the 3 year mark.

]]> By: Ron http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-1088 Ron Sat, 22 Mar 2008 03:47:29 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-1088 @AJC @ 7million7years: Wouldn't a lot of that success in selling depend on the multiples you were using to set your price? Historically, lumberyards have been a 5 or 6 but right now they're in the 3's and 4's...if even that much. When we started the lumberyard, we were anticipating selling it in 2 to 3 years, but that never panned out because we were making unreal amounts of money compared to our peers. We worked like crazy to keep costs low and out NP to Sales percentage was 4 to 5 times the industry average. Using the multiples that were common at the time would have priced us out of the market for a sale. @AJC @ 7million7years:
Wouldn’t a lot of that success in selling depend on the multiples you were using to set your price? Historically, lumberyards have been a 5 or 6 but right now they’re in the 3’s and 4’s…if even that much. When we started the lumberyard, we were anticipating selling it in 2 to 3 years, but that never panned out because we were making unreal amounts of money compared to our peers. We worked like crazy to keep costs low and out NP to Sales percentage was 4 to 5 times the industry average. Using the multiples that were common at the time would have priced us out of the market for a sale.

]]> By: Ron http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-1082 Ron Sat, 22 Mar 2008 03:39:15 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-1082 @Mrs. Micah: One of the most frustrating parts of running a business that I experienced was collections. We were pretty cash strapped in the early years and people would delay payment. I knew they had the money and didn't want them to delay further, so I had to walk a fine line and it isn't easy! Freelancing sounds like a great way to go, especially if you get paid on time! @Mrs. Micah:
One of the most frustrating parts of running a business that I experienced was collections. We were pretty cash strapped in the early years and people would delay payment. I knew they had the money and didn’t want them to delay further, so I had to walk a fine line and it isn’t easy!

Freelancing sounds like a great way to go, especially if you get paid on time!

]]> By: Links for Super-Charged Living - March 22, 2008 | My Super-Charged Life http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/comment-page-1/#comment-1091 Links for Super-Charged Living - March 22, 2008 | My Super-Charged Life Fri, 21 Mar 2008 20:26:31 +0000 http://www.thewisdomjournal.com/Blog/entrepreneurship-myths-and-realities/#comment-1091 [...] at The Wisdom Journal posted 5 Myths and Realities of Owning My Own Business.  I have also been in business for myself and I found Ron’s article right on [...] [...] at The Wisdom Journal posted 5 Myths and Realities of Owning My Own Business.  I have also been in business for myself and I found Ron’s article right on [...]

]]>