Business and What's Next

Today after our Budgeting and Ministry review time with Bryce, we had two people come in (Perter and Zack) to talk to us about business and what comes next for us. It was very helpful and such. Below are the notes I took from the "session".  I found it even more helpful since I would love to start my own business or at least go into the business field.

1.     How do I define “Success”? (Money, time, family, etc…)

a.     My view

                                               i.     Being happy and satisfied with what I am doing

                                              ii.     Accomplishing my original goal in business.

                                            iii.     I don’t always think money is the biggest factor (eg: the numbers)

                                            iv.     Family and relationships

2.     Having a backup plan isn’t always the best option

a.     If you have a backup plan you will be more okay with failing on what your doing

b.     You need to be focused on completely on what your doing

                                               i.     Don’t focus on what you will do if you fail,

                                              ii.     But focus on what you are going to do to ensure you won’t fail

c.      Never give up – if you do fail, just get back up and try again (and again and again until you succeed) – it will be hard, but you find it more satisfying and rewarding – it’ll make you stronger

d.     There is no backup plan, no what if!!! 

                                               i.     No plan B

                                              ii.     A back up plan will distract me

                                            iii.     If your able to get it going, it’s not a problem in general

1.     There will be peaks and valleys

3.     Am I going to work for someone else or am I going to work for myself??????

a.     If I work for myself, it’s very risky

b.     How long can I go to support myself before I run out?

c.      I can be broke, I will rebuild

d.      

4.      Don’t live paycheck to paycheck

a.     You HAVE to BUDGET

b.     You cant spend all your money every paycheck

c.      (If you are running a business you should be multiple months ahead in your budget)

5.     20% / 80%

a.     Example: real-estate

                                               i.     If there are 100 retaliators in an area only about 20% of them will be doing most of the selling – only about 20% of the people in an area will do most of the work

                                              ii.     Only about 20% know what there doing or are actually doing it

                                            iii.     The remaining 80% wont last 2 years

6.     Do your homework

a.     Get to know the area of business

b.     Know what you have to do to stay competitive

c.      Know how to draw others

d.     KNOW your stuff!!!!

e.     Check the prices of sold near-by houses

f.      Check the neighborhood

7.     A business is going to be harder that it looks

a.     Each step of the process gets harder and harder

                                               i.     The first 2 years will be one of the largest hurdles in that specific career/business

8.     Find a mentor for what your going to do

9.     When looking for land/houses, check area population – a growing population will drive land values up.  Population is key! 

10.    “There is a difference between what you want and what you need“ (Zack)

11.   Remember: A realtor is not working for you, they are working for the person who hired them: the seller – they are trying to sell the house for as much as they can. 

a.     You don’t have to pay a realtor when your buying a house, only the seller has to pay a realtor