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Old April 25, 2019, 10:27 PM
Dien Rice Dien Rice is offline
Onwards and upwards!
 
Join Date: Aug 2006
Posts: 2,446
Default Business at the different stages of life...

Quote:
Originally Posted by GordonJ View Post
But I said, knowing what I know and starting out at your age (24) {but I might say the same thing to a 55 year old} I would focus on my end game.

The final result. I know plenty of 50+ people who have done the GRIND, pounded the pavement and like Harvey Brody did, got sick and tired of having EMPLOYEES.

In fact, I don't want any customers, consumers, clients, nor do I want to coach, confer, counsel, nor mentee anyone either. Although I still do.

So, I thought I would ask the group, see if ANYONE has anything to say about the stages and AGES OF LIFE. Getting established after 50 is harder to do, but not impossible.

I think that up to 25 is self exploratory time, even those kids who have been guided into a career, like doctor, lawyer, programmer and know what they want to be (as we used get asked) when they grow up.

25 to 35 is family, friends, figuring things out. Old school has a 40 year old on their PATH and that means til 65. Then retirement.

Sheesh, the old school were full of dummies, eh?

Anyhow, start a business with an END game in mind. At 24, and with his skill set, he has a good chance of creating something of value to a bigger fish, who will come and swallow him up for untold millions IF THAT IS WHAT HE WANTS.

Since he has eclectic tastes and hobbies and would like to pursue other things, if he is wealthy by 30, and had fun and adventure along the way, it would be hard to argue against that goal.

Knowing what you know today, WHAT ADVICE, if any would you offer to someone at 24 and how would that differ from any advice you'd give someone who is 39.
Hi Gordon,

Wow, great question!

We started Sowpub when I was a little over 30, and now I'm almost 50 (!)... I've learned a lot along the way on this awesome adventure!

Some of the best advice I ever got was from you... Which was to get sales experience. If someone was starting out, and didn't have sales experience yet, I'd give them the same advice! (All businesses need to make sales, no matter what the business is...)

I ended up getting a job cold-calling people out of a phone book (!) to sell them hugely discounted comedy tickets. The whole reason my employer did that was because, the whole night seems funnier if the comedy club is full (laughter is contagious). So they'd sell discounted comedy club tickets to make sure the venue was full every night. The only way to get the discounted tickets was if we called you at random. If you wanted to buy a ticket, and we didn't call you, you'd pay full price...

Anyway, it was a great experience! I ended up doing pretty well (compared to my colleagues)... They wanted to even make me a manager of the sales team. I turned it down (because I was there for the sales experience - if I was managing the sales team, I wouldn't be selling any more).

I've used the skills I developed so many times since then... Not only when selling, but even when just meeting people. I'm a lot more comfortable talking to strangers than I was before. I believe it's made a big difference in my life, and opened up many doors...!

I think it's good advice for any age, for those without that experience. Even a few months of sales experience can make a big difference...

As for different stages of life, as you said, Gordon, I think when you're younger, you have a bit more freedom to explore. As you get older, you may have a partner, who you also have to please. You may have kids, who you have to feed. All these things limit your choices, and you have to go for the money...

At a later stage in life, it's hard to decide what to do. Here's a method I developed, which might be helpful in deciding...

I ask myself, of each potential opportunity...

* What is the minimum amound of money I need to make? What is the likelihood that I'll make this minimum amount, doing this business?

* What is the amount I'm highly likely to make doing this? (Not if pie-in-the-sky miracles happen, but try to be more realistic.)

I think how you answer the first question will differ depending on your "stage" in life...

When you're younger, you might be happier "shooting for the moon" - making very little money at the start, living off of instant noodles, while you go for a long-shot startup...

If you're older, your answers might lead you to go for something more solid. Maybe a service business of some kind, where it's easier to get the work. (Consulting can be lucrative.)

After this, I'd start looking at - what is the demand for what you're planning to do? Is there a "toll position" you can get for what you're planning to do?

That's my (a bit lengthy) answer...

Best wishes,

Dien
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