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Before starting a business

Postby fergus1234 » 08 Jan 2019, 16:10



This video will be very useful for this topic. Parvati Shallow won a million dollars on a reality show. If you won a game show in America, The government will deduct a lot of taxes. So her prize money dropped from a Million dollars to 600 thousand dollars. She used the remaining money to start her own business.

She is a boxer and a Yoga Enthusiast so she made a fitness and wellness center. She have a passion on Yoga, working out and spas so she decided to enter this business. She loves training clients but she realized something.... She hates other aspects of starting a business.

She said she hates marketing. She hates cleaning the place during closing time, she hates the other chores need to run a business. She ends up being miserable. The business is doing well but the depression from running it leads her to selling it. So she lost a lot of money because she sold it for a lower price for the sake of her health and well being.....

So what is the lesson....

Just because you love cooking, it doesn't mean you will enjoy running a restaurant. Just because you love to bake, it doesn't mean you will love running a bakery.

Many people runs business base on their passion but the question is.... are the other aspects of a business something you will enjoy?

Base on her experience, I think we need a partner who enjoys the other aspects of running a business. Just because you love clothes it doesn't mean you will enjoy a clothes business.
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Re: Before starting a business

Postby mrki444 » 08 Jan 2019, 16:42

Before starting any businness you need to know all aspects of it. I know few waiters who opened their bars and broke. Why? They are excellent waiters but bad managers. They didn't know how to run it, how to set price, buy cheap, etc.
Same thing is for all jobs.
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Re: Before starting a business

Postby kaka135 » 09 Jan 2019, 00:22

That's really a lot of taxes being deducted. I agree with that. I always think that a doctor might be good at his or her profession, but the doctor might not be good if he/she would like to start his/her own clinic or run the business. I think we can still start the business, but we need to know what skills we are lacking of and how we can fix that. Outsourcing might be a good way too.

Thanks for sharing this video!
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Re: Before starting a business

Postby augusta » 09 Jan 2019, 01:15

We should always know that whatever we sign up for comes with some turns and twists and we should always expect that no need running from it, so all we need do is to brace up and then maybe employ people to take care of other aspects.Thats why good profit should be made from a business to aid payment of various expenses
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Re: Before starting a business

Postby junrose123 » 09 Jan 2019, 05:12

I think that before starting a business is that we need to have a good plan and have some funds to finance our business.
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Re: Before starting a business

Postby tusziget » 09 Jan 2019, 05:12

I think before you start a business on your own, you have to think many of the aspects of it.You have to be sure that you are capable running it,that is why it is important to open a small business, and if you are good at it, you can grow your business in time.
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Re: Before starting a business

Postby kat82 » 09 Jan 2019, 05:46

Business starting sometimes is not that easy as people say, talk or even write. When you enter action, that is when you discover that doing business is not an easy task. Lots of things including market research must be done if you really want to succeed. I have done business in the pat and still doing it and I can tell you that even determination and commitment in addition to not accepting defeat can help.
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Re: Before starting a business

Postby a_jerobon » 09 Jan 2019, 07:07

mrki444 wrote:Before starting any businness you need to know all aspects of it. I know few waiters who opened their bars and broke. Why? They are excellent waiters but bad managers. They didn't know how to run it, how to set price, buy cheap, etc.
Same thing is for all jobs.

This is true. Apart from having the capital to start a bunisess and one or two skills on it, you also have to be very familiar with each and every aspect of it or else you will fail on the way.
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Re: Before starting a business

Postby fergus1234 » 09 Jan 2019, 08:11

She thought it's going to be a walk on the park because its based on her passion. Many successful business men and women succeed on businesses that is not their passion. Your passion should not be the niche of the business, your passion should be operating a business.
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Re: Before starting a business

Postby mrki444 » 09 Jan 2019, 08:56

I read somewhere something similar to this: Good manager man is not good in his job. He is surrounded with good people in that job. He only organizes them.
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Re: Before starting a business

Postby skysnap » 09 Jan 2019, 10:03

fergus1234 wrote:Just because you love cooking, it doesn't mean you will enjoy running a restaurant. Just because you love to bake, it doesn't mean you will love running a bakery.


This is so true. This even applies to programming or any other business skill. Doing those things daily is kind of not easy for mind too.
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Re: Before starting a business

Postby fergus1234 » 09 Jan 2019, 11:09

kaka135 wrote:That's really a lot of taxes being deducted. I agree with that. I always think that a doctor might be good at his or her profession, but the doctor might not be good if he/she would like to start his/her own clinic or run the business. I think we can still start the business, but we need to know what skills we are lacking of and how we can fix that. Outsourcing might be a good way too.

Thanks for sharing this video!


Yeah the Tax system in the US is really messed up. Game show and lottery winnings are badly tax. Heck in Arizona there is now a Tax for sunlight.
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Re: Before starting a business

Postby darrensurrey » 09 Jan 2019, 12:01

Yep, people forget that you have to do the marketing, clean the toilets etc. She should have employed someone to do this, though. Richard Branson doesn't clean the toilets in his offices. This saves your time and energy on building the business.
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Re: Before starting a business

Postby augusta » 10 Jan 2019, 01:32

This is why we have division of labor so each task should be overtaken by each person that will aids specialization. So if one needs progress then division of labor should be applied.
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Re: Before starting a business

Postby katkat » 10 Jan 2019, 01:37

That was very informative. I came to realize how it is to be doing a business. One must know the all ins and outs of the business which I know some of us neglect to do. Was thinking now what business would I run someday that I would love to do that I won't be tired of doing. Aside from that, it will never be easy doing business alone. We must have somebody with us who can be of help to us or assisting us.
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