Alright, I've got $10,000 to start a business, and that's definitely not a lot of money. Yes, I could get an additional quadruple that amount of money, but it means I must be fully confident that the business will be pretty successful. Additional money apart from the basic $10,000 would be added on depend on my confidence level.
Thankfully, I've met up some rich college friends, and they are able to fund my living and costs (like they always have throughout college), so I won't have to worry about the costs of living if my business turns sh-t. However, I really want to pay them back all the money they've spent on me because I just feel it's morally wrong for me to spend their money even with their consent. They're not loan sharks or anything, nor do they expect the money back, but I definitely want to give them back the money because I don't want to rely on others for my entire life. I've always said, I must rely on others when I'm just a newbie in this sometimes cruel but rewarding business world, but once I become experinced, I'm on my own.
So what type of business should I do that SHOULD make me a decent amount of profit? Yeah, I understand there is no guarantee of making profit, but I want a business with the chances are very high.
I've heard diamond dealing should get my a nice chunk of money, but then, it's not the safest profession in the world, and also, I definitely want a much bigger business once I have all the resources. 40% of the amount of profit I make from my so-called 'first business' will be used to fund my next business, and this sequence continues until I am satisfied with the size and the profits gained from this business.
As a result, this would mean that the profits I make should be a couple times more than the amount of money I originally invested, which is $10,000 plus anywhere from $0 to a maximum of $40,000. I'm willing to give this business a year to show my positive results, but then if it doesn't work out all nice, it's going to kill me.
I've heard from my friend that his cousin-in-law tried to begin a business in the fashion world (well, if I really wanted to get involve with the fashion business, I need to know hell more than what I already know, cause I know virtually nothing about dealing in clothes and other fashion), and he only started out with around something like $35,000, and within a year, he made a couple hundred of dollars. Now, he's already made a couple million after staying in the fashion business for a handful of years, and his business is continue to rocket. My hopes are that I will be as successful, or even more so successful.
But first, I need to find out the most profitable business to begin with $10,000 plus anywhere from $0 to $40,000, and what type of positive results (meaning, the amount of profit) I should expect from it within a year. Even if such a business is successful, it does not mean I would stay in that business for long, because I may want to move to a bigger business, but I need something to begin with.
So should it be diamonds, automobiles, communication(even though $50,000 for that seems a bit awkward), other jewellery, books?!, food, drinks etc...
Then, please give me some tips on how to begin my business. Like, should I open a mini-size shop, or should I become a dealer and etc. And, how should I run my business effectively? |
