I started a video game center when I was 21. I believe that was the most successful venture. Second most successful was a bookkeeping company I started like 3 years ago, still keeping it alive.
I think the variables, that are keeping me back are, age, money, luck....and I really hate saying this, but the fact that I'm Black. In networking events, here on the cape, people have said to my face, that I should try to be a basketball player, or a rapper...that's the only reason why I'm bringing up race.
any ideas as to what industry I should try next? I haven't done the buying a business path yet? Do you think the video game center worked for me because I was young, and perhaps a black dude? Do I need to find an industry that fits my physical image?
people say I'm crazy for not given up yet...I might be lol
Thank You !
You don't say why you have a history of failure but it appears to me you have too many irons in the fire. Start a business and devote all your effort to get it up and running successfully. That means customers, customers and repeat customers, a good cash flow, spend less than you take in. Don't have employees unless absolutely necessary. You actually have to set up the workaday proceedures and when the company becomes established you can delegate authority to a trusted employee while you consider devoting your time to another venture. This could take years. Trying to establish 6 businesses in 5 years is unreasonable. I think you don't understand the definition of "entrepreneur". It's not the number of ventures you attempted, it's the number of SUCCESSFUL ventures you experienced. Slow down and concentrate on one project at a time.
I highly doubt it has anything to do with your race. The problem lies in you. In the fact that you need to stick with one thing. Persevere is key. You dont have to commit yourself to one thing forever, but honestly in order for it to work and for you to enjoy it, you need to stick with it longer than you are. The best business owners are those who have stuck with it and have known how to set goals and have stuck with those goals whole heartedly. Any business generally takes 5 years to really be sucessful and to feel like you've made it. So changing your path before then is just a waste of time. And since you're only 26 I would assume you haven't really had enough time for any of your goals or businesses to really take off or feel completed. Hence, why you feel as though you have failed. Bottom line, set a goal, stick with it.
Most entrepreneurs have started more than one business. There are many successful black businessmen. One problem you may be having is that the demographics of the area where you are starting your businesses may be too low to sustain the business
Why do you want to start a business?
Look at motivation and interests, being self employed is a lot of work and time, but if one finds success the rewards can be high also.
There is a book called How to Create Fund and Start Your Own Business. It is a small book with no BS and everyone I know that has a small business owns this book.
you have had several businesses but cant wirk out why they have failed?
Perhaps you shouldnt try to be an entrepreneur and get a job instead.
Failures are an unavoidable but valuable part of the learning process, just knowing when to cut your losses can be important.
my motivations are:
knowing I can either greatly succeed, or fail hard...some how that's appealing to me.
power
and something I can pass down for my children.
