toc, A quick look on the web just now reveals that 70 to 80 percent of small business startups fail the first year. Does that mean there must be something inherently wrong (VIA INVISABLE SUPERNATURAL FORCE)with starting a business or does the failure rate have to be 90 percent to qualify ?
http://www.mynewcompany.com/blog/the-myth-of-business-failure-rates/ Visit this link Top Gun, small business venture still puts you ahead of trading. Failure rate is 50% and you disect it further, it might be even lower. SBA says 50% fail during first year: The U.S. Small Business Administration has seen lots of small businesses come and, unfortunately, go. According to the SBA, over 50% of small businesses fail in the first year and 95% fail within the first five years. Why? What goes wrong?
toc, What goes wrong? Maybe because anyone who starts a business or starts trading might have one bad or several bad ideas. I remember in the 1970's the Pet Rock. Some sharp fella sold rocks as pets and became a millionaire. Why didn't someone think of that before? Such a simple idea. http://en.wikipedia.org/wiki/Pet_rock I have tried to read a couple trading books. Didn't like their ideas. Rather use my imagination. If all of my previous coworkers started a business or started trading, I think 95+% would quickly fail. I can tell just by their work ethic,attitude.
Since you cited the Bible, here is the part you had referenced: Proverbs 13:11 says, âDishonest money dwindles away, but he who gathers money little by little makes it grow.â The Bible does not prohibit gambling (I'm thinking this is the basis of your metaphysical aspect) The Bible warns against the love of money (1 Timothy 6:10; Hebrews 13:5) and attempts to "get rich quick" (Proverbs 13:11; 23:5; Ecclesiastes 5:10). I stumbled to this site because an infomercial made trading sound easy. I'm tired of my consulting practice (40-60hr/wk) and would love to be able to fund my activities in only 6-10hrs a week like the infomercial made it sound. From a few hours reading on this board, I can see that is not going to happen and the only way to 'make it' is to actually put in a lot of study and work. I love horses and have bred a race horse (now 3mo old). Associates of mine had encouraged thoroughbreds as a 'get rich quick' type of thing. It most definitely is not, the stats are far worse than anything a trader could imagine. I have entered it because I love the pedigree analysis and am interested in preserving (hopefully reviving) a dying sire line that will be important to reversing the current in-breeding trends. For me it is a breeding challenge and the race proves out if my planning for matings has been correct. I litterally spend 20+ hours EVERY week in study/planning and only expect to produce 2 horses next year who won't even have potential to earn money for 3 more years. So definitely not 'get rich quick'. I personally think only a few industries can be called fundamentally unethical. I think that some attrack more unethical people than others. Both trading and thoroughbred attact those who see it as a 'get rich quick' and those who will make money from the poor people desparate to get rich quick (like the informercial that caused me to come here). So I would say the high failure rates are more likely due to (a) unethical companies mis-representing what is involved (like the infomercial) (b) unskilled people not willing to or able to learn the skills (like I would be right now if I started trading) (c) people looking for a easy get rich quick that move on to the next disaster Sorry for the long post. The question hit an area that I had to deal with a couple years ago in relation to the thoroughbreds and have discussed often with the members of my church. I do believe there is a metaphysical part to it, because God (as I believe) knows your heart and if you love the money or trading more than Him. Anyway. Hello, I'm new here and still reading through all the threads that contain a lot of good advice. Kami
Late night infomercials are nothing but a fraud. I also heard somewhere, that those successful in business reported that they were into passion i.e. they were having fun in their business/work etc. and before they knew it riches started to pour in. So if you like what you do and develop addiction for it, sooner or later riches will flow. Jobs mostly make the employer rich not the employee unless it is a top management stock option deal. The most important thing is to start throwing extra efforts on the side into an activity that is in trend.........internet some times ago, real estate recently, oil and energy these days etc.
It's like farming. The upside is bigger and there is less environmental impact. Without risk takers (traders, entrepreneurs, etc.) there would be no economy just subsistence hunter gathering and seasonal agriculture.
who deosn't want to be self employed? but you must always consider the downside and also the opportunity costs involved. i have a 2 friends right out of college went into business. 1 did well and now makes his own hours, lives a life of leisure and makes 6 figures. the other worked just as hard but luck wasn't on his side and his business failed. now he wasted 4 years, and felt its too late to apply to mba so now he just works some hourly job, tryin to pay off his debt etc... The saddest part for that friend was the time lost. everyone else in his class went the corporate route and after 4 years all been establishing themselves. just the risk associated with starting a business~