In comparison, I am not nearly as educated as those that post here.
I never finished college.
I never went to trade school
I went into business because a storm damaged the building where I was working and the owner was not going to rebuild. I asked him to sell that part of the business to me. He agreed if I could secure a $40,000 line of credit.
First banker I went to turned me down flat. I felt my "business plan" was solid. I had had loans with him before, but he turned me down flat. He told me I didnt have anything in it. I had listed and valued everything I owned except my clothing.
Second banker, I was smarter. I went to my existing accounts with letters and invoices detailing my association with them. I, again, listed everything as before. I promoted myself much better.
I got the line of credit. I think my former boss was surprised. I know I was.
I was 24.
I had no idea about being in business. Not the business of business. I could sell, that was easy. You also have to collect, pay taxes, pay more taxes, collect taxes for the state and pass them along to the state,
Nine months into business, one of my major suppliers sold to one of my competitors. This supplier accounted for 43% of the revenues of the business I had just purchased. I was a neophyte not knowing which end was up and scared to death.
I had to manage people, manage sales people, deal with the banks, deal with accountants (3 mistakes), attend to cash flow, create sales programs, inspire sales people, purchase computer systems, upgrade computer systems, fire people, rehire , retrain, be sued, get audited, secure new product lines, change business plans (3 times, 2 upgrades), go broke, get back up, move the business, sweep the floor, turn out the light.
No regrets in the end, only regrets along the way.
I asked God more than once to take it from me, but He didnt want it either.
At least a half dozen times I thought I was putting the key in the door for the last time, but somehow a ray of Light showed up each time.
We still pay the bills every month. No employee ever missed a paycheck or had one bounce in over 20 years. We havent always taken paychecks, but that goes with the territory, you take care of your people #1.
So no, I dont have all the education of Harvard Business school, but I highly recommend anyone in the business or corporate world read an old book by Mark McCormick What They DONT Teach You at the Harvard Business School.
Yeah, yeah school of hard knocks and all that, but I do understand what makes an economy tick. It is the same on every level, just give me all the factors. Going to give raises to employees or a few benefits, be prepared to stay with them. If you take them away, you might as well have sliced them open.
The bailout plan is in no way good. Not as written. Everything is still in place for the same type of thing to happen again.
I call on doctors. Mostly they pay on time. One doctor (new account) was behind. Called. Promised a check, no check. Put him on COD, no orders. Sent him overnight FEdX letter indicating by friday his account would be placed in collections, his check in full was received on thursday. He is no longer an account of mine.
The market will soar as foreign money sees our govt is willing to take money from its citizens to pay them.
I believe you once. Then doubt, then never ever again.
We are believing these clowns in congress are going to regulate themselves as they become a mortgage company.
You are serious?
I could stop paying my vendors, just collect from my customers, grow my cash really fat. But for how long?
Most people working at jobs would like to see an 8-10 ROI, their money working for them at that rate. That is a good return for savings in a retirement account, most wont do that, and will settle for 6.
Small business person doesnt think like that. I want back 60% on each dollar I invest. I invest in ME. Small business puts 60% out there and works backwards.
I have three kids that dont think so.
I have six employees that dont think so.
I have an accountant that doesnt think so.
I have a federal govt that doesnt think so, though sometimes I wonder.
I have vendors who make thousands of dollars from me, that dont think so.
I have a banker that smiles to see me walk in, he doesnt think so.
I am not trying to paint myself as something I'm not.