Post: #26

How about a hostel/strip club combo house?

(11-19-2014 01:17 AM)Vacancier Permanent Wrote:  Another thing I was thinking which would have tremendous potential is to have a big house and turn it into a hostel and help the guys get settle in AB. That is take them to get a phone account, bank account, for the foreigners, help them with getting driver licence, health and social insurance cards. Take them on a tour to Nisku. Help them with registering for the must have tickets to work in the oil sands here. Work on their resume. Help them find a room/appartment Etc...

We could start as a beta test and make that service/house available at first to guys from the forum and see how it goes.

Like an all in type of agency kinda deal.

I'd be interested in investing in something like that here in Edmonton.

Post: #27

Incredible no one has mentioned THE single best money maker in any oil/boom town:
A STRIP CLUB!

Post: #28

-

What sorts of apps or personal tech/software are people using in the industry now?

Are they more rough and tumble redneck and convict types who wouldnt know how to download and use an app if their life depended on it?

Or are there a lot of guys rolling in cash who have personal needs and would be willing to pay for it through their phones?

I'm thinking taskrabbit or homejoy type stuff - running personal errands, etc

----

What if there was a more reliable way for companies to specifically get a certain type of guy/professional.....or a more reliable way for companies to specifically get general labor for specific periods of time....

Like an "uber for 3 month temps"

---

Alternatively - are there certain kinds of software that exist out there that, when tweaked and altered to the specific needs of workers in the field or companies in the industry, would make a good SAAS model app?

Think of like "basecamp project management software for oil sands" - something like that, where specific oil sands industry needs are met that are not otherwise met in the more general project management software that exists out there.

----

I really think there are probably a lot of opportunities in the mobile space here for either consumer or business that people aren't seeing because things just aren't done that way yet. I don't know, call it a hunch.

I might be massively wrong (correct me if I'm wrong) but operations in this industry always seem to either be primitive or super high tech without much middle ground. I feel like there are a lot of gaps that can be filled with tweaks on existing technology/software/SAASmodels that are adapted to this industry.

----

I also feel that training is massively important. Does it all have to be in classrooms or on-site?

Is there some way to bring this to scale by having online courses, a la http://www.teamtreehouse.com but suited for this industry, that can also lead to interviews or accreditation somehow?

----

People working in this industry - if any of these seem like opportunities, I'd like to hear from you. Cheers.

-

Post: #29

-

If you belong to either of these categories:

1. "I am an investor and am looking for a good opportunity to invest in"

2. "I am physically in one of these boomtowns and can execute upon one of these ideas on the ground if I had capital"

Please make it clear so that you can be matched up with each other or be notified when opportunities come up.

Thanks.

-

Post: #30

Case study of what I am aiming for:

Quote:Declan White, originally from Fethard on Sea, has turned his time Down Under building a business into a construction juggernaut within six years.

White arrived in Western Australia in 2008 and launched a company called Monford Group in 2010.

In just four years, it has a turnover of Aus$50m (€34.7m) in the 12 months to June 30 and now employs 180 people in six offices across the country.

Mr White studied construction management at Limerick Institute of Technology before emigrating.

In an interview with a national newspaper, Mr White said: 'The downturn was starting to creep in when I left in 2008. We were on a job in Dublin where I was working as an engineer and there were a lot of rows between subcontractors trying to get money. I could see the economy was starting to turn and decided to get out.'

Mr White was one of thousands of Irish to emigrate to Australia but he has been among the most successful.

He was made supervisor after a month and became the project manager.

'I moved from that to a mine site in Karatha (1,545 kilometres from Western Australia's capital, Perth). When the contract finished up there, I decided to start my own company and try to pick up some work on that project. It was a $30bn project, so there was loads of work there,' he said.

The contractor knew that Mr White had done a good job as project manager for the company that had previously held the contract.

The most remarkable part of his early success was that there were no banks involved.

'It came down to supply and demand at the time. The project needed a supply of workers and I put up a good negotiation on payment terms. I had $50,000 saved in the bank, which would have covered the wages for less than a week, so I told the contractor 'I'm going to pay the lads every two weeks, so you have to pay me every two weeks.'

The 40 people he originally employed in Karatha are still working for Monford and the company has almost five times as many employees now.

'The boys on the ground are the core team that recruits for me. They bring in their friends or their cousins or their brothers.'

The Monford Group is also very much plugged into the general Irish community in Perth. It sponsors local Gaelic football and hurling teams and donates to an Irish theatre company, the local St Patrick's Day Parade and the Claddagh Association Irish welfare group.

Although there has been a downturn in the construction business in Australia, so far it has not affected Monford.

"I always knew I'd have my own construction company; how big it was going to be I didn't know,' Mr White said.

- Complete risk taker
- Solid Vision
- 'All in' approach

Worth reading:

http://www.independent.ie/business/world...54403.html

http://www.companydirectors.com.au/Direc...-good-idea

http://www.perthnow.com.au/business/iris...6987295573

http://www.brw.com.au/p/business/mid-mar...y48JjrAevN

Post: #31

This thread is so full of bad ideas it's hilarious. The only great advice is from Atlantic above me. Start a company in your trade. That is literally the best/easiest chance to get rich(10mil+).

You will not get rich creating come kind of app. I've been to enough startup weekends to see the amount of great ideas that never make a cent.

(11-17-2014 11:00 PM)YMG Wrote:  1. I can invest up to $5,000 USD in an opportunity

Why is no one calling this dude out for trolling? 5k is what people up here make in a week. Why do you think anyone would need your money when they can have 100% ownership of the comapny?

Stop reading the millionaire fastlane and read how people actually get rich. There is no shortcut.

Also do you know how much it would actually cost execute some of your ideas from the first post?
-Restaurants/Franchises Franchises are 1mil+ to even buy in
-Dry Cleaners No one in an oil town wears suits
-Professional Services (lawyers, consultants, dentists)Yes, they exist so?
-Software/Tech services and products (SAAS apps for the industry) You really think you can replace existing solutions without actually knowing how to code and with a 5k$ budget?
-Food TrucksThe single best idea on your list to get started without actually needing lots of money
-Gyms 1mil+
-Private Classes (teach people how to get trained up for jobs)Apprenticeship, no one would pay you, people get paid to be trained

(11-19-2014 01:27 AM)Vacancier Permanent Wrote:  Incredible no one has mentioned THE single best money maker in any oil/boom town:
A STRIP CLUB!

That is because every single town already has a strip club. Even Nisku.

Post: #32

^^^ Didn't bother reading the full title, that's the hilarious thing. People might make 5K in Alberta but not in Nodak or Midland.

Most people are don't have time to do anything themselves, so they need others.

Post: #33

Tresdus, have you ever tried washing clothes covered in either produced oil or invert mud in a regular washing machine? You're gonna have a bad time. Dry cleaners in these towns specialize in oilies. Step into a dry cleaner in somewhere like Lloyd or GP and you will see row after row of oily coveralls. Every wash is $5+, all paid for by these guys' companies. I think that would be a good idea, although a somewhat steep overhead.

On the other hand, I dunno about your praise of food trucks, guys are either really spread out in an oilfield ie well pumpers, service company dudes etc, or in remote as fuck locations ie rigs... Not sure how a food truck would handle cruising down some muddy ass oilfield road, it costs like 300+ to get a tow so that would nullify a day of sales!

OP is for sure not a troll, there are tons of people who have made a good living off the oil industry by providing services like this. Yes, some of them are very outlandish ie strip clubs (I dont think some dude with the bankroll to buy a strip joint would be worrying about shit like this!) but you never know if some seemingly basic service would take off...

Post: #34

(11-19-2014 10:55 PM)Tresdus Wrote:  Also do you know how much it would actually cost execute some of your ideas from the first post?
-Restaurants/Franchises Franchises are 1mil+ to even buy in
-Dry Cleaners No one in an oil town wears suits
-Professional Services (lawyers, consultants, dentists)Yes, they exist so?
-Software/Tech services and products (SAAS apps for the industry) You really think you can replace existing solutions without actually knowing how to code and with a 5k$ budget?
-Food TrucksThe single best idea on your list to get started without actually needing lots of money
-Gyms 1mil+
-Private Classes (teach people how to get trained up for jobs)Apprenticeship, no one would pay you, people get paid to be trained

Thank you for your feedback, I appreciate the candor.


-

Post: #35

-

This is the only video I could find of Declan White accepting an award for his business:

Post: #36

This thread has kept me up late at night since it went up. I have thought long over my life projection and where different paths might lead. I don't have the answers yet but many things are starting to come into the light.

I feel the potential is here for people to make 'smart' money, if that is what they are after, but it definitely needs a change of approach (and no one more than myself). I am referring to the guys who came out here to become proper rich - both in wealth and freedom!

Right now I think I am the best-paid guy on the forums out here. I don't say that to be cocky I just think its true. I am unaware of anyone who works more days and has a higher day rate. I don't want to give an exact amount on what I make but for people who read the Oil Sands thread it would not be hard to do the maths.

Fact is for the money I make I work around 80% of days in the year. I don't get to travel as much as a lot of the guys out here, my contact with my social circle is sporadic and I will always have to physically go to work to make the money I do. I am able to handle it well but it is a hard, demanding life with a short shelf life. Although I technically have my own business I am a wage slave albeit the hardest working, best-paid one I know of . But I am far from being the most 'free' person out here. Not yet anyway.

Although my wages could go up if I went directional I would still have to physically show up everyday to keep earning this money. There is no way for me to currently hire or expand my business. I could train a guy in a month to do my job but I would never be allowed so it’s always going to be me who will do the work unless I switch things up.

In short I am:
-Well paid but stuck, golden handcuffs
-Physically have to do work to make wages, time for money
-No room for expansion or automation in current life projection

Although if I kept going hard I think I could be a millionaire by 30 I am going to risk it all and switch things up. It took me a while to fully realize but it is now an obvious truth. I would rather die on my feet than live on my knees as the saying goes.

If I want freedom and real wealth I must go my own way. And sooner than later, time waits for no man.

This, having ownership and creating a service, is of course obvious and something a lot of people on here already know. It is easy to drown out the noise though when you have a nice big pay cheque every month and tell yourself otherwise.

Right now I don't know exactly what I will do or when but that day is arriving. The advice I would now give to people coming out here to become wealthy (different to the people who come here to make money to travel or party etc - which I have nothing against) is to jump across to your own side hustle fast as possible. Once your debts are paid, you have a bit of money in the bank and you half an idea how things work out here JUMP. You can always find work again if it doesn't pan out.

- Start a service that can serve a few 100 companies at x dollars a month

- Start a small business and hire four guys - junk removal, snow removal, moving furniture, laying grass, digging holes

- Make an website that helps your industry and charge the business a rate for use

- Do fucking anything that allows you to be the boss and is expandable

I am going to start focusing on this thread and the vision of having a solid oil field hustle. I think there are a lot of guys out here who are smarter than me who are well able to make something happen too. I am looking forward to seeing how this progresses.

Post: #37

I appreciate the mentality and spirit of this thread. However, like Tres pointed out in the post above, there are no get rich quick schemes out here. Some decent ideas but you need to have capital to make it work (of the ones mentioned). I will also throw out a warning or friendly advice for those thinking of partnering up with other board members in hopes of making big dollars - post count and rep ratings means dick all. Especially when it comes to making money. There are some true blue collar hustlers that have made the move, and some not so hard working types looking for an easy paycheck and a ticket to poosy paradise. It's hard work making coin in the patch, watch where you invest it and with whom. If it sounds too good to be true, it is.

Anyway, heres some positive criticism:

Food truck could work. I doubt it would put you on the fast track road to mega millions. I could see it becoming a source for passive income with time. 2 reasons I think it could work: the first is the lower startup cost and second, the dire need for decent food in this city. I'm sure most of you guys have realized by now that we only have a handful of good eateries. If we go the affordable route, the human stomach can only handle digesting donair mystery meat for so long before shutting down (or giving you some serious constipation). Same goes for A&dubs et al. In time, I could see it expanding, maybe 2 trucks - downtown and the south side. Maybe expand to calgary. The negatives: good luck working during our 8 months of winter.

Post: #38

I will add more to this later as I wanted to contribute to his thread, but I'm getting ready for a big night out in Colombia so I'll add more later. First of all, not all of Alberta is a boom town, Edmonton isn't and neither is Calgary, although the entire province relies too much on oil and gas, the economies of the aforementioned cities are diverse and wouldn't all go to shit if the price of oil continues to slide. Fort McMurray on the other hand, is a true boom town and a one trick pony, as is Estevan, Saskatchewan, another city I lived and worked in, the same can probably be said for Houston/Dallas and West Texas (the former aren't boom towns, but the latter is). The big cities are similar to major cities anywhere and the same hustles or business ideas could apply to them as could ideas for NYC or Toronto, for the most part.

So, what the fuck is a boom town? I'm not going to look it up but since I've lived in a couple, here's a couple of characteristics of a boom town in my opinion:

-Relies heavily on commodities: often only one, in the case of this thread, its oil and gas (maybe that makes it two, whatever).

-Has a very transient population of mostly a male work force since the work is in resource extraction.

-When its booming, there's a lack of labour, so everything is tight, especially service industries where profit margins are thin such as retail, restaurants, etc.

-Everything is expensive: food, rent, entertainment, etc.

-The people are well compensated and have money to burn.

-Being cyclical industries, they eventually bust, your potential business plan will have to include that potential. There's actually quite a bit of money to be made when everything goes to shit.

-Quite often, actually about 99.5% of the time, these towns are fucking shit holes and very difficult to live in, that's why they boom, you have to pay top dollar to convince people to live there. In the case of Alberta, its Atlantic Canadians (like me), Somalians and Filipinos, the only people who come from bigger shit holes than northern Alberta! Until you actually live in one of these dumps, you won't be able to understand these towns, you may have a wonderful idea to make money in them, but if you can't stand to be here, what's the point?

I just wanted to add the above points to put things into perspective as the challenges an entrepreneur will face in Edmonton will be a lot different than the challenges he would face in Fort McMurray. I've worked with and had drinks with a few different millionaires, a couple of them I could call up right now and shoot the shit with, if a guy is willing to put in the work and tough it out when things are rough, then places like Alberta can be a fucking gold mine as anyone of you who has made the move there knows. As most of you also know, I choose to take the money and run and live a half decent lifestyle doing it, I'm open to suggestions and collaborations but honestly, I'd rather not be in Alberta for more than six months a year!

Anyway, I'll write more about this later as I've had a few ideas to float around myself and I like the idea of this thread.

Post: #39

(11-20-2014 04:11 PM)Atlantic Wrote:  Right now I don't know exactly what I will do or when but that day is arriving. The advice I would now give to people coming out here to become wealthy (different to the people who come here to make money to travel or party etc - which I have nothing against) is to jump across to your own side hustle fast as possible. Once your debts are paid, you have a bit of money in the bank and you half an idea how things work out here JUMP. You can always find work again if it doesn't pan out.

Why does everyone think starting your own business as soon as possible is a great idea?

In this industry who you know is pretty much everything.

Also just because you have your own business doesn't mean you suddenly can work from the Phillipeans and do nothing. Having your own business is MORE work than being employed.

Especially with your income Atlantic, you could be making 500k/year from Real Estate if you just worked for another 5 years and invested it all.

Post: #40

Edited: see below

Post: #41

(11-20-2014 08:34 PM)Tresdus Wrote:  Why does everyone think starting your own business as soon as possible is a great idea?

-You get too comfortable after a while and it gets harder and harder to justify switching.
-You lose drive and ambition as you progressively get older.
-Its gets harder to go 'all in' when you have much more to lose.
-It doesn't take that much to get going in a lot of profitable areas. (See my Declan White story)

How to get rich by Dennis Felix explains this well also.

(11-20-2014 08:34 PM)Tresdus Wrote:  In this industry who you know is pretty much everything.

Yes and no. Value comes into it too. So does drive. So does a good idea or new approach.
I am not going to get to know too many new people on this same drilling project so I am close to being maxed out with how many contacts I have if I don't switch it up.

(11-20-2014 08:34 PM)Tresdus Wrote:  Also just because you have your own business doesn't mean you suddenly can work from the Phillipeans and do nothing. Having your own business is MORE work than being employed.

Of course. I never said that and I expect to work twice as hard.

(11-20-2014 08:34 PM)Tresdus Wrote:  Especially with your income Atlantic, you could be making 500k/year from Real Estate if you just worked for another 5 years and invested it all.

Maybe but it is too slow for now. I want something that can bring me up faster and then more into property if it makes sense.

Post: #42

(11-19-2014 10:55 PM)Tresdus Wrote:  This thread is so full of bad ideas it's hilarious. The only great advice is from Atlantic above me. Start a company in your trade. That is literally the best/easiest chance to get rich(10mil+).

You will not get rich creating come kind of app. I've been to enough startup weekends to see the amount of great ideas that never make a cent.

Why is no one calling this dude out for trolling? 5k is what people up here make in a week. Why do you think anyone would need your money when they can have 100% ownership of the comapny?

Stop reading the millionaire fastlane and read how people actually get rich. There is no shortcut.

Very very true. There are too many people here who seem to think business works like the 4HWW. It only does if you do what Tim Ferriss actually did, which was to be a complete charlatan and sell snake oil/brain pills to the gullible, before transitioning to writing fraudulent books. Creating actual value is not a short term proposition.

Here is a very relevant passage discussing the short cut mindset from the only useful book (The Honest Real Estate Agent by Mario Jannatpour) I read when I was getting my real estate license:

"What was I looking for? A sure-fire way to be successful, earn more money, be happier, be healthier? What was I seeking? I ask myself these questions today, and I think I was looking for an easy way to be successful. Over time, I realized the answer I was seeking was within me. I just needed to do the work, focus on what is important, and do the best I can every day. I wasted tons of money and time searching for something that never existed. I wish someone had pulled me aside and told me what I know now; there are no shortcuts in life."

Post: #43

[quote='VolandoVengoVolandoVoy' pid='886304'
Very very true. There are too many people here who seem to think business works like the 4HWW.
[/quote]

Call them out then. Who are you referring to?

We are all grown men here and I am sure people can handle it.

Post: #44

(11-20-2014 08:34 PM)Tresdus Wrote:  Why does everyone think starting your own business as soon as possible is a great idea?

In this industry who you know is pretty much everything.

Also just because you have your own business doesn't mean you suddenly can work from the Phillipeans and do nothing. Having your own business is MORE work than being employed.

Especially with your income Atlantic, you could be making 500k/year from Real Estate if you just worked for another 5 years and invested it all.

Ummm...no. Let's be generous and assume he could somehow set aside 1,000,000 USD, after taxes, in the next five years.
I have a bit of experience in real estate, and there is no way you get a 500,000 dollar passive after tax income from a million dollar investment.
In my market, if you bought a million dollar house, the annual rental income would likely be around 50,000, and you would have to subtract taxes and expenses from that. You would be lucky to hit 30,000 after taxes.
If you have significant experience in construction management, impeccable credit, and good local knowledge, you could move to a hot market like DC, buy a couple of houses or more with a mortgage instead of cash, do major renovations to turn the properties into multi family rentals, and take it from there.
I have a friend who does this well, but he has the backing of his family for the finance stuff, years of construction experience, and the ability to manage rentals. Its a headache business, of course you can hire someone else to do the work for you, but you run the risk of getting cheated at worst, and losing profits at best.
So, 500,000 a year off a 1,000,000 investment? Not happening without a lot of work and good decisions with no missteps or bad market conditions.
Maybe if you flew down to Peru and invested your money in a sailboat and some cocaine and started sailing to New Zealand twice a year.

Post: #45

(11-21-2014 01:04 PM)Atlantic Wrote:  Call them out then. Who are you referring to?

We are all grown men here and I am sure people can handle it.

I meant here, the rooshophere, in a more general sense. I am not going to specifically mention people who posted in the thread as that wasn't the intent of my words.
In your case Atlantic, I read your oil patch move post back when I was lurking here, so suffice to say, you have my respect.
Maybe being up there or in any other oil extraction location is intolerable, but if you were to focus on building wealth through becoming more of an expert in your drilling field for the next ten years, it seems to me you would maximize your chances of real wealth, while minimizing the downside.

Post: #46

Alright. Was trying to see if you meant this thread or the forum in general.

I think most people here get that serious work is needed to get off anything off the ground.

That is definitely true about drilling - If I stayed working I would have $2-3 million in ten years with good side investments. I lot of guys out here do. One guy told me he saves 200k a year easy enough. Thing is though I actually don't like drilling that much and as funny as it sounds don't really care too much about the money. For me its a dream I have had since a kid as having my own business. Being the Boss! To see something grow from nothing and expand into a little empire. It is something that I think about all the time and keeps me awake at night.

If I risk it all and it doesn't work out it wouldn't bother me. I was as happy (if not happier) teaching surfing with only a few euros hidden in the sock drawer. I will probably just move to Brazil and start an Irish bar. But I have to try and see what happens otherwise it will always haunt me.

I don't know how others fee but for me its all about the challenge. High risk and high reward.

Post: #47

-

It is glaringly obvious to me that several of you have not actually read MJ Demarco's "The Millionaire Fastlane" and are incorrectly assuming it's some scam internet marketing book along the lines of 4HWW.

I don't have the bandwidth right now to debate any arguments or accusations/attacks being made on this thread.

Probably shouldn't have come out of hibernation in the first place, in retrospect.

Good luck with everything, Atlantic. I genuinely hope that you make something entrepreneurial work, if that's the direction you choose to take in life.

Hopefully someone gets something beneficial out of this thread down the road! My goal was to facilitate constructive discussion and I hope that ultimately this is what happens.

Cheers gents. Good luck to you all.

Back to work for me now.

I can still be reached via PM.

-

Post: #48

Ha ya forgot to mention that but I read it over the last two nights since it came up here a few times. He talks about crazy work ethic and has a lot of solid principles. I got a lot of value out of the book. He straight up says the 4H work week is bullshit in the first few chapters. I don't see why the two are getting compared together.

Post: #49

Someone buy a car carrier and hire a driver.

Get dealers license? Run 4wd trucks up there and sell for top$$ nonstop from Florida.

Give me some of the money.

Post: #50

It is a shame how this thread is getting subtly derailed, just as it is picking up good steam.

And not to mince words, i am specifically talking about the two of you: Tresdus and VolandoVengoVolandoVoy

You are both posting obvious stuff or wrong stuff(maybe one or two good thing.). But mostly immaterial content with a negative, lecturing slant.

Who doesn't know that entrepreneurship is going to be hard? Who doesnt know that 7% to 11% is what you can realistically hope to make from a realestate investment, in fact, we have sammybiker's live thread on realestate already.

As for myself, i own a rental house in a very shitty, crime-infested neighbourhood for $180K.. 2 floors, total of 6 rooms and 4 bathrooms. It generates $2300 per month for me before taxes.. that is $27,600 per year... that is +15% return before taxes, repairs and upkeep, etc.... Sammybiker generates between 15% to 20% in net profit on his real-estate business....

There are volumes already written on this forum, discussing the millionaire fastlane thread and 4hour work week.... you are both not telling us anything we don't already know... and certainly, we don't need to hear these things in a *lecturing tone* from either of you. If you think you have something substantive to add, do it without the attitude.

This is a brainstorming thread, some ideas are going to be good, some bad, and others completely atrocious... guess what? that is what you get when you brainstorm... no need to *lecture* others if you think they are off target.

And since this thread was started by YMG, it makes sense to quote him when it comes to the pains and sweat of being an entrepreneur:

(01-07-2014 10:30 PM)YMG Wrote:  OP, you are almost guaranteed to fail at this entrepreneurial option. To be safe, let's say that you have an 85% chance of failure. That is generous, considering you have zero experience.

You will burn through at least $10,000 USD of your own cash traveling and experimenting with your ideas that will likely crash and fail.

The reality is you are almost certainly going to fail and your expectations should be that you will almost certainly fail. 90%+ chance of this.

I will tell you up front that shooting for the stars means an OVER 75% chance of living in a $15/night Bangkok/Shenzhen/whatever apartment. You should understand that up front. You will suffer. This is not glamorous and anyone who tells you that entrepreneurship is glamorous is a liar.

You will go through moments that make you question whether or not you are bipolar. You will do joint ventures with people who seem great at the outset and turn out to be scumbags, thieves, liars, and idiots. You will vacillate dramatically between moments of pure euphoria and suicidal depression on a weekly basis.

IMO, calculating the EV of the entrepreneurial option is WORSE than nothing. That is because pulling numbers out of thin air that have no basis in reality and judging your own chances of success based on the success (or lackthereof) of some random person on an internet forum (who may be lying) is a dangerous foundation upon which to launch your own venture.

[all due respect to Tigre - I understand why he made this suggestion and I think it's logical but not necessarily the right way to advise someone in this context]

You should assume that you will crash and burn. You should assume that you will go through hell and that you will be fucked and double crossed at every turn. You should assume that you are going to burn through your cash.

Despite that, it will still be worth it, because there is only one way to learn how to be an entrepreneur, and that is by failing constantly and incrementally improving until your luck changes.

You are going to have to look at this with the grim reality that you may lose a year of your life and all of your money pursuing something that will almost certainly fail. You have to be able to look at this possibility and accept that with no regrets.

There are a million factors that can make you fail or succeed. Trying to predict these things in advance based on a bunch of random assumptions is mental masturbation at best.

I understand why all of these guys are playing devil's advocate against the entrepreneurial option. The chances of failure are very high and they are trying to give you advice that will set you up with what they view as a more stable future. In a lot of ways, they are correct. In the grand scheme of things, I think it is far less stable and secure to have a day job.

Frankly, I don't feel like continuing to defend the entrepreneurial route anymore. The fact of the matter is that if you need someone to convince you to become an entrepreneur, you are probably not cut out for it in the first place.

Assume that the absolute worst case WILL occur.

If you can accept losing every dollar you have, losing a year or two of your life, and then having to start from scratch, then you are probably cut out to be an entrepreneur. You have to assume that the absolute worst case scenario will happen and do it anyway. It's impossible to predict if you have a 65% chance of failure of 95% chance of failure.

If you can't accept that, then go get a day job.

-

So you see, for some of us, this is not our first rodeo. Been there, done that. We don't need a lecture on what it takes. We already know from starting our own business.

regards,

Nemencine

P.S. When i thought Roosh's business idea about videogaming journalism was ill-advised. I didn't go about lecturing or patronizing him and others who agree with his idea, instead i wrote this post in response. Gringuito is a man that has made tens of millions starting, buying and selling businesses and companies; he agreed with my position in this post. Note that Gringuito wasn't lecturing or patronizing to anybody, despite is over-qualified opinion on business. He simply and politely state his views, and leave it at that. And the instances where and when agree with Roosh's business idea? I wrote this.

Deciding to put things forward in a polite and respectful way is not that difficult.