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Old 10-27-2010, 10:29 AM   #101
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I don't know the correct %, but "fail" is not the correct word. "Cease to exist" would be better. Plenty of people start a business and break even or have moderate success, and decide for one reason or another to shut it down. It may be too much work, they may start a different one, or they may retire. And certainly some business out right fail. But I doubt that number is anywhere near as high.
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not a fantasy more for experience
Old 10-27-2010, 04:10 PM   #102
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not a fantasy more for experience

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Originally Posted by Khan View Post
Some sort of fantasy.
I personally never wanted to own a business. My wife however has been present the the start of many new businesses and wanted to do this. eventually it will be a good investment. that being said it takes quality time and money. We own and operate it, we do not hire others to do it for us with the preconception that owning a business=success. My job as a RN is a good fit for our business. It is a juice/smoothie bar inside a health club. I have an infatuation with supplements and it was a good fit for me to work in it and educate customers about the physiology of the body and the chemistry behind excercise. thx
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Old 10-27-2010, 04:41 PM   #103
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I personally never wanted to own a business. My wife however has been present the the start of many new businesses and wanted to do this. eventually it will be a good investment. that being said it takes quality time and money. We own and operate it, we do not hire others to do it for us with the preconception that owning a business=success. My job as a RN is a good fit for our business. It is a juice/smoothie bar inside a health club. I have an infatuation with supplements and it was a good fit for me to work in it and educate customers about the physiology of the body and the chemistry behind excercise. thx
Sounds like a nice little business with little downside and it should be good for your health.
Good luck.
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Old 10-27-2010, 04:43 PM   #104
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I can understand why a lottery winner, particularly one whose win made them pretty much financially independent, would start a business. They want something to do all day, and they sure as hell aren't going to kiss up to a boss anymore. In our society, w*rk is important, so if you're not employed by someone else, running your own business moves to a fairly high place on the list, if only by default.
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Old 10-27-2010, 05:04 PM   #105
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I can understand why a lottery winner, particularly one whose win made them pretty much financially independent, would start a business. They want something to do all day, and they sure as hell aren't going to kiss up to a boss anymore. In our society, w*rk is important, so if you're not employed by someone else, running your own business moves to a fairly high place on the list, if only by default.
Why not just fake it like the rest of us?
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Old 10-28-2010, 02:13 AM   #106
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Why not just fake it like the rest of us?
See the thread about cover stories, and in particular, the fact that so many of us apparently need one. That must go redoubled in spades for lottery winners, who have to put up with enough jealousy as it is.
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Old 10-28-2010, 08:36 AM   #107
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See the thread about cover stories, and in particular, the fact that so many of us apparently need one. That must go redoubled in spades for lottery winners, who have to put up with enough jealousy as it is.
Maybe we shouldn't judge too quickly, starting a business might be a brilliant stroke for a lottery winner. Invest 5% of your winnings to start a business, let it struggle for two years, then announce to all the graspers that the business has failed taking all your winnings with it. "Sorry, but we really gave it a try. An expensive try, but why do things halfway? Anyway, I know you'll all still be my friends." (Sound of room rapidly clearing of occupants) It's more honorable than saying you spent it on booze or the ponies, and you can live the rest of your life in peace, collecting dividends and cashing in maturing CDs.
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Old 10-28-2010, 02:35 PM   #108
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Maybe we shouldn't judge too quickly, starting a business might be a brilliant stroke for a lottery winner. Invest 5% of your winnings to start a business, let it struggle for two years, then announce to all the graspers that the business has failed taking all your winnings with it. "Sorry, but we really gave it a try. An expensive try, but why do things halfway? Anyway, I know you'll all still be my friends." (Sound of room rapidly clearing of occupants) It's more honorable than saying you spent it on booze or the ponies, and you can live the rest of your life in peace, collecting dividends and cashing in maturing CDs.
That is pure genius.
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Old 10-28-2010, 05:14 PM   #109
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Maybe we shouldn't judge too quickly, starting a business might be a brilliant stroke for a lottery winner. Invest 5% of your winnings to start a business, let it struggle for two years, then announce to all the graspers that the business has failed taking all your winnings with it. "Sorry, but we really gave it a try. An expensive try, but why do things halfway? Anyway, I know you'll all still be my friends." (Sound of room rapidly clearing of occupants) It's more honorable than saying you spent it on booze or the ponies, and you can live the rest of your life in peace, collecting dividends and cashing in maturing CDs.
Talk about a cover story. That is awesome. I'm gonna use this should I ever luck out!
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Old 10-28-2010, 08:40 PM   #110
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One thing i have learned as far as those family members looking for handouts since the lottery. If they ask for thousands of dollars and i say "well i will loan you $200" i can be rest assured that i wont have to see them for a few years afterward looking for more money. I can always ask "what about that $200 i loaned you?" then they disappear again, like magic. It is usually worth a couple hundred bucks to keep them at bay. I never expect "loaned" money to be repaid by family anyway.
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Old 10-28-2010, 11:11 PM   #111
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Very well played. This is exactly the strategy I will pursue should I ever win mega-millions!


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Maybe we shouldn't judge too quickly, starting a business might be a brilliant stroke for a lottery winner. Invest 5% of your winnings to start a business, let it struggle for two years, then announce to all the graspers that the business has failed taking all your winnings with it. "Sorry, but we really gave it a try. An expensive try, but why do things halfway? Anyway, I know you'll all still be my friends." (Sound of room rapidly clearing of occupants) It's more honorable than saying you spent it on booze or the ponies, and you can live the rest of your life in peace, collecting dividends and cashing in maturing CDs.
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That is pure genius.
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Talk about a cover story. That is awesome. I'm gonna use this should I ever luck out!
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