Is it easier to climb the corporate ladder or start your own business to get...

Garbage Can Lid
Garbage Can Lid

Is it easier to climb the corporate ladder or start your own business to get wealthy?

All urls found in this thread:
https://www.washingtonpost.com/news/fact-checker/wp/2014/01/27/do-9-out-of-10-new-businesses-fail-as-rand-paul-claims/
Evil_kitten
Evil_kitten

@Garbage Can Lid
Start your own business.

takes2long
takes2long

enterprise

Bidwell
Bidwell

@Evil_kitten
Even if I'm just an average working citizen? Still getting my MBA, but I've been skeptical of starting a business for the fact that I'm not rich

Emberburn
Emberburn

@Bidwell
Its very very hard to get super wealthy just through hard work alone. Even if you work 50 hours a week at $11-$12 an hour, by the time you are 50, you will probably just be a millionaire, if you live frugally. This is because you are working for somone else who is taking part of the profits from you and 60 other people. Whats better, one source of income, two sources of income, or 60 sources of income?

RavySnake
RavySnake

Depends on the business.

HVAC/tiling/trucking/etc
Go for it.
IT startup
If you want to con some VP into funding you, you'll need to move to the bay area. Otherwise you can try being a one man operation and try getting profitable first(lol)
VPS/web hosting/etc
The bigger companies are pretty competitive but it's still possible to profit from it.
Wealth management/brokerage firm
My Dad did this when he was in his 30's, but it's not as easy as it used to be due to the new regulations. ALWAYS watch out for people trying to fuck you over. Your partner, your employees, your customers, and anyone else involved in your operation. Finance is a cutthroat business.

Ignoramus
Ignoramus

@Evil_kitten
99% fail in the first 5 year 90% fail in the first year
good advice

Raving_Cute
Raving_Cute

@Ignoramus
https://www.washingtonpost.com/news/fact-checker/wp/2014/01/27/do-9-out-of-10-new-businesses-fail-as-rand-paul-claims/

"There have been a number of studies that have looked at this issue. This chart, from Web site designer smallbusinessplanned.com, summarizes the results of three different studies. Basically, after four years, 50 percent of the businesses are open. As time goes on, the success rate decreases, but it never gets to a failure rate of “nine out of 10.”

whereismyname
whereismyname

@Raving_Cute
50 percent of the businesses are open
guess what being open and being profitable (ie successful business) is not the same.

Stark_Naked
Stark_Naked

@Garbage Can Lid
Both are equally hard.
One will ruin your body, the other will ruin your soul.

Pick your poison.

Poker_Star
Poker_Star

@Ignoramus
disproven by @Raving_Cute
@whereismyname
t-that's not the same b-baka
stay poor wagecuck

Gigastrength
Gigastrength

@Poker_Star
it's not the same no matter how i look at it
business being open and being profitable is two different things.
also i think startups have a 96% failure rate in the first 3 years officially. this does not include "new business" as in an accomplished businessman starts a new venture with his capital, but newfags trying to make it as is discussed here.

Flameblow
Flameblow

@Garbage Can Lid
Not running a business on the side while working an office job and later evaluating which one you, as an individual, are better suited for.
This question is retarded.
Its like you want to stay poor.

DeathDog
DeathDog

@Flameblow
dumb ass, how am I supposed to start a business while I'm stuck in my current job with just 45/hour?

PurpleCharger
PurpleCharger

@Garbage Can Lid
Depends what kind of person you are.

I am an honest, kind, shy, humble person.

I could never, ever, climb a corporate ladder, no matter how hard i tried.

I run my own business and take home $1m+/year

Poker_Star
Poker_Star

@PurpleCharger
what's your business, man? How much did you have to start?

King_Martha
King_Martha

@Ignoramus
90% of people fail*
Its not the business, unless your selling a product or service that has literally no customer demand, in which case, its still the person who has failed.

Spamalot
Spamalot

@Poker_Star
why should he tell you? you can be his competitor.

Methshot
Methshot

Has anyone recommended The Millionaire Fastlane yet?

Cause that book talks about this. Even Financial Independence/Early Retirement minded Bogleheads have to rack up 10-20 years of diligent saving.

Entrepreneurship is potentially faster, but requires lots of work in addition to patience.

girlDog
girlDog

@Evil_kitten

This this this.

It was quite suprising to me that actually starting my own business was less stress and more joy than working for corporate America. I now make more money and work less. But I happened to find a particular service that sold easily.

Pro-tip: don't go big. Start something small that takes less than $5k to start. I have started 3 businesses, all for under $3k. Two worked, and one didn't. But it was no big deal with such a small sum of money. Stuff like a resturant is very high risk, you're talking $100k or more just to get into the building.

LuckyDusty
LuckyDusty

@girlDog
Pro-tip: don't go big. Start something small that takes less than $5k to start. I have started 3 businesses, all for under $3k. Two worked, and one didn't. But it was no big deal with such a small sum of money. Stuff like a resturant is very high risk, you're talking $100k or more just to get into the building.

THIS.

GoogleCat
GoogleCat

Start your own business. Don't work for other idiots.

New_Cliche
New_Cliche

get a corporate job then start a business on the side so when you fuck up horribly it isn't that bad

Booteefool
Booteefool

Start your own business, I make $1000k+ just profits selling on ebay and amazon.

Harmless_Venom
Harmless_Venom

@GoogleCat
irresponsible.

Skullbone
Skullbone

@Poker_Star
I'd rather not say, but it's within the field of software.

I started with nothing. Had a really hard few years where i could hardly afford rent or food.

RavySnake
RavySnake

@Stark_Naked

Only good response in this entire thread.

StrangeWizard
StrangeWizard

tfw looking to start a business project that would cost ~2k for parts alone (consumer electronics)
can't afford for the next year after living minimalist af and saving cause poorfag wagecuck
the only related gig i was able to get for some extra cash was board design but people generally wont hire you to do a project unless you have been doing it for at least 5 years. Was able to buy a decent oscilloscope tho.

PurpleCharger
PurpleCharger

@Spamalot
only shit business is afraid of competition!

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