[quote="RostyC"]That's a great post Gman, very true.
Do you guys think it's mostly the younger guys that get fooled by the money or do you see older guys as well not knowing how to run a business?

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RostyC, as people get older, they usually become more cautious. However, I don't think the younger drivers have a lock on being foolish. Part of being young is being impatient and wanting everything now. You think that you absolutely, positively must have what you want right NOW. While there are some older people who feel this way, it is probably more prevalent to younger people.

You don't learn how to run a business in school. You learn by watching, listening and doing. I was fortunate to have grown up in business. Both parents and their parents were in business. That is one of the best ways to learn how to operate a business. You see how others, whom you trust handle situations. I have also made a lot of mistakes along the way. That is a very difficult way to learn. You see, when you are young you already have all the answers. :P :roll:

 

I grew up in business too, my father was a door to door huxter. He sold eggs,fruit, vegtables, and some meat. I started going along in the summer when I was old enough to count money. We'd go to Baltimore and Washington and sell then pick up more product in the evening. Those were the best times of my life I think. You're right it does teach you alot.

That's very true, there's some things you can't simulate, like making tax payments ON TIME and the consequences of not doing it.(you can't simulate kickin your own ass) :lol: :lol:

 

I was a banker lending money to small to medium sized businesses for over 20 years. I knew a lot of millionaires. All were self-made. The ones who inherited money or inherited a business didn't keep it long.

Out of the hundreds of self-made millionaires I met only a very few went to college at all and even fewer graduated. Most told me they had big time trouble in school. Why? They always were determined to do things their own way and teachers don't like that!

What did all of these millionaires have in common? They were all very focused, ego-centric, very hard workers, and all were willing to take chances based on limited information. You never have perfect information in this world. When one of these guys made a bad decision, they cut their loss, reevaluated, and tried again. They didn't give up.

Luck plays a bigger role in business success than most people in the USA want to admit, including myself.

 

Paul, you just confirmed what I always believed. You don't need a college education to be successful. I'm not saying college isn't good it is but it's not a guarentee either.

My brother in law is a millionare many times over, never went to college. His son can't seem to make anything work, and he went to college. If it wasn't for is father he'd be nowhere.

Now even he (my brother in law)will admit there was some luck to his fortune. Right place right time.

Execellent post Paul.

 

I too want to thank Paul for his excellent posts so far,he has added more insight to this board in 15 post than some have in 1,000's not mentioning any names :shock:

 

Good post, Paul. I don't recall ever being asked about my degrees when I applied for a loan. All the lender wants to know is whether I can pay back the loan. From what I have seen in colleges in recent years, is the focus is more on group efforts, rather than personal achievement. Schools and colleges are taking a socialistic approach to education. Innovation rarely comes from a group. Some of our best inventions have come from the efforts or ideas of an individual. I have never liked the idea of being graded for what other do. I prefer to succeed or fail on my own efforts.

 

Well, you can thank the liberals for that and many other problems with our society today. :roll:

 

It is the average citizen who is ultimately to blame, FlyByNight. These politicians won't do anything that will put them out of a job. Until the citizens of this country find their backbone and decide that they are going to take care of themselves rather than have the government do it for them, things are not going to change. :x

 

Have an independent mechanic who has nothing at all to do with the truck sale or the seller, do a very major inspection of the truck for the purpose of advising you about buying it. Assume nothing about the truck previous to this. You cannot find out too much about the truck. Have the engine dynoed and receive as much advise as you can from mechanics regarding any prospective purchase.

To keep your head above water in your new business, stay out on the road as long as you can at a time. This will maximize your income.