Work To Learn

[bell]

Greetings everyone,

I'd like some advice. I do want start my own business, but must keep my current job to help finance the venture and be a back-up if the business takes off slow or not at all. I also want to learn as much as I can about real estate investing and the stock market.

Since I'm planning on my own business, would it currently be beneficial to find a mangerial position in a start up company to gain experience, regardless of a considerable paycut?

Is it worth changing jobs to find an entry level position in either of those industries to learn about them? Is this the best way to do that? Or can I read some books and do it myself without having to go that route. If so, which one is more lucrative and beneficial, real estate or stocks? And what particular positions should I apply for? Should I get my real estate license first or join up as a cold caller?

Thanks for your help it is greatly appreciated

 

[Mirage]

Hi Bell,

I think having a management position could be helpful, but what type of business are you hoping to start? Something dealing in stock and realestate?

One thing you want to make sure is that you have enough left over to fund your own ventures. So if you decide to take a new job for less pay in order to gain the experience you are looking for, then I would suggest waiting until you have enough money saved to subsidize the pay cut. That way the transition won't be as hard.

Also, if you are looking to get into stocks and investments, one thing you could do right away is put some money into an online brokerage account. (I personally use and recommend TD Ameritrade). Don't put your life savings in, but just enough that you can part with for the time being. That way you can start to study market trends from an inside position.

I don't care what anybody says, you can study the stock market and use "fake money" stock trading programs all you want, but it's the decisions you make when the money is real that are the ones that matter.

Hopefully some of this has been helpful for you.

 

[Albey]

If you can't afford the pay cut in finding a small management job, get a friend who's had some managment and advertising/marketing experience under his or her belt. Ask them to help you or teach you as you go along. You'd be suprised how helpfull people can be.

 

[Melos]

While I do believe that doing is the best form of learning - and it will let you know if you are just not suited for that kind of work - I think it a bit drastic to abandon your current career. To learn about real estate investing, etc, I would suggest getting in contact with you chamber of commerce or even the community college or library and see if they have any investment groups of that type.

 

[katharina]

I would suggest getting in contact with you chamber of commerce or even the community college or library and see if they have any investment groups of that type.

Yes, and not just groups either... there may be an evening class on this
sort of thing. It seems to be a hot topic lately.

 

[Melos]

That is very true katharina. Continuing or adult education classes can not only teach you what you want to know, but get you in touch with others you can network with.

 

[taiarain]

Is there a chance you can find a part-time entry level position in the industry you're interested in? You can keep your current job, learn about the industry, and bank the extra money to apply to funding your business when you start it.

 

[mamab]

My advice, from one who's done it the wrong way, don't quit your current job to get your business started. My dh did that and now we don't have any income because the business just hasn't come in the way we had hoped it would. I'd hate for someone else to go through the problems we're currently experiencing. It's not pleasant.:shake:

 

[katharina]

My advice, from one who's done it the wrong way, don't quit your current job to get your business started. My dh did that and now we don't have any income because the business just hasn't come in the way we had hoped it would. I'd hate for someone else to go through the problems we're currently experiencing. It's not pleasant.:shake:

I'm sorry to hear of these problems, mamab. I agree with your advice, though, and I don't think it's a good idea to abandon a current career to get into a new line that may or may not succeed in order to learn more about a business one wants to start.

 

[mamab]

Thanks for the support, Katharina. I guess we sometimes have to make stupid mistakes just so we can help someone else avoid them. My dh ended up going back into what he was doing before, different company, but same industry. Not what he really wanted to do, but the home business just isn't doing it for us. And, the bills don't stop coming just because the income does.