What to do? - Ferrari Life
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post #1 of 46 Old 06-22-2014, 06:16 PM Thread Starter
 
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What to do?

Hi, I'm new to the forum. Glad to be here.

The following is a very broad/long question, and not a simple one. Any reader may ask "why the hell would he post this on this forum?". The reason why I posted this on this forum instead of maybe an entrepreneurial forum is because I wanted to hopefully speak with people who've already been successful in their respective industries. Many forums (like WallStreetOasis.com) tend to be flooded with young kids who will post completely uneducated and ridiculous opinions instead of people truly in the industry that know.

So my question and story goes like this....

I'm 25, currently working at a commodity hedge fund that does options market making (trading). I'm looking to possibly leave my industry because of the inability to see the light at the end of the tunnel, how the industry has changed, from talking to people far and wide in other firms, talking to people in the industry much older than me, etc. I think anyone genuinely in the industry will echo my claim that trading has gone downhill over the past several years. Anyway, I feel very lost in life at this point (which may sound ridiculous to older people here) and don't know what to do. I want to do something where I can build something and be rewarded financially (yes, I want to make good money). I know people say "follow your passion" but I really don't have any particular passion. Any job I've done I've enjoyed and worked hard at, but I want to position myself into something in which I know I can do well, have a good amount of work, grow, and am not so anchored down by climbing a corporate ladder, etc.

I'm currently very actively looking into becoming a franchisee in the QSR/C-Store industry (Jimmy John's, 7-eleven, etc) or even being a Verizon Authorized Retailer. A friend of mine from college has been managing stores for several years and knows the business. My parents passed when I was young and left me with a sum enough to live comfortably off the returns and not have to work. I have been looking to take this money and use anywhere from 10-25% (would do a loan, not cash, so I can keep earning returns) to open a business for almost 3 years now (been working in finance for 2 years).

I live in NYC and would love to start a business here, but other than 7-eleven, I don't think the city is a good place for that because of high costs and competition. I don't want to leave, but if I know I can have more edge and lower costs by opening a store in podunk (small town), getting myself a dirtbike (to keep me happy) and a cheap apartment, and working and growing the business, so be it.

I was hoping someone on the forum (and I'm assuming there's several business owners on here) could give me some advice on how to go about setting myself up for success.

P.S. Sorry this isn't a Ferrari-related topic. I'd love to own one someday after I establish myself.

Last edited by aztariq; 06-23-2014 at 10:00 AM.
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post #2 of 46 Old 06-22-2014, 06:29 PM
 
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Tldr.

I did catch the success question though. As with any business your blood and sweat will determine your level of success. If you have a passion for what you do it will come that much easier, it seems those with a passion for money are the ones who fall short of feeling like a success, doing what you love every day may not be enough to buy you a Ferrari. It's a good trade off if you're happy.

I don't own a Ferrari btw.

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post #3 of 46 Old 06-22-2014, 07:38 PM
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What to do?

Completely off the wall:

Go to flight school and become a commercial pilot, airline, charter, corporate or package delivery (UPS/FedEx)

You'll constantly be challenged and learning and no two days will ever be the same.

There is a looming shortage of pilots on the horizon.

It's a completely different vocation, unless you are a true entrepreneur.

Good luck with whatever you decide :-))
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post #4 of 46 Old 06-23-2014, 05:16 AM
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I can tell you what not to do.

Don't hire friends.

Don't buy a franchise without working at one - you may actually have to work!

Every industry changes - those who adapt survive.

Misery loves company - "podunk town" "more edge" don't be so naive and that edge you perceive is false.

I think those other forums with young kids is a reflection of you - might want to work on that!

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post #5 of 46 Old 06-23-2014, 05:55 AM Thread Starter
 
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Quote:
Originally Posted by champagne612 View Post
I can tell you what not to do.

Don't hire friends.

Don't buy a franchise without working at one - you may actually have to work!
My buddy and I would go 50/50 and yes, I'm already trying to get a job at one of the places; wouldn't be going in without having some experience there.

Quote:
Originally Posted by champagne612 View Post
I think those other forums with young kids is a reflection of you - might want to work on that!
Seems like a bit of a disrespectful comment without citing any certain reason. I am trying to do my due diligence on these things.
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post #6 of 46 Old 06-23-2014, 06:37 AM
 
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Definitely don't work w friends!

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post #7 of 46 Old 06-23-2014, 09:08 AM
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did we mention no relatives? if you can do it on your own, i would not have a partner. If you do have a partner, make sure your share is 51%+. believe us on this one.



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post #8 of 46 Old 06-23-2014, 09:53 AM Thread Starter
 
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Any industry-specific advice you can give? It can also be outside of QSR/C-Store. I'm looking into many things at this point but that has been my main place of interest for a while now
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post #9 of 46 Old 06-23-2014, 11:30 PM
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Quote:
Originally Posted by aztariq View Post
My buddy and I would go 50/50 and yes, I'm already trying to get a job at one of the places; wouldn't be going in without having some experience there.



Seems like a bit of a disrespectful comment without citing any certain reason. I am trying to do my due diligence on these things.
See below - I cited the reason the first time you simply chose to ignore it. You look down and or up to people who you perceive have more money which is exactly what brought you to this forum. That edge you think you possess is naive.

I can have more edge and lower costs by opening a store in podunk (small town), getting myself a dirtbike (to keep me happy) and a cheap apartment, and working and growing the business, so be it.

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post #10 of 46 Old 06-24-2014, 02:32 AM
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A 7-Eleven with "an edge" is still a 7-Eleven.
I say go to grad school, get an MBA.
You'll meet other classmates like yourself who are searching.
When you're finished, you'll be older an wiser (ed & exp)
And you just might find something there besides what's in the text books:
Yourself.

Good luck.

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post #11 of 46 Old 06-24-2014, 04:04 AM
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What to do?

Quote:
Originally Posted by champagne612 View Post
I can tell you what not to do.

Don't hire friends.

Don't buy a franchise without working at one - you may actually have to work!

Every industry changes - those who adapt survive.

Misery loves company - "podunk town" "more edge" don't be so naive and that edge you perceive is false.

I think those other forums with young kids is a reflection of you - might want to work on that!

Hey, I'm not a friend!
Hire me, I'm unemployed :-)

I would work for Wetpet, but he wants me to dive in tanks with the sharks as his shark bait.
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post #12 of 46 Old 06-24-2014, 04:27 AM
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Hey, I'm not a friend!
Hire me, I'm unemployed :-)

I would work for Wetpet, but he wants me to dive in tanks with the sharks as his shark bait.
There ya go - perfect name and slogan for an escort service.

You just created the worlds next app. windfall!

Shark Bait!

"Unemployed Wetpet's for hire - diving to please"

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post #13 of 46 Old 06-24-2014, 06:57 AM Thread Starter
 
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Quote:
Originally Posted by champagne612 View Post
See below - I cited the reason the first time you simply chose to ignore it. You look down and or up to people who you perceive have more money which is exactly what brought you to this forum. That edge you think you possess is naive.

I can have more edge and lower costs by opening a store in podunk (small town), getting myself a dirtbike (to keep me happy) and a cheap apartment, and working and growing the business, so be it.

You purposely left out "if I know I can have more edge". Never said it was a sure thing; I only threw it out there as a suggestion.

Thanks for the useless replies, though, champagne612. Absolutely no value in what you said other than trying to be condescending. I came to see if people could give me some advice who went down a similar path.

Last edited by aztariq; 06-24-2014 at 07:20 AM.
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post #14 of 46 Old 06-24-2014, 02:00 PM
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Don't worry about making money: do something you enjoy, something about which you care, something that inspires you, something you think is worthwhile. If you do that, you may make money, you may own a Ferrari, but if you don't, it won't matter,because you will love life, you will feel fulfilled.

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post #15 of 46 Old 06-24-2014, 03:07 PM
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[Thanks for the useless replies, though, champagne612.[/QUOTE]

Probably the best advice. Just my 2c.

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post #16 of 46 Old 06-24-2014, 04:28 PM
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Hmmm

Quote:
Originally Posted by aztariq View Post
You purposely left out "if I know I can have more edge". Never said it was a sure thing; I only threw it out there as a suggestion.

Thanks for the useless replies, though, champagne612. Absolutely no value in what you said other than trying to be condescending. I came to see if people could give me some advice who went down a similar path.

I grew up in NYC and have many friends who made their bones trading. If you are truly disillusioned, then leave the field, leave the place whatever you want. I disagree with your assessment of the opportunities for businesses in NYC completely but you are entitled to your opinion.

Personally, I think you may have missed the point. Champagne612 gave you very good, sincere advice on his first post. I get it- its the numbers game- everyone at your level on the street knows who has what, who make what and what they are worth. That is a good talent but it distorts perspective, value and values.

If you are really interested in your success- read Napolean Hill The Law of Success/Think and Grow Rich. Then read Michael Porter Competitive Strategy. Ive attached a pdf for starters. The book is longer.

Only you can assess your strengths and where they can be applied. Check out Simon Sintek then and consider what you believe. See how that can translate into your passion/avocation.

One last word to consider: courtesy- Its fantastically powerful. You came to us, using your love of one of the things we love- a common bond. People gave you advice. Its free. Personally, whenever Wetpet, Champagne612 or killer58 give me adivce, I seriously consider it- Ferrari or not. Well, maybe not WP. (JK).

BTW do a search on FL- about once a month someone asks a similar question and the answers are, well, similar. But all are well intended and if you knew these guys like I do, you would realize who is giving you advice and what it means. Don;t be so quick to discard or disdain. We are not looking to put you down, or seek your approval. If you already know the answers, why ask us?

What else can we help you with?

ScottS
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post #17 of 46 Old 06-24-2014, 07:12 PM
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Quote:
Originally Posted by aztariq View Post
You purposely left out "if I know I can have more edge". Never said it was a sure thing; I only threw it out there as a suggestion.

Thanks for the useless replies, though, champagne612. Absolutely no value in what you said other than trying to be condescending. I came to see if people could give me some advice who went down a similar path.
When you ask a question that you do not know the answer - be prepared to listen.

If one can't listen - one can't learn.

Would imagine that's a common theme with you.

Hope you stick around quitting losing were never options I was afforded.

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post #18 of 46 Old 06-24-2014, 07:43 PM
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Quote:
Originally Posted by champagne612 View Post
When you ask a question that you do not know the answer - be prepared to listen.

If one can't listen - one can't learn.

Would imagine that's a common theme with you.

Hope you stick around quitting losing were never options I was afforded.
I'd say that you give champagne advice! Also remember that it is easier to listen to what you want to hear than what you don't want to hear.

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post #19 of 46 Old 06-24-2014, 07:58 PM
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Quote:
Originally Posted by scotts View Post
I grew up in NYC and have many friends who made their bones trading. If you are truly disillusioned, then leave the field, leave the place whatever you want. I disagree with your assessment of the opportunities for businesses in NYC completely but you are entitled to your opinion.

Personally, I think you may have missed the point. Champagne612 gave you very good, sincere advice on his first post. I get it- its the numbers game- everyone at your level on the street knows who has what, who make what and what they are worth. That is a good talent but it distorts perspective, value and values.

If you are really interested in your success- read Napolean Hill The Law of Success/Think and Grow Rich. Then read Michael Porter Competitive Strategy. Ive attached a pdf for starters. The book is longer.

Only you can assess your strengths and where they can be applied. Check out Simon Sintek then and consider what you believe. See how that can translate into your passion/avocation.

One last word to consider: courtesy- Its fantastically powerful. You came to us, using your love of one of the things we love- a common bond. People gave you advice. Its free. Personally, whenever Wetpet, Champagne612 or killer58 give me adivce, I seriously consider it- Ferrari or not. Well, maybe not WP. (JK).

BTW do a search on FL- about once a month someone asks a similar question and the answers are, well, similar. But all are well intended and if you knew these guys like I do, you would realize who is giving you advice and what it means. Don;t be so quick to discard or disdain. We are not looking to put you down, or seek your approval. If you already know the answers, why ask us?

What else can we help you with?

ScottS
I should have just typed +1

David messengers always get shot.

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post #20 of 46 Old 06-24-2014, 08:25 PM
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Well +1 then. I'm even going to read Scott's PDF. Hope I can understand it.

David.

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