[DanGlobal]

Hello all!

I'm new to the site and just wanted to share my story and hear your insight. I have been an entrepreneur for as long as I can remember but I'm beginning to lose hope. Without making this so long and depressing that you start hearing violins, I'll tell you my situation. I have started and lost 5 businesses since I was 20 (I'm 26 now). My latest being my closest victory and greatest defeat. I was making 6 figures in the mortgage business. Another top producer and I decided to go out on our own and start our own Mortgage Branch. Things were going fine until the sub prime debacle. To make a long story short we were putting more into the company than we were making (a lot more) so we ended up closing our doors. After a few months of searching for a good paying job I ended up settling for a cushy base plus commission job at a newspaper. While it's a steady paycheck, to be quite honest, I'll be lucky to make 50k this year.

To be perfectly honest it wouldn't matter if I was making 100K at this job. I need to be doing my own thing. I'd be happier making 40k on my own thing than 100k for someone else’s. My business partner from the mortgage company agrees but we just haven't been inspired by any of the business ideas we have been coming up with lately. We work great together, and I'm sure with the right business model we could succeed. Every day that I go to work for someone else seems drain a bit of life from me. If any of you have any suggestions as to ideas and so forth it would be greatly appreciated.

I would much rather have a business that is face to face as opposed to something over the internet. I know my skills are in sales and managing I just need the right idea. And frankly, I'm out of ideas. Thanks in advance for any responses. I look forward to developing business relationships with many of you in the future!

Regards,

DanGlobal

[SendBlast]

Dan,

After each company you created and failed at, did you learn something from each one that you can use for any future ventures?

If so, you came out better than you think.

[The Stealthy One]

Dan,

In terms of business ideas, have you considered cash flow notes? If I understand them correctly, they are somewhat similar to what you were doing. Of course, I have no experience with them, so if I am sounding ignorant, please forgive me!

What other things do you like to do? Do you have any hobbies or experience you could turn into a successful business? Perhaps consulting for start-ups?

[stlsmoore]

Even though you may feel like a failure Dan I honestly admire you, I hope to achieve even half the success you have had with your business. I hope everything works out for your sincerely.

[opportunitize]

think you should come up with a new idea. theres always somethin new to be thought of. look at the glass half full.

[webgal]

Actually, Dan, you are in a pretty sweet place right now even if you don't know it. You learn more from failures than you do successes. I'm 19 years older than you so you'll have to trust me on that one. Having experienced that, you will do this again and you're regrouping so you can be smarter about it next time. You know you have it in you. You know you have the passion and the spirit.

You know your strengths. How many don't even know that at your age? So don't go to work every day with a long face. Start networking more and relax a bit. Look around you at the newspaper. There may be ideas regarding that industry that you could make into something. Or they may inspire something else completely. And don't rack your brain, do something else and it will hit you upside the head on the way from the drugstore at a red light one day.

It's kind of like the couple that tries to have a baby and does everything and once they give up the wife gets pregnant. Some times stepping away, gives you more perspective. Type A's like yourself have to realize that. Walk away then come back to the plate so to speak.

You're 26. It doesn't have to happen next week. Really.

[ltressel]

Dan,

I wouldn't turn my back on the mortgage industry just yet. You see, subprime got hit the hardest but things will look up.

In the meantime, have you looked at a different area of the real estate? Appraisal, title, and investing? There's still plenty to do.

Hang in there, it may seem that you are completely burnt out and fresh out of ideas but something will pop up. Take this time to sharpen your other skills. The newspaper ad sales may serve a way for you to raise some capital into the next business idea.
You'll never know-


LT

[webgal]

What about the foreclosure market? Banks hate to foreclose and prefer to to negotiate payment plans with owners so they can keep their house. Perhaps there's something there that you can explore. I think it's always an active part of the business in any economic setting.

[DanGlobal]

First off let me thank you for all the responses and positive words. As for a few of the things you've mentioned, I don't know if they're right for me anymore. I think if I am going to start something new I'd like it to be fresh and creative, not just a spin-off of what I'm used to. I have a few great ideas but the problems are capital and the ideas being stolen in the ground phases. I do look back at my lost businesses and do see them as valuable lessons that have made me stronger and wiser. But stronger and wiser hasn't been paying the bills lately so to speak. I've always loved that about my life, that I've always had a vision of what I wanted to build and make grow. If I thought it was a great idea I would put my blood sweat and tears into making it all it could be. I know I have the talent, drive, and confidence to build a great future but its fear of the unknown and not being able to see that future that gets to me. Again, thanks for the responses and I look forward to becoming an active member of the community here at YoungEntrepreneur.com. If anyone is New Jersey and feels like they have a good business model I am all ears!

Danny

[Cole Taylor]

Dan,

Dont take this the wrong way bud, but mediocre sales guys were making six figures during the subprime boom. If you're good and can back it up I'd say either get a gig as a sales manager somewhere with a nice six figure base and save your scratch while you develop your ideas or take a look at financial sales.

I personally dont know of any rooms in your neck of the woods, but there are about 90 (acording to a conversation with my lead broker last week) rooms in Orange County raising money for private placements. Look for the ads that say things like "make 20k+ per month, investments" You know, the ones you think are full of it. My ads simply read: Investments: closers only, no strokes.

A good sales guy will make $20k a month, it used to be more but it's getting a lot harder. More importantly, you will learn how easy it is to convince people to sent you large sums of money for projects that make no sense...it's one hell of a sales game. Once you have it all figured out you can fund your own projects.

PM me if you want or need more info.

[DanGlobal]

To Cole:

Hey Pal ,

Don't take this the wrong way? It's kind of hard not to when you open with an insult. I don't know what shop you were working out of but I was always in the top three on the sales team of 40+. And only the top guys were making 6 figures (with decent splits). I'm not here to get into a pissing match with you but maybe next time try deleting the insult and adding the advise. It will probably be taken much better!