My Personal Mistakes On My Business Ventures Part 2 of 3

I found out that the Candy Business was not for me to the dismay of my partner. I did learn how to package a product and how to design pans to cook the fudge in so it will fit in the packaging etc. So here is a little more knowledge added to my experience with Business. In looking back if I could have done it over I would have pulled in another person experienced in marketing to be a partner with and do all the selling. Point being to stay in your field of expertise and allow others to do what they are good at. This also tends to spread the risk a little better too. Having part of a pie is better than no pie at all.

But having a Venture spirit does not seem to go away no matter how many times you fail. As we say, that just puts us a little closer to success on the next one. I heard a survey that talked to millionaires and most of them said that they went through 10 to 15 Businesses before the found the one that they liked, were good at and became successful at. Everyone has their limit of getting to the point of quitting, but I was not there yet and I hope I never will. I try to keep the attitude that even though this learning was expensive the cost of ignorance is much higher and will keep you much lower.

Then of course as we all have done sooner or later is having a friend who does multilevel Marketing. My friend told me about a Business that helps others to start a Corporation so they can get the tax advantages of the tax system that favors Businesses. So as a matter of law you do need to have a product or service of some sort.

Just to let you know I tried a car wash that did not need water, a multiple product company that started with soap/bath products and others that I do not even remember. I did not want to stop until I found something that worked and gave me income instead of me buying things. Now I cannot say that all of these were bad but some people like me, have a hard time making money at it.

Now back to the Corporation Business. This seemed like a good idea (as they all do) as I believed that having a Business is one of the best ways to make money if you succeed. And later if you do succeed and in five years you decide you do not want to work that hard anymore, then you can always sell it and retire or only work part-time to keep busy.

I do admit I probably learned more from this business about Corporations than any other. They also sold follow-up products to support your Business like Voice Mail, Accounting (bookkeeping), Seminars to teach how we are getting taxed so much and to bring in others into the Business, Setting up your Corporation and Corporate books services and the like. I did like doing the public speaking and teaching part of the seminars.

What happened was they started giving stock options and the Business was growing so I thought it would be a good idea to get as much stocks as I could get as they said they wanted to go public in the near future. So here I go again on borrowing money to buy Stock Options as I earned them by getting other people to start a Corporation and also be able to get Stock Options. As you brought money into the Company you were given the option to buy Stock Options to buy stocks later. Sound Complicated? Anyway in the Corporate world it is illegal to sell stock options before you go public as least that is what I was told.

Please understand I cannot give any legal advice as I am not an Attorney. So I bought a Corporation and enjoyed some tax benefits and received some money for helping others to do the same. They advised to quit-claim your home, your car etc. into your Corporation and you receive use of these things as the CEO of your Business and you become the Manager of the home. Then you were supposed to be able to deduct the expenses of the now Business Real Estate. Now a lot of these methods are used by the rich and should be setup by professionals.