How should i proceed?

I've recently lost my job, been around 3 weeks, however i've managed to save 8k€, which for me is quite good and i'm really happy.

The problem is that i feel a bit lost and don't know how to proceed, i've searched for jobs, but nothing within my field of work.

When i was younger, while still studying, i've always had really good businesses ideas and my dream was to own a bussiness of my own, the only problem is, now that i'm older, i worry that if i commit to something it may end up a failure/losing money.

The other issue is, whenever i do my research i found most of the markets are saturated and i end up once again without doing anything useful at all.

Could someone be kind enough to share their life experiences or give me some sorte of advice?

Best Regards.

 

Hi there, and sorry to hear that you lost your job but well done saving.

So before I go into anything, just remember the good old saying "You win some, you lose some" as this will be the main build, in this scenario you lost your job (you lose some) but you also gained those savings (you win some)

A lot of markets are going to be saturated, and the problem is sometimes you have to take a risk to be rewarded. I know a lot of people not just myself who run many businesses and are very good at it, and it pays off to stick in there even through the low times.

You could ask people like @Hope who honestly, if I remember rightly wanted to work as a manager under my Runescape services, and I asked him to go fight some evil and show me some experience and look where he is today. You have to think for the future, not yesterday not today not tomorrow, the whole future and what you want to do to make an impact to it.

You could go for something you're also not familiar to, but you may in fact finding you enjoy which could also make those savings go up a lot more, it's really something you need to think long and hard on, and if it's that you want to be your own then you need to consider what paths you will need to go down to achieve A B and C.

My daughter came to me a few days ago and was talking about wanting a job, she was like "Dad, I could clean horse stables and so on?", keep in mind she has just turned a teenager so the closest she would get to that is a paper round at her appropriate age. In this scenario, she would "lose" if you will, because all the time she loses for such small amounts of money on paper rounds, the annoying routine she is going to have to make and so on too.

On the other side, it's a win also if you think - All that hard work she puts in, she gets her own money at the end of it, which then she can either venture into spending it on things she wants, or she can save up and get something bigger and more rewarding via the accomplishments she has gained through the beginning.

 

I'd advise you just go for it and start a business, you can never win if you never start. You can literally start a business in anything nowadays, so find something you're passionate about, something you love, something you're enthusiastic about and work your ass off for it.

Don't be afraid to fail, failing is a good thing because you learn from your mistakes, as long as you keep moving forward and don't quit, keep that in mind. I have friends that run very successful businesses and not one of them had an easy start, they failed 100 times but they learn from their mistakes, adapt, and keep going until they finally get a taste of success.

When you're starting a business you need to invest, so you'll definitely lose money in the beginning. Business is basically throwing money into a wall until it starts throwing money back. You cannot earn without spending, so don't be afraid to spend money but make sure that you can afford what you spend. I don't know anything about you or your situation, but what do you risk? If you have a family to feed or rent to pay, etcetera, then yeah you need to be careful and set a (monthly) budget, but if you don't have that stuff then the worst-case scenario is losing your money, which obviously sucks but you at least tried. In my opinion, the biggest risk is not taking any risk, (almost) no one built a successful business without taking any risks.

So if you are going to start a business, I'd recommend doing a lot of research and never stop learning. Read books about the niche that you're in, attend seminars, ask help or advise from someone who has already walked the path that you want to start walking. Read books about self-improvement to invest in yourself, because if you run a business solo, you are your business, everything you do affects your business.

Good luck bro.

 

You're never too old to do things like this and I hate how often people think otherwise. You are never stuck.

 

Hey, chase the dream and do something you love. Don't see losing your job as something bad... This could be a great opportunity.

To be honest it sounds like you have already given up?

We live in a free market (in the majority of countries) so there will always be competition. If you want to start a business you need to pursue something you love, and start with a business plan. You can download a free business plan template online and just go from there.. If 8K won't be enough to get started look into "venture capital firms" or "business loan brokers" they will help you out.

Also check your local government's website for starting a new business, for example in NSW (Australia) they have a lot of free seminars for helping small business.

 

What industry are you in? Are you good with computers? If so, I would recommend going into IT field or somewhere in the software industry. Its always good to encounter these "hard times" to look at yourself in the mirror and actually decide what you want to do with your life. I think this is the perfect time for change (if that is what you want). You can only go up from here.