Let's talk self employment.

aijalonaijalon Posts: 919
edited June 2012 in The Social Lounge
It's been a while since i've been active on the IC. Needless to say, this used to be a forum that I could count on for some intellectual and stimulating discussion. I anticipate that the trend has persisted.

To the discussion:
Considering the current plight of the average young person is one of the struggle to find a decent paying job or being stuck in a profession that one hates, what impedes one from going toward the route of self employment?

Capital is the easy answer. Does not take much thought to come up with that one. But there are means by which one could go about acquiring capital. So think a little deeper. Is it fear, comfort, complacency or something else?
silverfoxx
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Replies

  • s_a_m_r_i_os_a_m_r_i_o Posts: 2,067 ✭✭✭✭✭
    For any goal, you must have the knowledge to get into what you want to do. Fear is understandable, you want to jump into a boat instead of jumping into the water. There's a lot of reasons why such as having no time, no money, etc. Reading a book from someone or knowing them in person about it is very important. Whatever you want to do, you have to make sure you can survive off of that income.
    silverfoxx
  • silverfoxxsilverfoxx Posts: 2,960 ✭✭✭✭✭
    GOAT THREAD IN THE MAKING. And i agree with the OP, the IC needs more intellectual discussions. Unfortunately, i have little to offer. Im just a 20 year old trying to soaking up knowledge and OG advice.
  • FuriousOneFuriousOne Don't believe the hype Posts: 3,671 ✭✭✭✭✭
    edited June 2012
    I've been an independent contractor for the last 10 years at a non-profit and make money on top of that with clients i bring for myself. I do IT Consultation and Web Development. It's not an official business but i do want to make it that so i can have better negotiation leverage and a pillow to cushion the occasional or great fall if it occurs. You have to prepare for the worst and be positioned for the greatest opportunities even if you trip over them, so you have to stay on top of the knowledge in your areas of choice (and keep adding to the arsenal of skill sets).

    I think black people have the hustle mentality on these streets that make us CEOs by default. I grew up with people doing random shit to get money from selling DVDs and Water, to doing carpentry, electrical work, DJing, commissioned art, and music showcases amongst other things without formal training to make ends meet . It's all about organizing those street skills into a cohesive business plan which is easier said, but isn't impossible.

    We are in the age of information as they say and we do have a lot of opportunities to freely research and profit. There will be stiff competition, so we have to choose whether we want to be rich or just survive. I'm good with the later.
  • MissKMissK Silence is a lie that screams at the light. Posts: 2,954 ✭✭✭✭✭
    Being self employed can be a great thing and many people have ideas that are needed but I think it is easy to jump into something without learning all the risks involved. Also, lack of discipline can keep you from achieving personal success. We are sometimes our own worst enemy.

    To be self employed you need plenty of self motivation-there is no one telling you what needs to be done, when to do it, when to clock in/out. If you constantly need a push to get even the basics done, this route is probably not for you. You must be willing to be aggressive and network. You are your brand, so being timid will not work for most businesses.

    Many people I know that are self employed are never really 'off the clock'. They work their business 24/7 with little to no vacation days. While this is needed to get you off the ground, if you don't structure this into your business plan-burnout can happen and cause failure.

    You may be without a steady paycheck and many self employed ventures require upfront investments. People tend to underestimate this. Insurance is your responsibility and can be very costly for small business owners/self employed. (while going without insurance when you are young and healthy may seem worth the risk, always consider the future-marriage, children, unexpected health concerns, etc)

    Don't forget taxes. If you are an employee, your employer pays that tax for you. But if you work for yourself then you have to foot the bill. So how much is this tax? The self-employment tax rate (according to the IRS website) in calendar year 2011 was 13.3%. You also have to pay FICA tax and regular income tax on the profits you make.

  • cainvelasquezcainvelasquez Posts: 906 ✭✭✭✭✭
    Easiest way is through networking. Don't get me wrong It's fine with great ideas, but sometimes the easier things work better. Internet marketing and networking can save you lots of money. Anything that requires lots of capitals, someone else is probably doing it better than you.

    "The self-employment tax rate (according to the IRS website) in calendar year 2011 was 13.3%"
    Never head about this shit, and i live in socialist europe.
    Is that a tax you pay for employing yourself, and if so, can't you work around it by not employing yourself?
    I.e other forms of ownership set ups like a stock corporation?
  • MissKMissK Silence is a lie that screams at the light. Posts: 2,954 ✭✭✭✭✭
    "Self-employment tax is a tax consisting of Social Security and Medicare taxes primarily for individuals who work for themselves. It is similar to the Social Security and Medicare taxes withheld from the pay of most wage earners." This has to be paid if your net earnings from self-employment were $400 or more


    I don't know about getting around it but Uncle Sam is going to get his one way or another.

  • evoljeanyesevoljeanyes Posts: 3,633 ✭✭✭✭✭
    I have started my own company...I am not going to lie, I am not looking to exclude any race of people from my handlings. I dream big, I am not very close to getting where I want to be, but I am on my way. I started off getting money from start ups...I would seek out associations and charge them percentages for each new member that joined. I partnered with a credit card processing company and i put campaigns together for the restaurants and businesses they would sign up.

    mostly though its been done through networking

    I have a community of friends that i work with and there are twelve of us each with our own individual ideas combining to form a business conglomerate. We have business minded (marketing/advertising, management, accounting, computer techs, business administrators, and sales reps) One person at the top of each section basically works as the partner/Project manager. I would like to focus on the entertainment industry. The perks of the internet basically make it the worlds largest assembly. Facebook, google, and other forum based communities (IC) get hits everyday. We use those platforms to get hits and build ourselves up. We have an online community coming (hopefully one day we will rival facebook and twitter) a publishing company and a magazine.

    We just tapped in very heavily to the nightclub industry.


    We're working in music, sports, fashion, food, events, comics, literature and all forms of entertainment.

    The key is to allow everyone involved to have a place where they have more authority than every one else. And you need to be able to see the opportunity for success with everyone you involve in your ventures.

    Accountability is important. Chemistry is important also. Everyone has to be doing something they love. If they aren't it's not going to work. Everyone's particular skill needs to lead to the same end game.

    It's going well thus far!
  • evoljeanyesevoljeanyes Posts: 3,633 ✭✭✭✭✭
    Style & Culture is name of my company...we are about to relaunch the magazine. YourStyleOurculture.com was our website...but we shut it down because people were compaining about URL length. Look for us to relaunch with a Style and Culture Magazine, and I promise it will be groundbreaking.

    I also have a vintage consignment store coming for women (DAME) (dameonline.com)

    and Diggy Glaze which will be a brand the uplifts the nightlife through the vision of DJ's it will also be an energy drink we're set to launch with in the year. Diggy Glaze.com should launch along with dame next month (beginning of July right after the 4th)

    iCut is also one of our companies we're the first universal guest list in america...we cater to nightclubs in atlanta, la, miami, san fran, nashville, birmingham, new orleans, dc, boston, nyc, seattle, pheonix, denver, chicago, atlantic city, savnnah, orlando, panama city, and las vegas.

    You purchase our card and you're automatically on the guestlist at the major nightclubs in those cities for a year. The site is letmecut.com


    Dyanamic Web Dezigns is my partner web development initiative.

    Also, when I say I started on my own I actually started with 3 other cats that didn't want to do any work. I always had to delegate. I didn't like that. It's a much different thing now.



  • evoljeanyesevoljeanyes Posts: 3,633 ✭✭✭✭✭
    @sawed off-n-skimask

    how old are you g, and where are you from? also what's your skillset? I got partners from all over the country....oldest cat on my squad is 31 youngest is 24, I myself am 25. I'd be interested in hearing what you have in mind as far as business.
  • evoljeanyesevoljeanyes Posts: 3,633 ✭✭✭✭✭
    We all just have to get on the same page.


    As far as self employment goes I run a consulting firm and I'm moving to LA to be bigger than what it already is.

    My thing also started off as a consulting gig. I think you're a bright cat, but i disagree with you on the thought that we should keep our money in the same circles. I think we need to distribute our money amongst each other, but also show that our work and our people can interact with all races. We isolate too much. We need to be able to be elite amongst all races of people. We need to get together show what we can do and then pull our table up to the big gathering and mingle with the jews whites asians hispanics and whoever else without letting them take over our shit.

    Also what's your company called?
    Trashboat
  • TrashboatTrashboat Grouchy Greg's Landlord 244 5th Ave New York, New YorkPosts: 14,743 ✭✭✭✭✭
    aijalon wrote:
    It's been a while since i've been active on the IC. Needless to say, this used to be a forum that I could count on for some intellectual and stimulating discussion. I anticipate that the trend has persisted.

    To the discussion:
    Considering the current plight of the average young person is one of the struggle to find a decent paying job or being stuck in a profession that one hates, what impedes one from going toward the route of self employment?

    Capital is the easy answer. Does not take much thought to come up with that one. But there are means by which one could go about acquiring capital. So think a little deeper. Is it fear, comfort, complacency or something else?

    The system does not try to create innovative individuals. The school system is not designed to nurture ingenuity and creativity and this is reflected in the attitudes and roles of the populous.

    The most successful people i know personally are self employed, or run their own corporation/business.

    Originality is often thwarted, especially by youth. Everyone follows trends and becomes very complacent. This can be seen in the music, fashion, language and media. The status quo is to work for someone else, and that is eventually what everyone aims to do.


    I wonder if the system could sustain a large percentage of self employed individuals.
  • evoljeanyesevoljeanyes Posts: 3,633 ✭✭✭✭✭
    RodrigueZz wrote: »
    aijalon wrote:
    It's been a while since i've been active on the IC. Needless to say, this used to be a forum that I could count on for some intellectual and stimulating discussion. I anticipate that the trend has persisted.

    To the discussion:
    Considering the current plight of the average young person is one of the struggle to find a decent paying job or being stuck in a profession that one hates, what impedes one from going toward the route of self employment?

    Capital is the easy answer. Does not take much thought to come up with that one. But there are means by which one could go about acquiring capital. So think a little deeper. Is it fear, comfort, complacency or something else?

    The system does not try to create innovative individuals. The school system is not designed to nurture ingenuity and creativity and this is reflected in the attitudes and roles of the populous.

    The most successful people i know personally are self employed, or run their own corporation/business.

    Originality is often thwarted, especially by youth. Everyone follows trends and becomes very complacent. This can be seen in the music, fashion, language and media. The status quo is to work for someone else, and that is eventually what everyone aims to do.


    I wonder if the system could sustain a large percentage of self employed individuals.

    It absolutely could, you would have to create age requirements on certain jobs and have a system for each entity with in your larger company. For instance if you have a management company and you manage athletes musicians writers and comedians...you start it off with one person at the head you hire people and you have those maybe 6-12 cats aiming for the top of one of those respective fields...but you as the creator of the company have to decide who is best suited where. Then you give them raises in finance and responsibility. Those who don't get chairman jobs should be given responsibilities to keep them motivated and also in charge of some aspect of the company so that they don't feel left behind. It's the way things should go. In my opinion.

    Also you're very right about the propaganda that these school systems are spewing. People need to be individuals.

  • aijalonaijalon Posts: 919
    Thanks for all the responses. What I have come to find is that the African American community is littered with individuals who have great ideas. When I say great ideas, I'm not talking about get rich quick schemes, but in fact folks who have solid entrepreneurial ventures that could parlay into long-term income producing opportunities.

    The one thing which I have found missing is the willingness or possible know how as to converting those ideas into a legitimate plan. We have the ideas but do not how know how to present them in ways so as to convince persons who can actually make them reality be convinced of them.

    Business plans, Estimates, Visions and such are critical. I've begun actually assisting some individuals in beginning writing for their businesses as I believe that this is the means by which we can begin presenting those ideas to folks who have the capital and can provide financial backing.
  • evoljeanyesevoljeanyes Posts: 3,633 ✭✭✭✭✭
    aijalon wrote: »
    Thanks for all the responses. What I have come to find is that the African American community is littered with individuals who have great ideas. When I say great ideas, I'm not talking about get rich quick schemes, but in fact folks who have solid entrepreneurial ventures that could parlay into long-term income producing opportunities.

    The one thing which I have found missing is the willingness or possible know how as to converting those ideas into a legitimate plan. We have the ideas but do not how know how to present them in ways so as to convince persons who can actually make them reality be convinced of them.

    Business plans, Estimates, Visions and such are critical. I've begun actually assisting some individuals in beginning writing for their businesses as I believe that this is the means by which we can begin presenting those ideas to folks who have the capital and can provide financial backing.

    very true...writing is just not a skill that everyone has....we have to work together and we have to think outside of the box for the type of businesses we start!

    What type of business are you in?
  • evoljeanyesevoljeanyes Posts: 3,633 ✭✭✭✭✭
    @Sawedoff-n-skimask

    Yo, lets get a conversation started via e-mail. Is there a way to exchange email ads on here that isn't public?

    I got something for you. Are you going to be establishing yourself online? Also which field is most interesting in your mind. I got something for you on the music front and other fields.

    Tell me about your adult enter aspirations?

    Also I'm looking to turn this into a consulting/investment firm with emphasis on brand development
  • aijalonaijalon Posts: 919
    I'm in the Philly area. If any of your are serious about networking then send me a message and we can attempt to get some type of communication going.
  • blakfyahkingblakfyahking Posts: 14,234 ✭✭✭✭✭
    this is why I got into venture capital

    unfortunately the beauty of capitalism is the ugliness of capitalism

    some mofos are just made to be workers..............and nothing is wrong with that

    but then there are those among us who want to control their own destinies

    I think the Black community is def in need of a bolstered collective entrepreneurial spirit
  • Rock_WellRock_Well Posts: 2,187
    What's the biggest obstacle standing in the way of gymnasts being able to make it to the olympics and get the gold medal?
    keep it real, a lot of people might not like working that hard. Keep God first, first and foremost to the best of your ability. He'll help you and provide you with everything you need to have long run success. Does that mean it will be easy? No, not at first. it gets easier though as you learn the game more and more.
    so many ppl want instant success without working hard. I think that's one of the biggest problems. a lot of folk just not willing to work as hard as it takes to be in the boss seat and have that lasting success. Be willing to work harder than you ever have before to get where you want to be with your career. a lot of us want nice things, want to be the boss and all, but not willing to work hard to get there.
  • aijalonaijalon Posts: 919
    Been a bit busy taking care of some business. evoljeanyes I am in receipt of your message and will be in touch. My organization will also be hosting a young business entrepreneur's symposium in the Philly region in the near future and I will have some more info soon.
  • ragerage Posts: 5,858 ✭✭✭✭✭
    Being Self employed is one of the hardest and....most rewarding endeavours you can ever undertake. However and this is a BIG however....YOU HAVE TO WORK YOUR FUCKING ASS OFF EVERY SINGLE DAY AND NIGHT. Everybody wants to be a boss...but nobody wants to pay the cost.
    blakfyahkingaka_OG
  • numbaz...80's babynumbaz...80's baby Posts: 24,962 ✭✭✭✭✭
    Make sure you have some change saved up for a rainy day. Business can get slow. You have to be mentally and financially prepared for that. Nothing wrong with bn a boss.
  • JJ 1975JJ 1975 Posts: 336
    Depends on if you have a family or not. Change is scarier if you have people depending on you to make money to live. As far as working for yourself, I think it seems so freeing.
  • PlutarchPlutarch Posts: 1,850 ✭✭✭✭
    rage wrote: »
    Being Self employed is one of the hardest and....most rewarding endeavours you can ever undertake. However and this is a BIG however....YOU HAVE TO WORK YOUR FUCKING ASS OFF EVERY SINGLE DAY AND NIGHT. Everybody wants to be a boss...but nobody wants to pay the cost.

    cool, this is what I had thought and it looks like it's true. I support self-employment but I don't need to do it. I think that I'll be moderately happy with the job that I'm aiming for.

    i agree about the family thing jj said too.
  • blakfyahkingblakfyahking Posts: 14,234 ✭✭✭✭✭
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