Starting a business

[NewJourney]

So I've always known I've wanted to be a business owner. It's always been my dream..I'm going to be 24 soon and I feel like Ive wasted time in not at least having a few ideas. But I want to get something going and I really don't know how..I'm completely lost.

I am good at art, crafts, I have charisma, and I can talk to people. But that's it. I don't know how or what to do to get started..

Any advice?

[maizefolk]

There are essentially three paths people envision where they talk about starting a business.

• Freelancer/side hustle. Figuring out something you, personally, can do or make where people will pay you for results, not for the number of hours you work. Depending on the specifics, this can often provide time and location independence and the freedom of being your own boss. With this method you'll start making money right away. It's possible to make substantially more money than you'd make working as a salaried employee (but remember to budget for self employment taxes and your own health insurance and retirement benefits). However, your potential income is still limited by how many total hours you can work in a year.
• Bootstrapping a business with employees. This starts out a lot like #1, but the goal is to figure out a method you can hire other people to actually do the work of providing a good or service for less than you're charging your customers. You're still your own boss, but now you have to deal with hiring, managing, and sometimes firing, other human beings. This means a higher risk of failure* and pulling little or no money out of the business for yourself for years while working long hours, but there's no absolute limit on how much you might make.
• The silicon-valley-style start up (doesn't have to happen in silicon valley). Have an idea. Practice explaining why that idea has the potential to become a billion dollar company for weeks. Convince angel investors, and later venture capitalists to buy big parts of your company in return for 100k's and laters 1M's of dollars that your company will spend on renting office space and hiring programmers and other employees to implement your idea. Now you have a whole set of bosses (your investors). You'll make your money if the business is finally sold or goes public, assuming it sells for more than the accumulated liquidation preferences of all of your investors. Chances are you won't make a cent, however there is an extremely small chance you'll end up a billionaire.**

Which of those is closest to what you envision when you think about being a business owner?

*Here's some interesting stats (a cannot vouch for accuracy) on the success and failure rates of small businesses. Essentially half are out of business after 4 years, although it varies by field. http://www.statisticbrain.com/startup-failure-by-industry/

**Fun, but potentially non-representative statistic: Y Combinator accepts less than 3% of start ups that apply, has turned out a total of 1,000 companies (so has rejected ~32,000 start ups) and produced 8 companies valued at a billion dollars or more. http://www.economist.com/news/business/21677636-tech-talent-spotter-has-come-dominate-silicon-valleys-startup-scene-y-combinator-x

[calimom]

I am a small business owner in a creative field, and while every day is not all unicorns and butterflies, it challenges and energizes me.  I'm currently researching another different direction to go.  I love working for myself (though of course any client or customer is your "boss") and setting goals.

24 is still very young!!  You have the passion, you have the desire, now find what you want to do.  Have you tooled around on Etsy to see what others are doing craft-wise?  What ideas do you have?  Are they marketable?  Can you find enjoyment AND make money dong what you love?

Good luck!