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How do I start my own company with out going into debt and struggling financially?

I want to run my own coding/ movie company. I want to write, direct, and code for the rest of my life. Starting a company is scary considering all the competition and fear of banckrupcy. #technology #computer #movies

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Charles M’s Answer

I have taken entrepreneurial classes in college, had a few minor experiences in having my own micro-businesses, and I have over 30 years experience in the professional workforce, working for both small and large companies. I have done close to 10 years of doing quality engineering, working with process that are used to get the job done dn learned a lot about running a business from that work. In my opinion, the very most important thing with starting your own company is demonstrating competence in delivering the product/service you are selling.

To get potential customers to purchase your product/service, it needs to solve a problem they have, that they are willing to pay to get a solution for. In addition, you must be able to sell enough product/service at a price the customer is willing to pay, to make it worth your time in doing it. And you need to be able to sell your product/service long enough (as many months or years) as is required to pay back any investments you have received from others.

You said you "want to write, direct, and code for the rest of my life".
How many times have you demonstrated competence in coding a solution for someone?
How many times have you written something that someone was willing to pay for?
How often have you directed a project from start to finish and that project was considered successful?

If you approach investors, they will want to know the answers to those questions and if you can demonstrate enough competence in one or more of those areas, they will likely invest in your project. You will not be borrowing from them, you will be selling them part of your company. If, for some reason, you can't deliver on your promises, they will take your company and run it themselves, so bankruptcy is not likely. However, to convince them to invest in your company will take a track record to success. So get a real job that pays enough for your to survive on, and work in your spare time, to complete small projects and learn more about having your own business.

The next most important thing is having the skills at running your own business. I discovered there are a lot more skills required to having your own business than just competence in delivering the solutions customers are willing to pay for. You actually have to do that at the same time as running the business. You will not likely be able to do both your self, so you will need to hire others, and managing them as employees, or contractors, or suppliers is a vital skill.

So start small, make mistakes, learn from them and gain competence, and you will be running your own business just as soon as you demonstrate you can.
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Skip’s Answer

So many good links to review and help with your journey... I also remember reading somewhere that there may be a $50k start up program that was government funded, which I would think would also mean some required forms and tracking to be considered - but would think this would be a great start!

https://www.sba.gov/business-guide/plan-your-business/fund-your-business
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Joanne’s Answer

I'd guess to try mentoring first .. allow someone to teach you the tricks of the trade.

As for going bankrupt while starting your own company ... I'd say start small, however, starting your own company has its own abundance of risks. Think of the IT heroes . .the Zuckerbergs, Jobs .. they all started with hobbies that blew up into companies.
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