Re: how realistic to make about 100K per year … - Posted by Frank Chin
Posted by Frank Chin on August 28, 2003 at 08:28:30:
Thought I comment on your question as I worked as a self employed Computer Consultant, and a Systems Analyst with a large company for nearly a dozen years. Prior to that, I was in the Banking, Finance field for another dozen years. I have an Electrical Engineering Degree plus an MBA in finance.
Do I think my intelligince represented by my education and jobs translates into success in creative REI?? I would say NO.
JT hit the nail on the head, REI is an entrepreneurial excercise. In order of importance, I would say you need gut intincts, people skills, and finally technical knowledge.
As a fromer Systems Analyst and consultant whose job it is to identify user needs, and solving them, the biggest user complaint I hear is “… you guys don’t listen, and I don’t understand the technical gobbleddygook computer speak half the time…”
Are these the same guys going to a explain and SELL a “sub 2” transaction, good luck.
As someone who started two businesses, and recently bought one, one key element is salesmanship. I went into business with a 26 year old back in the late 70’s who didn’t finish college, but showed me a P&L with 100K in earnings the prior year, and 100K in CD’s on the company’s books.
This fella was in the alarm business, and knew little about alarm circuitry. His prior experience was being “an insurance salesman”.
His take is “you need salesmanship to get the customers first”, and I can always hire a guy to install alarms at 30K/year. He said “I used to sell insurance, now I sell alarms”.
How about gut instincts?? The alarm company owner was looking at demographic trends to see where he can open up new offices. Isn’t this the type of knowledge required of an REI?? Certainly!!
I could see this 26 year old dropout succeeding in REI, if he choosed to engage in it, or any other business for that matter.
And his hobby?? He’ll focus in on a particular type of business, and look up phone numbers in the Yellow Pages, call them and gauge the response and customer service. He claims that he called up a dozen companies that installs “Central Vacuum” systems, and few return call, and the two who did was not helpful.
He says “Frank, want to spend a few dollars to telemarket Central Vacuum systems and see what we turn up??”. I asked why??. He said “Frank, I think we’ll be the only one in the County soliciting this type of business”.
Guess what?? I didn’t make 100K a year nor had 100K in the bank when I was 26 years old. You see, all of professional knowledge and education did not give me the wit, risk taking, and adventurism that my friend possessed.
I mentioned to him one day that his other competitor in town, had both trucks parked in the driveway everytime I passed by. He said "Frank, that’s why I pay my installer to drive my truck up and down the streets in a hurry all the time, stop for coffee, and hand out flyers in the local malls when we don’t have a job to work on. “In a hurry, I asked??” “Of course, we want customers to think we’re busy all the time, don’t we?? Everyone knows Aaron isn’t with the trucks parked all day”.
Well, that’s another thing they didn’t teach me in business school.
Anyway my friend, good luck in your endeavours.