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Using Win To Start a Business

Topic closed. 28 replies. Last post 9 years ago by guesser.

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Bondi Junction
Australia
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December 24, 2007
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Posted: March 25, 2008, 3:55 am - IP Logged

Have you used a lottery pay-out to start a small business? It sure beats looking for finance and paying interest. I know people say they would retire and not do anything anymore. But, it you won a small amount, not enough to retire on, but enough for seed capital; what would you do?

    mylollipop's avatar - Trek STLOGO6.png

    United States
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    Posted: March 25, 2008, 5:35 am - IP Logged

    Start my business with my own winnings, of course!

      JackpotWanna's avatar - squiz

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      Posted: March 25, 2008, 8:11 am - IP Logged

      hmmmm good question.

      I would not want to start a business or work. 

        rubberbandman's avatar - Spawn Classic.jpg
        mn
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        Posted: March 25, 2008, 9:00 am - IP Logged

        I would start a business in real estate to be more specific.

          tiggs95's avatar - Lottery-036.jpg

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          Posted: March 25, 2008, 10:21 am - IP Logged

          I think age has a lot to do as to what you would do if you hit big money..If your young a business would be a good idea if you know what your doing..But at my age I'd just sit around and boss my servent's around and enjoy counting my money..$$$$$$$$$$$$


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            Posted: March 25, 2008, 11:20 am - IP Logged

            I read somewhere that most lottery winners that start a business with their winnings end up bankrupt.

             

            At my age,I don't think I would start a business.I'm more into traveling than working.

              rubberbandman's avatar - Spawn Classic.jpg
              mn
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              Posted: March 25, 2008, 11:29 am - IP Logged

              I read somewhere that most lottery winners that start a business with their winnings end up bankrupt.

               

              At my age,I don't think I would start a business.I'm more into traveling than working.

              Because they dont know how to start a business. This newfound wealth alters their mental perceptions. They think because they have capital they can have a successfull business, although it is true that 9-10 fail in the beginning stages because of lack of capital, there are other disrepancies as well such as no business sense and no network  system to abide by.

              If anything it is better to start a business before winning and even if you win you shouldnt clain until the start of the business(starting the business is the hardest part, from there it is systematic.) 

              When one does claim they should have a strong business sense beforehand.

                four4me's avatar - gate1
                MD
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                Posted: March 25, 2008, 1:30 pm - IP Logged

                You can use your win to start a business but you better have a plan together ahead of time.

                Starting a business from the ground up requires lots of work
                you need a business plan
                a building
                people to work or run your business.
                start up capitol and a couple years worth of salary in case things don't go as expected.
                it wouldn't hurt to have a business management degree or hire someone who does.
                web page to show case your product or services
                business cards
                and hundreds of essential necessities.
                insurances, license's etc.

                  ThatScaryChick's avatar - x1MqPuM
                  Idaho
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                  Posted: March 25, 2008, 1:57 pm - IP Logged

                  If I didn't win enough to retire on, I would probably help my mom open up the store that she always wanted and I would use some of the money to pursue my dream.

                  "No one remembers the person who almost climbed the mountain, only the person who eventually gets to the top."

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                    Kentucky
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                    Posted: March 25, 2008, 3:40 pm - IP Logged

                    Have you used a lottery pay-out to start a small business? It sure beats looking for finance and paying interest. I know people say they would retire and not do anything anymore. But, it you won a small amount, not enough to retire on, but enough for seed capital; what would you do?

                    Many people have used lottery winnings to start businesses, but if you need lottery winnings to start your business, you might not have the necessary skills to run it. Owning a business or winning the lottery are both goals so I have to ask; how do discussions on spending the profits benefit anybody from reaching either goal?

                    Wouldn't discussion on sound business practices or lottery strategies be more worthwhile? 

                      rubberbandman's avatar - Spawn Classic.jpg
                      mn
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                      Posted: March 25, 2008, 4:20 pm - IP Logged

                      You can use your win to start a business but you better have a plan together ahead of time.

                      Starting a business from the ground up requires lots of work
                      you need a business plan
                      a building
                      people to work or run your business.
                      start up capitol and a couple years worth of salary in case things don't go as expected.
                      it wouldn't hurt to have a business management degree or hire someone who does.
                      web page to show case your product or services
                      business cards
                      and hundreds of essential necessities.
                      insurances, license's etc.

                      Exactly,

                      Makes perfect sense,

                      I think I would still try to see I could get a successfull business w/out using much of the jp win, only using what the average person use for income. Since I want to do residential and commercial real estate I would still go to a bank and requests loans and whatnot. Just to see.

                        rubberbandman's avatar - Spawn Classic.jpg
                        mn
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                        Posted: March 25, 2008, 4:27 pm - IP Logged

                        If I didn't win enough to retire on, I would probably help my mom open up the store that she always wanted and I would use some of the money to pursue my dream.

                        Why just one store, when you have at least 7 million dollars you could create a corporation of franchises of your mother's business?

                        Why just give her money when you can help her create her own, it's just like the old saying, "Give a man a fish, you feed him for a day; Teach a man to fish, you feed him for a lifetime.

                        What you give her is miniscule compared to what she can make in the long run, businesses can last generations. 

                        "pursue my dream" What's the dream?

                          rubberbandman's avatar - Spawn Classic.jpg
                          mn
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                          Posted: March 25, 2008, 4:31 pm - IP Logged

                          Many people have used lottery winnings to start businesses, but if you need lottery winnings to start your business, you might not have the necessary skills to run it. Owning a business or winning the lottery are both goals so I have to ask; how do discussions on spending the profits benefit anybody from reaching either goal?

                          Wouldn't discussion on sound business practices or lottery strategies be more worthwhile? 

                          You have more angles to perceive the situation so you have more sound advise, anyways you can always go the professionals, and who knows, there might be professionals on LP.

                          That's a good idea, have this topic been initiated previously? If not somebody should create the forum.

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                            Kentucky
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                            Posted: March 25, 2008, 5:35 pm - IP Logged

                            You have more angles to perceive the situation so you have more sound advise, anyways you can always go the professionals, and who knows, there might be professionals on LP.

                            That's a good idea, have this topic been initiated previously? If not somebody should create the forum.

                            If someone was planning on starting a small business, using lottery winnings instead of financing would certainly be better, but the same can be said about using an inheritance or winning the Publisher Clearing House sweepstakes. I was wondering if it was a discussion on sound business planning, practices or about the lottery.

                            There are many topics on "how I would spend the winnings" and there are probably 146 million Powerball and 175 million Mega Millions like topics waiting to be discussed. The validity of any of these topics depend on how well thought out the questions are and how they are perceived by the readers.

                            But I'm not suggesting to be a valid question, a method for actually winning be included because these topics do generate lots of discussion.

                              rubberbandman's avatar - Spawn Classic.jpg
                              mn
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                              Posted: March 25, 2008, 5:46 pm - IP Logged

                              If someone was planning on starting a small business, using lottery winnings instead of financing would certainly be better, but the same can be said about using an inheritance or winning the Publisher Clearing House sweepstakes. I was wondering if it was a discussion on sound business planning, practices or about the lottery.

                              There are many topics on "how I would spend the winnings" and there are probably 146 million Powerball and 175 million Mega Millions like topics waiting to be discussed. The validity of any of these topics depend on how well thought out the questions are and how they are perceived by the readers.

                              But I'm not suggesting to be a valid question, a method for actually winning be included because these topics do generate lots of discussion.

                              How, you have no budgeting sense if you finance it yourself, anyways this is the 21th century, nobody finance anything themselves anymore. That might have been good during the 50's and up but this is a new generation, it's all about 'OPM' (Other People's Money). Obviously we're thinking both.

                              True.

                              Sorry, I don't fully comprehend your last statement, please clarify.