Gambler to Entrepreneur

Growing up as impressionable adolescent I was constantly surrounded by card games or some type of venturing. I developed a gamblers mindset. At the age of five, I’ve learned how to play a popular Vietnamese card game, Tien Len also known as 13, for quarters. There are numerous types of gamblers but we have a common purpose; risk as little as possible in exchange for maximum gain but that is not always the case. We also chase an unexplainable rush; a thrill that only another chancer would comprehend. Growing up in the discourse of gambling is something that I considered to be a good thing minus the losing money part. Gambling showed me how to maximize the odds as much as possible towards my advantage, but at times you have to just pray for dumb luck. I consider the discourse of gambling swell because it helped played a hand in guiding me to be more business minded and to one day open my own business.

Being a “gambler” may be one of the first steps to being an entrepreneur. The term entrepreneurial is a synonym for gambler in my opinion; describing those who are willing to be risk takers. According to Webster dictionary, entrepreneurial is the willing to take risks in order to make a profit; gambling is to take a risk in the hope of gaining an advantage or benefit.  

How did gambling lead me to wanting my own business? It’s simple; I’m a risk-taker who is willing to take a chance when the opportunity is there. Being a gambler doesn’t entirely mean that you are an entrepreneurial. There is more to opening a business than just taking gamble on something. The exposure and experience of gambling taught aspects of business, such as to observe and evaluate “chances” from every angel before taking the initial risk.

During my second semester of college, I was reflecting what I wanted to do after earning my degree. I decided, I wanted to be a professional card player but that dream quickly went down the drain, thanks Dad… I was on a mission to find a new career path. I assessed myself, and I prefer to work for myself and enjoy working along with others but I dislike taking commands that I feel is unethical. I decided I would like to operate my own business. Transitioning from one form of risk taking to another.

The reason why most individuals like myself wants to open our own business may differ from person to person. Regardless of the reason a person opens a business there are plenty of advantages to open a business. Becoming your own boss is a reason that ranks pretty high in my list of reasons; you can make your own decisions and assessment without having to answer to “The Boss”. Another advantage of having your own business is that expenses for the company are deductible. Deducting expense is a great perk for example, office supplies and equipment for the business may be written off or depreciated. A few more advantages are: potential higher earnings, financial freedom, job security, and much more. Beside the possible advantages that are gain from opening a business there are multiple resources that aide starting and small business. For example, the National Association for the Self-Employed (NASE) help advises on “how-to” run a business and value-added benefits.

 With all the advantages, benefits, and resources for a business it would be reckless to not gamble on opening a business when the opportunity comes.

Big Help From The Little Guys

Stereotyping is an action of thought and perception, used to define discourse communities as a whole and individuality mostly in a negative way. It is an outsider’s perspective of what they may not understand or assumptions that are considered to be facts based on a few members of a particular community to be true for the entire discourse.  Stereotypes are not entirely incorrect. It is generally based on the occurrence of repetitive events that involves a particular discourse member or group. Stereotyping extends beyond racial perceptions; in every discourse community there are stereotypes describing them as a whole.  In the discourse of entrepreneurialism there are a few stereotypes that had cross my path describing small businesses and the self-employed.  The first stereotype that I heard was from a good friend of mine. We were conversing about our random thoughts at Starbucks one day and I said to him, “you should open your own business.” His reply, “I don’t want to open my own business because I’ll be its slave.” The second stereotype, being self-employed means sitting around in a suit and tie with bunny slippers. Also, small businesses do not make serious contributions to the economy; I strongly disagree with this particular stereotype. The self-employed and small businesses contribute heavily to our economy and community. Roughly 95% of all small businesses in the U.S. are self-employed entrepreneurs or micro-businesses with many that are run out of a home office.  The tough economic time and unstable employment has laid-off workers joining the self-employed discourse. In fact, start up business is growing in large numbers, hitting its highest levels in 2009. Although small businesses are vulnerable to harsh economic times they are very aware of economic conditions and policy changes. The self-employed businesses have grown rapidly faster than any other segments of the economy and have been historically a key driver of economic recovery after a recession. Figures from Small Business Administrations (SBA) shows that small businesses with fewer than 20 employees increased employment by 853,074 during 2001-2002. Also in 2004, the SBA estimated 23,974,500 businesses in the U.S. Of the 5,683,700 firms with employees, 5,666,600 were small firms. Kristie Arslan, executive director of legislative offices of National Association for the Self-Employed (NASE) states, “Not only do the self-employed contribute nearly a trillion dollars to our nation’s economy every year, but their businesses allow them to successfully provide for their families and contribute to their local communities.” I would like to suggest to those who stereotype the self-employed and small businesses do not contribute to the economy to keep quiet.

Pain of a Deal

The worth and/or value of a product is always based upon an individuals wants and needs. More than likely they are not always the same, but we have one thing in common. We’re always looking for a deal. This is why marketers have strategically embedded and used terms like: blowout sale, limited time offer, clearance sales to entice consumers. Emphasizing a sense of urgency that pushes the consumer to not only act but to act now, and sometimes even beyond our purchasing power. As consumers we try to stretch our purchasing power as much as we possibly can. However, with today’s media and sales tactics, how much are we really saving?  How thin does the line between need and want really become? It is hilarious at times when we try to find cunning ways to justify a purchase like, "it’s a never ever-ever-ever going to happen again deal”. My mom is a prime example, always justifying her purchases on the basis of a great deal or promotion.  She loves to buy in bulk, which stems a lot of the arguments that I have with her. It is unnecessary to always purchase in bulk. There are many people like my mom, who are going for those big packages under the assumption that in the long haul it is cheaper. That is not always the case; we assume that when purchasing large packaged items we are paying wholesale prices, however in fact sometimes when purchasing individual units and adding them up it could cost the same as buying in bulk. Clearance sales offers good deals on items that are reaching end of life and will no longer be restocked. Great, if you don't mind wearing last seasons clothing or having outdated electronics. The problem lies within the word itself.  It needs to go and it needs to go now; either because they're damaged, defective, three sizes too large for the average human being, or whatever the case maybe. Most of the time for me it's a struggle to find something useful in the clearance aisle. There is something about the word sale that trigger people to act out of the ordinary in a mad manner.  In my opinion it’s ridiculous and most of the time really not worth it. One of the most notorious sales at the end of the year; a majority of consumers are anticipating is the BLACK FRIDAY SALE. I participated in this senseless act in 2006 and will most likely never do it again. I was able to save roughly about $200 dollars that day on a new 42”inch flat panel LCD TV, but in retrospect the effort to save money it was not worth it at all. It was worth going out to Fry’s Electronic to save a couple of bucks but the experience was not worth it. I was aware of the conditions of the environment from tales of previous deal-seekers before partaking, but hearing about it is nothing compared to experiencing it. That day, I left my family Thanksgiving dinner early with my cousin to camp out at 6 o’clock p.m. outside the store.  When we arrived there was a sea of people already in line. We waited calmly in the winter cold for the doors to open at 5 a.m. As the clock ticked closer and closer to opening hours; people in line slowly began losing their patience and tensions to get in the store for the “awesome deals” began to rise. To sum up my experience that evening I was sitting outside in the cold, damp weather for approximately 8 hours. I came close to having a physical confrontation with another individual inside the store while waiting in line minding my own business, and not to mention I was extremely exhausted from lack of sleep. It was such a pain and simply just not worth it for me. Initially when it comes to store promotions and sales there are deals to be made and money to be saved no matter what strategy or gimmick there is, but it requires the consumer to be smart with their purchasing power and whether that deal is worth the pain.

facebook not in mybook

 Facebook is obliviously a powerhouse social networking system that launched in early 2004, and has recently released their IPO after incurring over 900 million active users in May 2012. Before and after the release of the company IPO, many opinions questions and speculations about the companies future plans of generating capital, is circulating among the mind of numerous investors and users. One of my peers asked for my opinion on FB (Facebook Inc. NASDAQ symbol), and my answer was simple. I believe that it would be foolish to invest in FB. It is a risky gamble especially after the first day, pricing their shares at $38 valuing itself at $104 billion, and raising $18.41 billion. Buyers speculated that at the end of Facebook’s first day as a public company that the stock would be selling at $54 a share. So much for making a quick buck, if that was your initial intention… There are many opponents for Facebook, and like the once popular and successful social network MySpace, the users may abandon them just as fast. Despite going recently public, FB does not have a concrete product, or a clear objective on how they are going to generate capital to please their new shareholders. Also Mark Zuckerberg, CEO and founder of Facebook who owns over 50% of shares for voting purposes, stated on there first day going public that Facebook “mission isn’t to be a public company.” So, why go public? The mission of the company should be concern about their shareholders, and the “public” who are investing in them. If you are still considering, investing in Facebook I advise be conservative and patient.

Experience = Network

It doesn’t matter what you may know but what matters is whom you know, a cliché that I heard over and over when arguments comparing the importance of work experience versus having a good network arise. Having a solid network is based upon your relationship that is built within a particular and many discourses, throughout the progression of an individual profession, and outside the realm of profession. The social and professional network is built primarily for an individual to have as a backbone; supporting by helps opening the gateway for opportunities to advance in life and career. Experience within the workforce requires an individual going beyond building a relationship. It is about earning and learning transferable skills to progress forward. Maintaining a solid network has its merits but it does not outweigh work experiences a person may gain. Without experience there is no network.

According to the article, What You Know or Who You Know, “experience fosters connections as well as skills,” suggesting through experience skills and a solid network may develop. Work experience reflects the accumulation of social and professional network. The different type of experience that is obtained affects an individual job match that a potential employer is seeking. Amplified experience speaks loudly about a person’s skill set, capabilities, and potential. Through gained work experience, you may benefit by developing a range of transferable skills, open options for positive career choices, and gain useful contacts for networking.

The process of starting a new career obliviously begins with an interview; during the interview, questions and criteria are based on the candidates work experience that is related to the particular industry, which may dictate their employment. Work experience can be gained through a variety of work even before you start your career, such as voluntary work, internship, and in several other forms. It is important to seize the opportunity to obtain work experience before trying to build a network. Network is built through an individual experience so in turn without experience there is no network.