Economy - TranceAddict Forums

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Posted by Sonic_c on Nov-26-2008 00:58:

Economy

Im 23 started a business (recruitment) when i was 20 went real well had 6 employees got house car everything. Now im bankrupt.

My fault for failing in business?

Or

THe govs fault for having debts that exceed gdp and the banks for being dicks. Seriously all my clients went bust therefore i bust.

Good end to story though now i music student studying music production all week for 3 years

Posted by airwalker1 on Nov-26-2008 01:09:

yeah times are hard fella I'm trying to make a career in IT,and set up a grapic design company.
plus on top off that get my tunes out in clubland.

Posted by Fledz on Nov-26-2008 01:16:

It's tough for small business to survive in this kind of economic climate. Sometimes you have a business which relies solely on others, as in your case and when they go bust there's not really much you can do.

Look at the bright side though. You made some cash, got valuable experience and have a kick ass thing to put on your resume for future jobs.

Posted by tubularbills on Nov-26-2008 01:17:

you're bankrupt because you couldn't manage your finances.

Posted by elFreak on Nov-26-2008 01:18:

quote:
Originally posted by airwalker1
yeah times are hard fella I'm trying to make a career in IT,and set up a grapic design company.
plus on top off that get my tunes out in clubland.

a few weeks ago you where a chef, and when you were googooly you were a plumber. IT guys need to be able to communicate aka spell. Nigga please alt.

Posted by airwalker1 on Nov-26-2008 01:19:

quote:
Originally posted by elFreak
a few weeks ago you where a chef, and when you were googooly you were a plumber. IT guys need to be able to communicate aka spell. Nigga please alt.
yeah and?

Posted by elFreak on Nov-26-2008 01:23:

big bag of dicks.

Posted by Frenchie on Nov-26-2008 01:37:

Re: Economy

Posted by airwalker1 on Nov-26-2008 02:04:

quote:
Originally posted by elFreak
big bag of dicks.
that you carry

Posted by winston on Nov-26-2008 03:20:

by the yard life is hard, but by the inch life's a cinch

Posted by jonSun on Nov-26-2008 04:06:

Re: Economy

Posted by Alex on Nov-26-2008 04:10:

Fuck off Googooly.

Posted by Sonic_c on Nov-26-2008 13:25:

Its not because i could not manage my finances. I was a motor trade recruiter. I found skilled mechanics and placed them in the automotive sector. In UK there have been more than 5000 motor trade redundancies. Several large groups accounting for more than 40% of the entire sector put a recruitment freeze on. I moved into car sales then the credit crunch meant people cant buy cars which means salesman cant sell them which means more redundancy. I was having 100 calls per day from people who lost their jobs.

With dealerships goin bust manufacturing plants laying off shifts and sales falling 30 % this year. It is near immpossible for small agencies to survive. I couldn't get loans to support business and I had to pay wages!

I am not sore really I am studying music production and have changed my life less stress bankrupt so no bills but living with inlaws is no fun

Posted by Ted Promo on Nov-26-2008 13:28:

Your fault for failing at business but you'll still probably blame the government.

Posted by Sonic_c on Nov-26-2008 13:39:

Ted.

Posted by colonelcrisp on Nov-26-2008 15:04:

Re: Economy

quote:
Originally posted by Sonic_c
Im 23 started a business (recruitment) when i was 20 went real well had 6 employees got house car everything. Now im bankrupt.

My fault for failing in business?

Or

THe govs fault for having debts that exceed gdp and the banks for being dicks. Seriously all my clients went bust therefore i bust.

Good end to story though now i music student studying music production all week for 3 years

while i don't claim to be an expert in the recruitment industry in the UK, i can say that when i was there in Feb, i saw ALOT of recruitment companies. They were everywhere (mainly i was looking to see how much i could make as an engineer in the UK). Seems like you started the wrong kind of business. Trying to start a small business in a market sector that already has a lot of competition isn't the smartest move imo. Especially when the market is heading towards the shitter.....

That all being said, being bankrupt at 23 isnt as bad as it sounds. At 23 you still have lots of time to rebuild your credit etc (plus it s a great way to get off the hook for federal student loands, not sure if it works that way in the UK, but in Canada most gov sponsored student loans are federally insured for bankruptcy)

Best of luck to you

Posted by Sonic_c on Nov-26-2008 17:50:

yeah Thanks man it was a shame i was getting well known in auto sector had some good clients. Most people i know from other sectors are still finding it hard. IT seems to be doin well but some massive players already have it sown up. the motor trade was like a golden niche at one time. Having said that I have the experience of being self employed now. So i am hoping with my music degree i get in 3 years I can start a music company but as I am quickly learning in music industry class thats one of the hardest things to make a success of.

Long road but ur right about 23 debts gone. The company left me with 35000 uk pounds $55000k maybe? anyway its a lot of tax bills, office rent an stuff so glad that will be going with the bankrupcy.

Student loans not affected which is a shame but in the uk if you go into teaching for 3 years they get wiped so might do that.

Posted by Leon Trotsky on Nov-26-2008 22:58:

This wouldn't have happened if you had adopted my favourite economic system.

Posted by Krypton on Nov-26-2008 23:02:

quote:
Originally posted by Leon Trotsky
This wouldn't have happened if you adopted my favourite economic system.

You're right. The man wouldn't even have started a business.

Posted by DJ Mikey Mike on Nov-26-2008 23:02:

It was probably down to your atrocious grammar.

Posted by Leon Trotsky on Nov-26-2008 23:07:

quote:
Originally posted by Krypton
You're right. The man wouldn't even have started a business.

It depends. This man's calling could actually be a farmer. Growing grain which would feed the country's people would be an admirable occupation.

Running a business isn't for everyone. Of course, in my vision, his business would be my business. No one would be left behind.

Posted by Krypton on Nov-26-2008 23:23:

quote:
Originally posted by Leon Trotsky
It depends. This man's calling could actually be a farmer. Growing grain which would feed the country's people would be an admirable occupation.

Running a business isn't for everyone. Of course, in my vision, his business would be my business. No one would be left behind.

And compensate the farmer's labor how? With a warm fuzzy feeling of helping his fellow man? That's not how reality works.

Posted by Project-K on Nov-27-2008 02:32:

Because...

quote:
Originally posted by tubularbills
you're bankrupt because you couldn't manage your finances.

and...

quote:
Originally posted by Sonic_c
Good end to story though now i music student

... you still can't.

Posted by Leon Trotsky on Nov-27-2008 02:57:

quote:
Originally posted by Krypton
And compensate the farmer's labor how? With a warm fuzzy feeling of helping his fellow man? That's not how reality works.

The grain would be distributed evenly. A full stomach is better than wage labor.

Posted by Krypton on Nov-27-2008 03:38:

quote:
Originally posted by Leon Trotsky
The grain would be distributed evenly. A full stomach is better than wage labor.

Empty rhetoric never fed anybody. You failed to answer the question. How do compensate a worker's labor? You claim to be for the workers, yet, you want the worker to work for basically nothing. Did you learn anything from your country's 1991 collapse?

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