The Future of CoinTalk

Josh, please believe one thing in life, the only people who never fail, never try. I've failed many times and often learned and become a better person. Don't fail by not trying. Do it and learn. Some folks have sat on the side lines and mocked everyone else. They are usually not that successful and have not really lived. They will die alone.

 

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Married.
Retired (in my 30s).
Been to every continent.
Multiple children, all healthy.
Never started a business that failed.
Every human on this planet has, and will, die alone.

Phil, I noticed you signed up for his course. Please keep in mind, 90% of all businesses fail in their first year. There is a good reason for that statistic.

 

what do you plan on doing differently? Well I would do everything differently as everything I had done before was wrong. I will have a better name, more inventory, more knowledge on coins etc..

What do you do for a living everyday? I am a full time student taking 18 credits a semester so while I am at college I do not have a job however my summer job @ a local coin shop back home starts in 4 weeks.

How much time do you plan on investing in the store? I would invest as much time as I can to make it better. I have enough time to be able to make sales and ship coins on a daily basis if that is what you are asking.

What return do you expect to see from an initial investment? Well I would like to see a return of +25% or more. I know that number may be a lot more or a lot less and I am prepared for that.

What inventory do you plan on acquiring? Morgan dollars, Buffalo nickels, Large Cents, 90% silver, barber quartes dimes and halves, Lincoln cents, and more. I really want to try and have a diverse inventory so there is something for every collector.

How am I marketing this? Well I have not worked this out yet. Mostly likely I would do a good amount of online advertising.

 

Good for you. Now let the kid have his chance.......

 

Tht wasn't meant for Josh or bragging. I have alot to do still. It was meant for the broad statement the Ham Man made that most likely will encourage UNRESEARCHED and UNPLANNED actions - likely resulting in failure.

 

I signed up for the course because I thought that Josh had the want to teach me something. I'm constantly learning from everything and everyone around me. I have a wonderful wife and two daughters with their own wonderful families who educate me everyday. I'm so happy that you have such a stellar resume and hope that is bringing you great happiness. Happiness, in the end, is what matters most. Best of luck to you and your family.

 

Since your post followed mine, let me share what I am thinking.

I applaud your enthusiasm, but why not do this incrementally using baby steps. Join a local coin club and offer seminars and give presentations (coin clubs love this, and are always receptive). If you like that, then step it up a bit, and become a regular contributor or even a columnist to your coin club's newsletter (editors are always lamenting the lack of good material being submitted). Try submitting some articles to newsletters of larger organizations - peer review is humbling, but it provides a great perspective. Get more involved with the ANA or other larger coin communities and offer to help update their existing courses - I bet there are a ton of older correspondence courses that already exist, that would need someone to convert it into an online, interactive course. You kind of see the steps I am building up to here...

Now, the pragmatic side of me: Anything more than a few months, is a serious commitment, but 2-8 years?? In 8 years one could go from a new collector to defending their PhD thesis in history or economics, specializing in numismatic disciplines, while collecting a Masters degree along the way (and yes, such programs exist); and that might only be on one single aspect of numismatics!! In those 8 years, one learns _how_ to do research, properly. Part of learning how to do research, does not make you an expert, it merely opens your eyes as to how much there is still to learn....

 

I think I'm going to tear up...

 

Josh. I want you to ignore every other post I have written on this thread. Listen to what I am about to say. All of it.

You have passion. Thats great. But it really only counts once you have worked out all of the EXACT figures/costs/etc. Here is what you need to do. Please. Trust me on this.
Keep going to school. You are a college person. You need college. Work your job at the coin store during the summer. That is a godsend. I want you, you should, you need, to study and absorb EVERYTHING while you are there. I dont know your relationship with the store owner, but if you have a personal or "good" relationship, ask to be involved or at least observe every step involved in running that store.

Then. Big part. SAVE EVERY DIME. STOP BUYING COINS/INVENTORY. Now I am not telling you to stop collecting, maybe just pull back a little. I could never stop hunting and finding coins I feel I need. But there have been times where I strictly budget myself. Save. Every. Penny. You. Can. Then, rather than just buying 100 junk coins so that you have something for whoever stumbles across your website, buy ONE coin. One coin you get for a great deal, that you know you can flip quickly for a profit. And put the website on hold. Use eBay. Yes, use eBay. For your stage in the game, you cannot possibly find more buyers, the fees are necessary and worth it. Then take the profit from that one coin, and buy two more, or one really really good one. For example, if your business budget is $1000, and of that $500 is for inventory, don't buy 100 x $5 coins. Buy one coin for $500 that you got a great deal on. And then flip it. Trust me here.

Then, after time has passed, you have worked a summer at a coin store, you have some dough in your pocket, come back to the forum and post your experience. By then, you will be smarter, more educated, and a step closer to this dream.

 

nono...mine was from this...

 

very good advice there sir thank you.

 

So........there is the soft and nurturing side of the fellow. Ya know Fiat? I had you pegged as a crusty old booger but you ain't anywhere near that.

 

I know. I always get pegged as a harsh, cut to the chase person. I am really not. I am a humble, hard working guy. And I value family and health above all. However, I imagine that from a business perspective, I am viewed as "cold."

 

Not in that last post.......

 

I like you Fiat. You have passion.

 

Josh, I'm certain that many others viewing your thread share my wish that you succeed in whatever your final choices are in life.
I've seen many posts in this thread that some can apply for their personal success, but would probably result in personal dissatisfaction for the majority.
I've found from personal experience that the path to growth can vary significantly based upon individual "god given" assets. I'm personally not religious, Agnostic, although having attended 8 years of Parochiol schooling. I believe that within virtually all humans is a "divine influence" that can guide one to their place of personal success.
Although I believe that by any conventional "standards" for determination of success, I'd be found very successful, the manner of accomplishment was very unorthodox, deemed by many to be unrealistic. I'd be considered a failure by individual examination of some efforts, but I've earned many "credits" in the "school of reality". I would label an individual who touts perfection, a liar, as I've found success to be a learned process of examining past failures before extending efforts.
I personally believe you have an attitude which will allow personal success in the future if not guided by naysayers. I know of few who've succeeded without the assistance of others. I've enjoined with others to achieve many successful accomplishments, patents, records of invention, unsolicited recognition. It's called "team-work", to which I owe much, and you may also, if finding the correct participants. I personally consider your attempts here to be creative, deserving of respect.
JMHO
JMHO
JMHO

 

1)
"...seen many posts in this thread that some can apply for their personal success..."
~Was "attest" the intended word?
2)
*Parochial
3)
enjoin- to instruct or urge
4)
"unrealistic success"
Did you mean "imaginary" success?

You speak as if your nose is so high in the air that you can smell what the rock is cooking.
JMHO JMHO JMHO

 

See, you were able to get your message across and stop kicking the puppy.

 

fiatfiasco, thanks for the critique, WELL DONE!!
As stated: "I'd be considered a failure by (an) INDIVIDUAL(s) examination of some efforts". I apologize for lack of your clarity/understanding. A portion of the problem is this integral processor (or cointalk software) deletes/repositions text which re-appear upon posting (e.g. JMHO JMHO JMHO), and the program will not allow an "edit".
apply = execute = implement
enjoin better = join = affiliate, adjoin = associate
Parochiol should be as corrected.
Thanks for your understandings, I'll try not to return the favor.
Respectfully, Rich