Does this sound realistic or dodgy?

Mark_Glasses

Years ago when I was just starting out I had a colleague doing the same job as me on a similar salary. The wage was poor and I remember one lunchtime he pointed out something that needed repairing on his car but he couldn't afford to repair it.

One day he had enough and quit. He told me he wanted to be an entrepreneur and that's what he was going to do.

It can't have been anymore than 3 months later that I met up with him. This time he was driving a flash Mercedes, wearing an expensive suit and told me he was now rolling in the money. He also suggested I did the same because by his admission I was better at my job than he was. 

It wasn't clear to me exactly what he was doing but it seemed to be working going from not being able to afford a car repair to driving a flash Mercedes in 3 months.

I've not been in touch with him for years now and I can't say I ever really knew him that well. If you look him up on Companies House he has 24 different companies against his name. 14 of them have now been dissolved and another 10 have had a compulsory strike off proposal in their filing history. If you google any of these companies you don't find anything.

My reservation about being an entrepreneur aside from the risk of failure is the time it takes to get there. It does seem odd that he managed to go from rags to riches so quickly.

Do you think he's legit or do you think something dodgy is going on?

El_Torro

Seeing as you have no idea what he did to get an expensive suit and a fancy car I wouldn't assume either way. Maybe he won big on a scratch card and pretended to you that he earned the money through being an entrepeneur. 

The fact that there are 24 companies against his name may or may not mean that he is doing something dodgy. 

Why do you care either way? Seeing as you know next to nothing about this guy. 

fatbelly

It's relatively easy to get a flash car, should you want one and the maintenance, tax, fuel, insurance costs that go with it.

You may go for a Pcp deal (never own the car) or buy an old one cos they depreciate like a stone, and put a personal plate on it. Most people won't guess the age.

So really you have no way of knowing whether he's doing well or heading for bankruptcy - until you spot him on the insolvency register.

tacpot12

Most entrepreneurs will tell you that it takes time to become successful, and longer still to become wealthy off the back of that success. Most will take a minimum of 15 years to build a successful business. There are no quick routes to success.

Deciding that you don't want to be an entrepreneur is a reasonable decision, but make sure you know what an entrepreneur is before you give up on being one! Try to get hold of a copy of "Going for it" by Victor Kiam and read it with an open mind. I read it many years ago, when more people knew who Victor Kiam was; I can't say it changed my life, but it certainly helped me in my working career. 

sheramber

Mark, you are wasting your time comparing yourself to others who appear to have more than you. Do you know that he has more money in the bank than you do? Maybe he wishes he had your bank balance. If he has companies dissolved/ struck off how many people has he left in a mess?

Dakta

If a flash car is the only measurement of wealth or success, im totally stuffed compared to my alcoholic barely employed asbo neighbour 😞

There is a bright side though - my car aint flash but i own it

74jax

Your last thread was about someone you know who bought a house and sold it on making a profit, yet you were saying yours you bought wouldn't make as much profit. 
Honestly, concentrate on you; you have your reasons for not wanting to be an entrepreneur, you have your reasons for buying the house you did.
Other people's lives are just that. Be happy for your former colleague, be happy for your friend and be happy for your life and choices. 

Marcon

Mark_Glasses said:

Years ago when I was just starting out I had a colleague doing the same job as me on a similar salary. The wage was poor and I remember one lunchtime he pointed out something that needed repairing on his car but he couldn't afford to repair it.

One day he had enough and quit. He told me he wanted to be an entrepreneur and that's what he was going to do.

It can't have been anymore than 3 months later that I met up with him. This time he was driving a flash Mercedes, wearing an expensive suit and told me he was now rolling in the money. He also suggested I did the same because by his admission I was better at my job than he was. 

It wasn't clear to me exactly what he was doing but it seemed to be working going from not being able to afford a car repair to driving a flash Mercedes in 3 months.

I've not been in touch with him for years now and I can't say I ever really knew him that well. If you look him up on Companies House he has 24 different companies against his name. 14 of them have now been dissolved and another 10 have had a compulsory strike off proposal in their filing history. If you google any of these companies you don't find anything.

My reservation about being an entrepreneur aside from the risk of failure is the time it takes to get there. It does seem odd that he managed to go from rags to riches so quickly.

Do you think he's legit or do you think something dodgy is going on?

How could anyone know based on what you've written? There are no useful facts on which to base any conclusion - and frankly what's the point?

You can't just 'decide' to be an entrepreneur; it's something you make happen through hard work, great ideas (or at least one great idea) and sheer determination.

robatwork

tacpot12 said:

Most entrepreneurs will tell you that it takes time to become successful, and longer still to become wealthy off the back of that success. Most will take a minimum of 15 years to build a successful business. There are no quick routes to success.

Deciding that you don't want to be an entrepreneur is a reasonable decision, but make sure you know what an entrepreneur is before you give up on being one! Try to get hold of a copy of "Going for it" by Victor Kiam and read it with an open mind. I read it many years ago, when more people knew who Victor Kiam was; I can't say it changed my life, but it certainly helped me in my working career. 

Hi 

My name's Victor Kiam.

I liked Moneysavingexpert so much, I bought the company.

baser999

Many many years ago I worked in the tax office and a colleague had reason to question a punters tax return, basically too little income being disclosed each year to support his family, lifestyle etc. Called him in for interview and the guy admitted to driving getaway cars for bank robbers - he’d source suitable wheels then either drop them outside and wait or drive round the block and come back and pick them up. Drive them away, drop off then return the wheels. All of this sideline accounted for the shortfalls in his annual tax returns and in those days wasn’t taxable.
Perhaps this is what your man’s up to 😏

Mark_Glasses

@El_Torro I want to know what's possible

@fatbelly he said he was making lots of money

@tacpot12 that's why it's odd he was making so much money so quickly

@sheramber I don't even know if anyone worked for any of the businesses or if they really existed. The only things that comes up when you Google them is the companies house page.

@dakta it wasn't just the car, it's what he said

@74jax this is a different question

@marcon I don't know

@robatwork OK

@baser999 it has occurred to me he may be involved in criminal activity