I lost my job at 55 and started my own successful business. I now constantly get texts from friends and former coworkers asking how I did it. What do I do?

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 85 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 97%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

I've started my own successful company after losing my job at 55. Now my friends want advice, but I feel queasy helping future competitors. How should I guard my knowledge?

I read your column regularly. I never thought that I would reach out to you with my own issues. But I was wrong. I’m hoping you can help on how best to handle this situation.

I woke up every morning at 4 a.m. to research, research, research how best to use my resources, and ended up starting a small business. Once I started, I made mistakes and messed things up, but kept educating myself more and more. There were tough times that were not easy to get through, but I was determined and kept going.

So what is the problem? Several times a month, friends and prior coworkers reach out to us to ask how they too can get started in what we do.“We are thinking about starting our own business as a husband and wife team like you. We want to discuss this with you, and learn from your experiences. What day and time would be good for you? Early morning or late afternoon? Can you come to our house?”

Quentin, I hope you can help me sort through how best to decline these requests, or tell me if I am wrong. We will retire in six years, and we hope to sell the business at that time.You can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell@marketwatch.comYour life and business are not a blueprint for anyone. Your path is your own. Your timing was right for you. You did your boots-on-the-ground research, and it’s paying dividends.

Of course, we all know people who refuse to take “no” for an answer. That brings me to No. 3: The clearest, fiercest response is often times no response. Find that muscle. It’s one you can exercise over and over again. As a friend once told me when I had to make a big financial decision: “Take the emotion and personalities out of it. It’s just business.” This is your business. You have nurtured it and you have worked hard at it. Trust your instinct. Protect it.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Were they there for you when you were working out the kinks to your business? If not, ignore them. If so, guide them in the direction but definitively do not give out your secret sauce. Tell them to do research in the type of business they are interested in. Most would not.

Most people won't do the difficult work in the first place. I wouldn't worry. The best business always stay in business.

Successful people spread knowledge and information. You seem very insecure about what you do. You won’t make it past a certain point with that mentality. It’s good to have successful friends, teach them. If you really made it you wouldn’t seek advice from unsuccessful ppl on web

“Friends want to “steal” my business model to create their own”. I fixed it for you.

Tell them the exact opposite of what they need to do. Then crush the competition. Then buy new friends.

Queasy about helping friends? Just what do you know that is so valuable? If it's technology - get a patent - if it's just good advice, you get what you give.

nice

I guess business is business 😂😂😂

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines