November 4, 2014 at 5:29 pm #189760jeffKeymaster
Yes – we will have 15 winners this week…Dave Ramsey's team has graciously given me a case of EntreLeadership books to give away on here.
Deadline: 3pm Eastern on Friday – after that, the drawing will close.
Entering is simple – Answer the following question in this thread:
If you were gifted $1,000,000 to start any business (edit: or non-profit :), what would it be?November 4, 2014 at 5:40 pm #617024taxgeek83Participant
Can I start a non-profit instead? I think it would be awesome to start a foundation that provides education opportunities for disadvantaged kids and adults, both home and abroad. I know that there are a lot of them out there – maybe with $1 million I could start a foundation that kind of brings them all together, finding the resources to meet each individual's specific needs. 🙂November 4, 2014 at 5:50 pm #617025taxman89Participant
my non profit would be financial services. something to help people learn the basics of budging, correct credit card use (sorry dave), saving, investing, etc etc. it is amazing how many people just do the same thing they saw their parents do rather than actually think it throughNovember 4, 2014 at 5:51 pm #617026Gronk-a-donkParticipant
I would want to start a group that brings better education to young people about how to maintain good credit and to build a stable future. Something I have always noticed is that there are an alarming amount of kids who graduate high school and college with little to no knowledge on how to handle debt, what affects their credit, or how to save even with the lowest amount of income. I would love to get a program to teenagers and 20 somethings that helps them avoid scams or pulverizing their credit before they have a chance to get out in the real world.November 4, 2014 at 5:58 pm #617027AnonymousInactive
I would start a business and call it “life”. Where I would teach people how to do basic things for themselves instead of going out and paying someone to do it for them. For example, how to file your taxes, how to sue someone, how to change your tires/oil, how to shoot a gun, how to purchase a home.November 4, 2014 at 6:08 pm #617028AnonymousInactive
Most teenagers want their drivers license and a car. Most parents worry about drugs, alcohol, and pitfalls too numerous to mention. My son wanted a corporation for his upcoming 17th birthday and my biggest fear is carpal tunnel! So, if I were gifted $1,000,000 to start any business, I would use the money to invest in the company my son started last month, Stonebox Studios, Inc.
His company writes computer code, but not the stuff we see when we go online. He and his team have created software that will watermark digital photos and encrypt those photos to protect the artists copyright. They are working with the site owner now to get proofgiant.com up and running. They also wrote the software that I use at my office to encrypt my clients data files when we transfer them from our server to our laptops.
Stonebox Studios is currently working on a new social media site that respects the privacy of participants and allows people to talk about what is going on and things that interest them, without having their information sold off to advertisers and all of the other devious things that have transpired on facebook, twitter, and other popular social media sites. The first purchase with that million would be to a PR firm or whoever comes up with names. He's come up with some really good names, but the web addresses were already taken. If there are any Marketing majors or minors here, I'd love to talk to you!
I am certainly a very proud parent, no doubt. I am most proud of the fact that he took the initiative to do this all on his own. He has researched every aspect of this business which included reading the BEC book from front to back. When he came to me wanting to start the company, he was articulate and knew what needed to be done. He's got a bright future ahead for sure.November 4, 2014 at 6:21 pm #617029mla1169Participant
Would love to start a business that provided time management skills training particularly to mothers of young children. There is no need to be a supermom who does “it all”, but if someone chooses such a path there are certainly tricks and skills to make it more manageable.November 4, 2014 at 6:26 pm #617030ShellyinsdMember
Start my own bookkeeping/accounting firm business. And then go on Shark Tank to have Mr. Wonderful team in!November 4, 2014 at 6:49 pm #617031reyortdorMember
If I was gifted a million dollars, my first inclination would be to put about 75% of it into rental real estate, then take the rest and pursue a retail franchise opportunity of some sort (I'd have to do some serious research). I would use a property management company to manage the rentals (at first, I have 4 sons that may want to run this themselves in a few years) and hire the best manager possible (likely using a profit-sharing compensation package) for the franchise. This would leave me with adequate free time to develop a financial consulting business, spend time with my family, and volunteer. My entire focus would be to leverage that $1M into a ticket out of the 8-5 grind.November 4, 2014 at 6:50 pm #617032univegabwMember
I would start a bike frame building (not for profit) and build bikes to give to homeless people or those in need. I'm an avid cyclist and would love to learn to build bikes from scratch and with each bike get something other than money in return.November 4, 2014 at 7:08 pm #617033ala72Participant
I would start a full service accounting firm that not only allowed you to bring your kids in to play at our mini playroom while we met about finances, but we would also have an area reserved for pampering your pet a little as we signed on the dotted line. That way, kids, pets, and parents would enjoy coming in just a little bit more. It gets rid of the stuffy accounting feeling and it promotes more opportunities for meetings if parents don't have to worry about finding babysitters. Not only that, but it would allow employees a type of daycare for when they are working as well which makes everyone (hopefully) happier in the long-run.
I believe “work-life balance” is one of life's necessitiesNovember 4, 2014 at 7:16 pm #617034AnonymousInactive
I would use the money to start a CPA firm with faith-based principles with the purpose of helping individuals and business achieve their financial goals. I would first use the money for start up & organizational costs, and then use the remainder as equity in the company. I would commit a portion of my profits from the business, and proceeds from investments, as charitable contributions.November 4, 2014 at 7:22 pm #617035SkynetParticipant
I would start a company to prevent the making of Sharknado 3 and stop NIckleback from making any more music.
Then with my company's influence, begin a Jeff Elliot Presidential Campaign for 2020 with the backings of A71 donors.November 4, 2014 at 7:25 pm #617036AnonymousInactive
I would start some sort of wedding business. My dream would be the whole deal, rent the venue and have everything there that they would need such as linens. I would have catering or have a partnership set up with someone, but also let them have their own caterer if they so choose.November 4, 2014 at 7:38 pm #617037JeanPaul9Participant
I would establish a crowdsourcing type of business to tap untapped talent in software development. Now a days we are frequently coming across new startups such as Uber and Snapchat. However, there are a lot of folks out there who have better ideas but they lack suitable mentoring, support and resources to bring their ideas to the table. My businesses would be structured as a not for profit and its mission would be to encourage coding and ideas for improving business processes and average human's prosperity.November 4, 2014 at 7:41 pm #617038TuxMember
move to Europe and start a tax service for U.S. citizen expatriates living overseas.
a nonprofit that teaches couples how to have a strong and healthy marriage, with the goal of drastically reducing the divorce statistics.November 4, 2014 at 7:55 pm #617039Lion_of_the_RockParticipant
English Premier League themed breastaurant.November 4, 2014 at 8:01 pm #617040Texan_Stuck_In_OKMember
I would start a business to provide tax service and education. As a former H&R Block employee (before ever taking a single accounting class) I now know that they charge entirely too much for the quality of service provided. It may be different in other areas so I'm not trying to offend, but the quality in my area is terrible. I'm fixing several H&R Block returns every year for people. I think everyone that needs the service of a CPA should have affordable access without getting the shaft by franchise companies trying to make a buck. (stepping down off of soap box)November 4, 2014 at 8:02 pm #617041AnonymousInactive
I would pay off the two rental properties we already own and buy two more. Does being a full time landlord count as a business?November 4, 2014 at 8:09 pm #617042jbisdamonMember
I am currently saving to invest in my first real estate property. So I would use the money to buy $800,00 worth of property in my area (target low house prices with modest rent payments) and use the rest for working capital and to have the ability to flip a house if the right opportunity came along. I just formed my corporation last week (seriously) and hope eventually I can turn real estate into more than just supplementary income.November 4, 2014 at 8:10 pm #617043cathypierceMember
I would open an income tax preparation office.November 4, 2014 at 8:13 pm #617044scarecrowMember
I would start a business that turns old, non-producing oil well sites back to the original condition.November 4, 2014 at 8:17 pm #617045tami3492Participant
I would love to start up a surrogacy agency and help match people and see them realize their dreams of becoming parents.November 4, 2014 at 8:43 pm #617046umkcfuturecpaMember
I would start an organization that provides opportunities for disadvantaged kids to take “trips of a lifetime.” I was very fortunate to be able to spend a summer in the UK after I finished my undergrad which I worked very hard for (funded myself and got a temp job placement while over there), and I truly think this experience was worthwhile. It's easy if your parents are loaded to take a trip to New Zealand or China or anywhere in the world and expand your horizons, but some kids never see beyond their cities.November 4, 2014 at 8:45 pm #617047liv4god4evrMember
I would start a non-profit to help single moms and domestic violence survivors learn to take care of their finances, and become successful in spite of their situation.November 4, 2014 at 9:35 pm #617048AnonymousInactive
I will probably invest 2/3 of it on real estate then 1/3 for business startup for my own firm. Then once I have successfully established the business I will setup a not-for-profit foundation for depressed people or suicide prevention.November 4, 2014 at 9:37 pm #617049AnonymousInactive
I would start my own consulting service for small business owners with low prices to enable people to venture out with making a business plan, market strategy, etc. So many people in my city start out great businesses on the left foot and are never able to recover. A little positive steering would push them in the right way.November 4, 2014 at 11:18 pm #617050gennatayParticipant
I would start a photography non profit where I would visit senior and assisted living facilities and take their individual and family portraits. So many times, the elderly are forgotten and the final pictures anyone has of them is sometimes decades old. In plan to call it “Senior Year”.November 4, 2014 at 11:55 pm #617051ShelahVMember
I would start a nonprofit that provides scholarships (from just the earnings) to kids n the middle, like I was. The kids who are smart but not the top of the class; kids whose parents are doing okay but can't help pay for college but can help a little.; kids or adults who have dreams of getting an advance degree but aren't able to afford it. To qualify for the scholarship, they'd be required to complete a financial planning class (paid for by the nonprofit) and do some community service.November 5, 2014 at 12:46 am #617052Hank ScorpioParticipant
I'd start my own website to compete with Jeff. Nah just kidding. I'd start a non-profit that gave back to abused women and children. Women in abusive relationships have trouble just walking out the door sometimes and I'd like to give them and their kids somewhere to go.
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