Forums: Discussions for entrepreneurs and small business.

1- Who would  take a chance on an Idea?

2- Can I hire people on IOUs basically of stock and ownership?

I have total confidence one or both of these ideas will be a hit.  I`m at the point however where ideas aren`t going to pay the mortgage or feed the family.  Any help or recommendations on the next steps would be hugely appreciated.

I am not going to say don`t do anything.. there are plenty of people who have started a business and huge success with a negative balance and facing financial uncertainty. BUT it is not the best place to start a business  in regrads to the place of mind. This is up to you. I agree with Robert, you should try to get your personal finances in order before you dive head first into a new arena. But if after thinking that over you feel that you want and can do this.. then start with a plan. Who do you have that would be interested in partnering with you with no salary etc? What would you offer? Even the small day to days in business cost money that adds up quick. What do you have in mind.. this may help me to understand the possibilty of this.In the end this is your decision of course and this is just my opinion.. and i can speak from experience. I put everything I own into what i do, and at times it can be stressful. With that being said if you know that you can give 200% every sec of the day.. then it can work.

 

Erin

An idea itself is worthless, unless you are the one who will do all the work to implement it.

No one is going to `pay` you for an idea, then just let you hire out other people to turn it into reality. Firstly, because you need to tell them what it is for them to judge, and secondly, if your idea is to get funding for other people to do it, your potential investors will just hire out the work once they have heard it.

So I have to ask, if you plan to be implementing all the work yourself, or you are merely looking for funding in order to pay others to do the work?

I think before you can get people to work for you against stock/ownership, you need to take the idea to a proof of concept with a supporting business plan. If you are a person with expertise in the field where you have the idea, you should be able to do both of these with your own personal efforts. Once you reach that stage, you should try to secure some angel funding to hire people/consultant and take the idea to a prototype stage.

If your idea is in a totally different field (than of your own expertise), best to put it on hold until you are ready to put your own funds. Also, I would hesitate working on an idea which is totally outside of your current field of expertise/operation.