Forums: Discussions for entrepreneurs and small business.

Hello Everyone!
This is the first time I`ve posted a message to the forum, though I`ve been
a regular visitor to the site and listener to the podcasts for a few weeks
now. The amount of valuable feedback being shared in this community is
outstanding!

For my first post, I`d like to ask those with experience in the start-up
world, who have made that transition from a secure career in the
corporate world to a life of pursuing a business idea, what it was that
convinced them to `make the leap`? Was it your desire to go at it solo
more so than one solid idea that you`ve been planning for years?   What
was that tipping point that moved you to go forward with it 110%?   For
those of us that dream of building our own business, not necessarily
around one specific idea but just ANY business (of course- one in which
we would be passionate about), how have others weeded out your good
ideas from the bad? My friends can only take so much, so I know this site
will be a great starting point!

I, like I`m sure many of you out there, work in a cube farm in corporate
america. I have plenty of ideas, just no experience running or working
with smaller companies. My last question on this post is in regards to
building experience, does any know of a mentorship program that exists
today that partners small/med. sized business owners in a community
with aspiring entrepreneurs?   This site could serve as that virtual mentor,
however, it would be a nice addition to the Startup Nation to create more
of a face to face mentorship network.

I know I`ve asked a lot of general questions that you`ve all probably heard
several times before, I`m just looking for a little inspiration to `make that
leap` out of my cube! I anxiously await your feedback!
Thanks
Tom

One thing you want to think about before you take that leap is healthcare if you have a family member with a pre-existing illness. Once you take that leap, you may not find many insurances that will cover this. If this business does not affect your income while working, you should write out some goals, or take the extra money you are making pay down debt before taking the leap. This way, you are not stuck with the same amount of bills when you take the leap.

For me, having done various self-run businesses, it`s always been the proof that it would work.

BrandAlchemy introduced me to the "proof of concept" phrase, apparently a well-known term to many others. But I don`t mean a basic proof that my idea would work one time...or as a prototype.

I`m talking about a real proof that not only does the idea work, it also generates a living wage. For example, when I was a kid I wanted to be in a rock band. I was going to be rich and famous, just like a million other wanna-be rock stars. I knew I`d have to at least play something and be in a band.

We put a garage band together, and "proved the concept" in that we could get from the start to the end of a song or twelve. But it was when we got our first paying job that things began to change. Following that first job came offers for more work.

At that point, having been paid to play, learning about professionalism, it was the *future* work that gave me the energy and desire to make the break and be a professional musician. Same with writing, computer tech support, and so on.

I had to see for myself that I had a *rational* pathway to some sort of sustainable income. I understood it would take effort to go out and get more business, but I had to know that what I was selling was worth money to "strangers," so to speak...not just personal friends.

Over the years, I`ve seen what seems to be a general pattern in starting anything. It begins with a powerful inspiration. The person follows through, gets the proof of concept, then gets the first trickle (or flood) of business. That`s the "driver."

Following that initial burst of energy, in most cases comes a major slump. Things seem to stop. At that point, it`s as if the universe is "testing" the passion and commitment of the enterpreneur. Nothing is going right, nobody`s buying, and everything seems totally stagnant.

It`s been specifically because of that first burst of demonstrable proof that I`ve had the energy to persist. When anyone would argue, "Hey...if nothing is going on, then you`re probably in the wrong business," I had a rational, reasoned response. It was that I knew *for sure* that the product and business was viable because I`d done it.

That`s what`s kept me and many other entrepreneurs I know going. "I did it once, I can do it again."

Maybe a small excerpt of my story will help you:

I transitioned from a corner office at Morgan Stanley (investment firm) to be an independent financial advisor in my converted third car garage. My family (with the exception of my wife) thought I was crazy, but I could no longer work in the pre-packaged world and needed to expand my horizons. Since, I serve small business, I always went to them, so my office is where I did paperwork and research.

I think it takes a very special person to create a startup, and often I find that too many ideas are often the fall of many other startups. I think you need to work on an idea that is like what you do already and then go from there.

For example, I enjoy being a financial advisor to small businesses; however, I found that there were not reasonably priced wealth technologies in my industry so I created FusionAdvisor.com. This company is still in the same industry as my current profession, but now offers others advisors a tool to help build their independent practice.

Now I am considering using this tool to help small business owners manage their net-worth or as a 401(k) participant add-on tool. The current features include tracking real estate, daily investments, asset allocation, and financial planning; Now, I am looking to add other features like bill pay, and life insurance policy review.

Anyways, my point is...I think if you need to get out of the box, then do it, but don`t do something that you have never done before because it is sold as a get rich, or MLM program. Maybe you have an idea to help other people who work in your position/industry or maybe you can work in your same position but outside the corporate cage; best of luck to you, and remember, “Necessity is the mother of invention”.

 

   

Cool story, 401K :-)
These forums are particularly helpful in the way they continually provide these kinds of anecdotes. There`s nothing better, where it comes to certainty that something "can" be done, than to know that others have done it.

I agree with your advice. For an author, the main rule is "write what you know." So too, if you want to start a business, base it what you already know how to do.

I used to work for an insurance company...AAA.  And just one stupid phrase made by the manager made me furious and made me realize that I have to take it from the "man" (or the woman in my case) if I were to work from someone else.

So my sales quota was up that month, and here`s how the conversation went:

ME:  "Bye! I`m headed off home!"

Them:  "You ain`t going NOWHERE!"

ME (furious):   "What?  my numbers are up and I finished with all my follow  
                         ups."

Them:  "Well, it doesn`t matter.  Do you realize that my manager`s here right
             now?  You don`t leave until he leaves!"

Well, that made me realize I had to get outta there!

After a few months of messing around with the internet I started to make some money....(not as much as my job of course)

Once I knew I can make money by myself with only the internet...I QUIT!


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"Discover How I`m PERSONALLY Helping Entrepreneurs Make Money On The Internet..."

Reminds me when I sold retail electronics on commission. It didn`t matter in the least what I did last week. This week I started from scratch. There was no continuity and nothing being built up.

There`s an old expression, "Yeah, yeah, but what have you done for me LATELY!?"

I wanted something where my past counted for something. It seems in today`s world that`s becoming more difficult to find. So with your own business, you have that past. You remember when it was struggling, then getting better. There`s a history.

Plus...you can`t get fired. :-)

I think some people are born to want to be in business (i was) but others see working for someone most of the time does not get them anywhere.I was in management and various other positions but always wanted to open a business.Then on Dec 13 2003 a drunk driver hit me.Shattered my right leg and ripped my hip out of the socket.After multiple surgeries, metal rods through my leg, plate on my hip, pins in my knee and a very long and painful rehad im walking again.But throughout this process opening my business is what drove me.Everyone thinks it wont happen to them but it can so my advice to anyone is do your research and think about it a lot.If it makes sense and you can, then do it.Living a life of what if would be tough to swallow.

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Thanks Todd Northern California Area Developer for Red Rock Chili Company (WWW.REDROCKCHILI.COM)

Hi All - I am enjoying reading this post because it is exactly the postion I am
in since i`m tired of the corporate world and being "boxed in".
However.....what about those of us that want to start a business that is NOT
what we do for a living?   I am in techonology but am burnt out.....my
passion and hobby as has always been to have a bakery with several
locations and the area i live is Perfect for it since none exist and there is
great growth......so since i have never been a baker...should I not pursue? or
should I try to manage and hire the baker? I have the vision for this so clear
it`s almost as if it already exists!

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Shane,

Many of the small business owners that I know that began their own businesses fit into two categories; they just have either a passion or hobby and made it a business or they were in the industry and wanted to see if they can do it better (and many do).

From what I gather, the food industry is not to be taken lightly, and unless you are buying a franchise, it may be a steep learning curve.

Many people believe their jobs not to be worthy enough to start a small business but your employer hired you and needs your services; there is at least some demand for what you currently do in your job.

The best advice I can give is to look at what we call a vertical, this is a type of business that is not the same but vertically aligns with what you are currently doing. For example, I am a financial advisor (investment and retirement plan advice) by trade, and a vertical could be offering tax service like tax preparation.

However, I may be the best person to answer your question in a way because a couple years a ago I had the idea for fusionadvisor.com; this firm is in the same industry as me but it was all technology. There was a bit of a learning curve, but I put together the best team I could find and the company will launch the first product this May. So, if you think if you research and do what you is needed to learn the trade; by then you learn two things, and ask yourself "do I really want to wake up this early" (bakers rise early, pardon the pun)? The two things are to find a mentor and begin learning it yourself or find the best hardly known baker and create a business partnership or/and find a baker franchise which will teach you.

Good Luck, Aaron