Forums: Discussions for entrepreneurs and small business.

Hi Everyone!

Well firstly, let me say, that this looks like a great community and a fantastic resource. I, like probably everyone here, am looking for some sort of solid business that I can run, preferably online.

The problem is that i`m suffering from a little overload and i`m having trouble deciding upon an industry niche and business model. I guess i`m the poster child for analysis paralysis.

I read an article earlier today that talked about funding VC applications and one of the things he said is that smart people of my generation don`t always have great ideas. Aparently, alot of us are FANTASTIC problem solvers but that finding our problems to solve can be a bit of an issue. That pretty much sums me up completely.

I`ve had a couple of cracks at online business but things were pretty competitive in the respective niches which were mainly affiliate based. So obviously without a slew of traffic it was a bit of a failure.

So here I am now looking for some ideas.

I`m really looking for something tech based or online where I can put my techy type skills to work. Some people have suggested going into business for myself as a web designer but that really just ends up being me selling my time...which is great but doesnt advance me much from my current situation. I`m pretty analytical with great computer skills and a solid business background from working in insolvency.

So if anyone would like to go and give me a kick in the right direction I would much appreciate it.

Any and all encouragement appreciated
Steve

Steve,

My suggestion is to consider what you love doing, maybe as a hobby or just for fun. I have found that if I do what I love, the work really isn`t work (sometimes it is, but often it is just fun).

If you think about what you like to do most often when you have free time, and do it regardless if you get paid or not... then I think you are on to a business that you are passionate about. Once you determine what you love, consider ways to make money at it.

In my opinion that is the key for long term business success. And by default, you will be a leading expert in what you do, because you love it.

One final note. In my experience, you shouldn`t do something just because it has the potential to make a lot of money.  Do it because it is your passion. Most overnight successes take 10 to 15 years...

 

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--
Mike Michalowicz
Author of The Toilet Paper Entrepreneur

Give you a kick in the REAR? Here you Go!!! KICK...

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Edgar Monroy
Web Developer / Owner / Consultant
When starting your own business the need to "know-how" is greater than money!
http://www.nuevolution.net

Steve,
I read your post before going offline, and it got me thinking. You`ve asked a question that comes around quite regularly, but you`ve also included a new point, the one about solving problems but having few ideas.

I too had a career in technology, and developed a boatload of skills. I had to solve all sorts of problems, just as I enjoy offering thoughts and suggestions for problems here on SuN. For awhile, I too confused "solving problems" with "having a product."

When you think about it, IT skills are a service. It doesn`t matter if you build computers or fix them, it`s still a service. I believe that in today`s environment, selling a service is much more difficult than selling a concrete product.

So although you have a tremendous amount of skills, and invested time in technology, I`d suggest you take a look at the approach I`m working on: What specific, concrete product can you manufacture (create) and sell on a per-item basis?

In many ways, people today all seem to believe they can do everything themselves. It`s a hang-over from the dying "do-it-yerself" mentality that came into widespread existence in the 50s. It`s been a prevailing attitude in America for the past half-century, but it`s coming to an end. People are discovering they didn`t spend the time learning how to "do it yerself," and what they`re doing themselves isn`t working very well.

Even so, in the services arena, people still believe that they can do it all themselves. Ergo, they`ll fix their own computers, solve their own spreadsheet problems, and write their own material and correspondence.

On the other hand, when it comes to having something that they can hold in their hand, drop on their foot and say "ouch!"---that`s easier to see in terms of "it works" or "it doesn`t work."

Go back over your life and look at what you`ve enjoyed making with your hands. Take a look at hobbies, recreational things, and ideas you`ve had for something that`s missing---something you needed or wanted to buy that isn`t available anywhere.

You could invent something, or you could take something that "used to exist" and make it better, cheaper, more efficient, or with more features. But I think you`ll find that although on an objective level, tech skills are absolutely valuable, the *perception* of value isn`t there. At least not in an easily marketable form.

If you have something you`d like to make, but you don`t have the expertise, another option is to find someone with that concrete skill and form a partnership. You might have the inspired ideas, can build the e-commerce side and so forth. They can do the manufacturing.

For example, suppose you like to cook, and wanted to start a pastry shop. There`s for sure someone out there who also loves to cook, but has no clue how to build a Web site. Each of you on your own is wondering how to start a business, but neither of your has a complete package. If you form a *real* partnership (not some corporate jargon version of it), the other person could actually manufacture the products, and you could handle all the distribution and online development. See?

Snrub it sounds like you already have your niche picked. I can tell you this there’s a lot more to get going before “the doors open for business” I recommend spending less time trying to focus one particular thing. Sure it’s important, but give a week or so and revisit it. In the meantime, start getting the business structure in place, accounting software, accounts, setting up any needed meetings. A lot of online business can be generic and everyone has to do it. Let me ask you this, have you read the 10 step process yet?

 

If not here ya go: http://www.startupnation.com/steps/55/10-steps-open-start-bu siness.htm

 

Just a thought, it sounds like you don’t want to sell your time doing web development projects, is that because you’d rather not do the busy work? Can you sell projects? It might be easier for you to get the jobs then farm them out. Then the only work you’d have to do is meet with clients and oversee the development work, which isn’t as much time as the actual coding.

 

Whatever you choose to do, DO NOT sit idle by and watch, get in there, roll up your darn sleeves and get GOING!!!!!!!!!!!!!!!!!!!!!! Life will pass you by the longer you sit and debate. There’s your Kick in the arse!

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He who gets greedy like a pig, gets slaughtered like a hog!

Hey Guys & Girls,

Thanks for all the responses and encouragement. I`m now going to have to sit down and have a look at where I think I can go and what I enjoy doing. I guess this is likely the most difficult part of the whole process...coming up with a GREAT idea :)

CraigL -- I take your point regarding the technology business and you are correct its really getting tougher selling a service these days, especially in the web-design arena. Things are uber competitive and alot of business balk when you quote them on a full E-Commerce website - "What it`s going to cost me $2,000...I can get theat done in India for $300" Believe me I have had the response a few times. I guess that`s global trade for you...contractions in some industries and booms in others.

I find it interesting regarding your point about physical products. Do you think that this belief of value in a physical product crosses over into the software realm? Where the product is actually delivered as a tangible, boxed item? It`s likely something that I could consider doing...creating a piece of software and then looking for marketing partners. I would be interested in hearing your opinions on that side of the tech business.

Failing that, I`m looking at some other avenues at the moment and will jump back to the thread in a few days with some ideas for you guys (My business Board LOL) to shoot holes in.

 

Again, I really appreciate all the time that you members have freely given me. I know that message boards can take a bit of effort and I do appreciate the responses.

Best Regards,

Steve

 

Absolutely! If you can write software, then by all means take a look at developing something new and useful...!

My main point is that in today`s market, it just seems easier to me to sell on a "per unit" basis than by time and expertise. It`s not always the case, I`m speaking generally. Software would be a "per unit" item.