Forums: Discussions for entrepreneurs and small business.

I am 22 y/o guy pursuing two degrees (Econ and Engineering) from two prestigious but small  (read: known by few) private schools. I have a product idea that I`m in the process of developing which relates to women`s shoes. Right now I have a good idea of how I`m going to build a prototype, but frankly, I`m not a machinist nor do I have experience in prototyping. I`m adamant about owning my own business and have been learning about entrepreneurship, at least in a hypothetical sense -- reading, listening to podcasts and just thinking of products and business concepts -- for a long time. I believe that people have faith in my ability when I talk to them, but I`m concerned that once I get my product developed enough to require an Angel that they are going to reject my idea(s) on face value simply because I don`t have the lines on the resume. I`m smart, and I think I`ve got what it takes to succeed in business today, but I`m wondering if it wouldn`t be better to license my first product, take a consulting job, and then move into business in a couple of years. I have very little capital and don`t come from a wealthy family.

Thoughts?

For sure you have to pursuing ,to prove that your idea or your project of business as potentiel to be develop.

In my point of vue it is better to have a patent protection aplication .

and you gone a be less unsecure to loose your right of your project or idea.

I invent a machine and it`s not easy to make investor say yes it`s a good project but you are learning one thing only you can do it !

I am learning to but the most important stay cool and dont let nowbody destroy your dream.

How many important dream are lost dont stop keep going even if you make error it is better then doing nothing.

have a good days

From Stephane  Inventor

I am 22 and I started my company when I was 19. In the past 3 years, I have established my company as the preferred vendor for web development for North Carolina A&T State University, worked with NASCAR, and now about to receive our Top Secret Clearance to begin working with the Federal Government.

 

I say all of this to say, you will be taken seriously when you begin to take yourself seriously. I learn all that I can, I have many mentors in my field and outside so I can always constantly learn. I do not have PhDs and other various lines on my degree but my company and my advisors do.

 

So, my advice would be start small and take steps toward your success that is all you can do. If there is anything else I can do, my email is in my profile.

 

C.

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XMG Internet Marketing Group
Making the Web Work
www.xmgonline.com
inbox@xmgonline.com
336.510.9642

In the world of entrepreneurship - results are what gets a person taken seriously. You get results by doing the "right" things in the right order, by being consistant and persistant and by building a team.

In your situation, I would seek out a mentor someone who can (and will) give you support and share their experience with you. Visit your SCORE and SBDC. Look at any "adult education" programs and check out the instructors. Perhaps one of your professors can give you a contact in the local business community.

 

Robert Johnson

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Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

I recently read an article in The Wall Street Journal about an 18-year-old in Florida who makes lots of money by teaching people how to master video games.  If I remember correctly, he`s a high school dropout.

Whenever I get nervous about approaching a company with a partnership idea, for example, I remember that guy.  If he can do it, so can we!

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Kristen Hallows, BBA, CPC
Job You Deserve Career Coaching
www.jobyoudeserve.com

Join me on Coach of the Airwaves!
www.coachoftheairwaves.com/?page_id=58

My first post on this forum...so forgive me if my signature is still showing code.

Back on topic, 2 things come to mind robert kiyosaki says it best "You don`t have to be smart to run a business, you just have to know how to hire smart people" Also from reading your post and not knowing anything more about you, it sounds like you need sales skills. Always be closing, these forum posts leave trails on the Internet that don`t go away quickly. I am sure you are very professional and all of us Young Entrepreneurs deal with the "age" issue. Read some books by Zig Ziglar and take it to heart.

When you approach someone with true confidence and zero desperation, they can`t help but take interest in you. I think of sales much like the relationship with someone out in the woods running into a wild dog. If you show the slightest fear that dog now knows he is the master and will do what he wishes. Every time you go to speak and want to be taken serious, remember the guy standing in the woods in his first second of meeting the wild dog. You have just SECONDS upon presentation to establish a position of power.

Onwards and Upwards,
Justin


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All these people are right. 

I am 21 and have received angel investment on multiple occaisions and been offered VC...and no investor, customer, or partner has ever asked to see my resume...in fact I don`t even have one.

A lot of it comes down to attitude, passion, commitment, and having the gameplan.  Being young has its disadvantages sometimes, but it also has its advantages...and sometimes it doesn`t matter either way.

Let me know if you need more help...we started a small VC-ish firm to invest seed rounds in college students...learned a great deal along the way.

Thanks very much for all of the replies. You have all basically affirmed by current belief, but I thought that maybe I was just being naiive. If I go into this it`s going to require VC money in short order so I`m really just trying to decide if my lack of experience in a certain field should make me lean toward licensing my idea.

One final point about you`re statement that it`s going to require VC money in short order.

Securing true VC money for a very early stage enterprise is a significant challenge - no matter what age you are.

Robert Johnson

 

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

To go along with that, VC also has significant downsides.  Angel investment, a family & friends round, or bootstrapping the initial start-up phase (at least until functional prototype, proof of concept, or ideally initial customers) would be ideal.  You will get killed on a valuation basis if you try to get VC at such an early stage (nevermind that it can be incredibly difficult)