Forums: Discussions for entrepreneurs and small business.

I`m a new reader/poster.  I am a 32 y.o. Ph.D. student and I`ll be graduating this year, hopefully in August.  This experience made me realize that I don`t want to "just work" in the area that I`m studying, Pharmaceutical Sciences.  However, the past year has revived a childhood dream of working for myself.  I have several business ideas, but I don`t know what`s more important "startability" or earning potential.  I`ve listed them in order of startup capital needed.

I do not want to be a person with regrets about not pursuing their dreams, but I`m a little scared of choosing the wrong idea to pursue.   Should I gain capital from the "cheapest" business and use it to fund the businesses that may be more lucrative?

 

 

 

I`m not saying you SHOULD pursue that idea but it sounds to me like one of the easier ones you could start with.  (Then again, I never started a food company.)

But do your research.  You can still plan for eventual large scale production in your business plan.

With your area of study, I`d personally go that route.  A phd in that area would separate you from the average person without the knowledge.  In my mind, that means less competitors for you because of the level of intellect requried in that field.  I should think committing your life so far to this area should bring up several ideas of new inventions or overpriced services this area can capitalize on. 

 

Of course, if you have no passion for this and are doing it merely to have phd after your name, then go with what you like.  I just think the higher the expertise in an area, the less competition you will face.

 

Good luck no matter what you choose, but keep us posted.

JB,

 

Good points. I plan to pursue a career in my field and DO hope to start a pharmaceutical company in the future, using what I learn as an employee. However, I feel that the other ventures could supplement my salary and possibly provide me with the capital to start a pharmaceutical company.