Help! How can I make this work?

[iwannabe]

Hi guys,

Can I please solicit some advice from you wise ones? I've hung around here for a while, and you guys all seem so seasoned and always seem to give sensible advice (And this isn't belly rubbing!)

The last time I posted, I was a student. Now, I'm qualified and am lucky enough to have found a good job - on a contract basis. And I know that I know that I know that this job isn't where I'm supposed to be. I'm a very creative person and I have this awful disease where ideas torment me. I have about 5 or 6 very very viable ideas; I have seen a business "shrink" aka consultant about one of them, and he remarked that this idea what in the top ten business ideas he had ever consulted on. Now, what matters is what you do with these ideas, I guess.

I've been a student for the past 4 years and have just been scraping by. I supported myself through Uni by buying/selling on eBay. I set up a fully functional business with a website and this was very successful. Only problem was that I wasn't able to re-invest my profits and I used this to fund myself through Uni. However, I managed to keep the business afloat, until Lycos went bust last year and this destroyed everything. Luckily, I managed to get a job which pays well, but I racked up so much debt plus I haven't got any time to run my business so I've spent the past 4 months trying to clear debts.

Now, I'm almost out of the red and I reckon that by the end of February, I'll be able to start saving again. Now, here's the problem. I have 3 businesses on my mind which I want to get involved in, and I do not know where to start from. Number 1 - In my line of work, I have come across a niche product which would be beneficial to members of my profession all over the world. This is something that has never been created - I have no idea why, because it is a product which would certainly make our job easier. Number 2. An online exchange rate comparison site. 3. A classifieds ads newspaper for a specific under-served area.

Idea 1 is likely to be the most successful as it involves a patented product with a global market. This had a ridiculous amount of potential, and I can't seem to understand why this product does not exist, and we shell out a lot of money to buy products that don't meet the purpose. Anyways, I have put it down to radiographers being more science-minded than business-minded. I have worked out that I will need to put aside £1000 a month from March till September if this idea will ever see the light of day. When it does though, I'm capable of breaking even by December, and making a profit from January - which I can use to fund my other ideas.

Do I go down this route?

 

[Tej]

Go for it!!

 

[iwannabe]

Thanks Tej, but what if it fails? Because I would have to leave my job to go on such a venture!

 

[Tej]

Well.. then .. stick with the job.. cos you ain't got the confidence .. looks like

If you think about failure before you have even started.. no point in starting is it?

 

[papverpoppies]

But, what if it does not fail...

You know the saying, 'you cannot make an omelette without first breaking the eggs'.

How are you ever going to know, if this idea will work, if you do not crack the eggs..

All business is a risk.

Go for it - you may kick yourself one day, if you do not.

Good Luck

Poppy

 

[Tej]

A littele secret.. if it fails.. you can always get another job!

 

[movietub]

Thanks Tej, but what if it fails? Because I would have to leave my job to go on such a venture!

Try something else! everytime you fail you will be more likely to succeed next time. I'm not saying don't plan well and procede with caution of course

You have to be truthful with yourself and figure out if business life is what you want to do - most likely for the rest of your life.

God knows over the last 10 years (started at 18) things have been up and down for me, I even went through a personal bankrupcy! Truth is each venture was better than the last, all down to experience of the past failures. Now I have the support of a business partner and we have several succesful divisions of the company running at once, for almost 3 years now.

I'm not rich yet, very comfortable though. During one low spot I tried working for someone else and was paid extremely well, but I just couldnt keep it up.

Now I come to realise that no matter what happens in the future, I'll never want to stop running my own game. I love people asking me what I do, when they hear you run a business, you tend to recieve very positive comments and a great deal of interest.

If your heart is set on it then I can promise you one thing - failing is hard, but not as hard as not doing it in the first place. For me, the choice is a no brainer every time.

 

[scribe]

He/she who dares wins .If at first you don't succeed, try, try again .
You will never know if you don't try it. Those that do, and those that don't.
Sounds to me you have your head screwed on ,go for it,and good luck.

 

[Sharon at JFB]

Thanks Tej, but what if it fails? Because I would have to leave my job to go on such a venture!

Having to take such a leap could be the driving force behind your success - you will have more reason to have to make it work!

Also, there is no failure - only feedback. Thomas Edison, in his pursuit to develop an electric lightbulb, conducted 10,000 experiments without success. A friend commented that he must feel terrible to have failed 10,000 times. Edison replied "I haven't failed once, I've found 10,000 ways it doesn't work"!!

Good luck

 

[benjamin_c]

you would be better giving it a go and failing than looking back in 10 years time after someone else has launched a similar product and been sucessful and wish you had gone for it. if you loose money you can earn more, once time has past its gone

good luck

 

[benjamin_c]

Having to take such a leap could be the driving force behind your success - you will have more reason to have to make it work!

Also, there is no failure - only feedback. Thomas Edison, in his pursuit to develop an electric lightbulb, conducted 10,000 experiments without success. A friend commented that he must feel terrible to have failed 10,000 times. Edison replied "I haven't failed once, I've found 10,000 ways it doesn't work"!!

Good luck

someone's read Peter Jones's book

 

[thebigIAM]

But what if it fails?

Why does it matter even if it did fail? What's the worst that can happen?

If it failed, you'll still have your friends - or find out which ones are important - you'll still have your family, you'll hopefully still have your health and plenty of years ahead of you. In all probability, you'll still have somewhere to live, and food to eat, since our government very kindly provides for people who do fail.

Failure is not a disaster. It's just a learning curve.

 

[benjamin_c]

But what if it fails?

Why does it matter even if it did fail? What's the worst that can happen?

If it failed, you'll still have your friends - or find out which ones are important - you'll still have your family, you'll hopefully still have your health and plenty of years ahead of you. In all probability, you'll still have somewhere to live, and food to eat, since our government very kindly provides for people who do fail.

Failure is not a disaster. It's just a learning curve.

i agree

it's better to try and fail than never to try at all

 

[vvaannmmaann]

Maybe concentrate on idea number one.Online exchanges already exist.Newspapers are hugely expensive operations.Run the idea along side your current job until such time you can happily leave your job.

 

[deniser]

I think you have to fail to succeed because IMO you that's the only way you learn.

My current (successful business) was borne out of a previous (unsuccessful - not a complete failure but a business that broke even and was never going to make a profit) business but I never regarded that one as a failure as I was on such a steep learning curve.

I would definitely go for it but on the following basis:
1. establish yourself a bit in your career so that you have a job to go back to if necessary
2. consider building up some cash to tide you over as it is unlikely that you will be able to draw any money to live on for years (it was 4 years before I could take any money out of my business for myself) OR minimise your outgoings such as living with parents or being able to reply on a partner's income
3. see if you can work part time while establishing the business
4. most importantly, think EXIT STRATEGY every step of the way. So that whatever you take on, you can find the door if you need to get out. So setting up a limited company is probably the most important thing followed by limiting things like personal guarantees wherever possible.

Good luck!