Posts Tagged ‘ideas’

Fear of A Part Time Business

Friday, July 19th, 2013 by

It was a little odd hearing this today where a person was telling me how the career he is working in is not what he is passionate about. However, due to life constraints such as having children he felt that he had no choice but to do what pays the bills. The interesting thing was that his wife did a casual side business to earn some extra money. However, when it was suggested to him that he try something on the side that is more oriented to his passion he pretty much shut the idea down.

There wasn’t really much of a risk either as he would simply keep working at his job and when he finds time he would try and dedicate some time into building his dream career. For myself, I personally see a part time business venture as no scarier than say trying to learn a new hobby like a sport. Like that you are still revolving it around your main priorities in life where you will keep doing what gives you security while potentially creating something that can be your new financial security, so to speak.

My only other thought is that people who don’t normally start businesses have a fear of failing where it’s like in this case starting a a spare time business that potentially fails somehow translates as if you filed for bankruptcy. It’s not the end of the world if you fail. But who knows the opportunities or success you are stopping yourself from doing by not trying at all.

Having The Guts To Tell People Their Business Is A Bad Idea

Thursday, June 20th, 2013 by

I often watch shows such as business ones where various people are judged by wealthy people on whether or not they feel the person has a viable business to succeed or invest into. This usually results in a panel of people too where there is usually at least one guy that tells it bluntly with no remorse if he/she feels the person has a horrible idea and will fail. As a viewer most people would usually criticize this person for being so mean spirited for example which I guess is what the show wants for entertainment.

Today though I was thinking how so many times we as a friends or family members simply wouldn’t say that to our close ones and instead will cheer on their business even if we are pretty sure that it may not be the best idea for them to pursue. Usually in those cases it is too late as many would go all in even if it means mortgaging their home to get the appropriate funding.

It’s such a tricky situation from my point of view because as the entrepreneur you can easily say that people are simply naysayers as there are thousands of examples where people received no support or positivity from the people they knew only to end up following through with their idea and becoming extremely successful.

I personally think the notion of your friends and family members can be too bias in these situations are true and so solution wise maybe the best thing is to find someone who has no real relationship with either party. Basically using a third party in general. If you can’t say it directly to them then simply approving something for fear that it will damage the relationship isn’t exactly helping them.

For myself I am usually not that blunt. I usually try to explicitly say that it is my opinion only if I feel something is a really bad and that the person should try to get as many opinions and feedback as possible. I personally think that helps to prevent the idea to the person that you are simply pessimistic about their idea in general which usually puts people in a defensive mode. Instead, it is more of a critique or a free focus group per se for them. Just some small adjustments to the way you communicate your message can make a big difference. At the end of the day people need to know if others think something is bad and understanding why to make the best decisions.

Investing Around The Idea And Leadership or Revenue

Friday, April 12th, 2013 by

Today I was reading about venture capitalism in general and the different approaches that some people take when it comes to funding a business or organization. The one interesting point I thought was that the ones who were most successful were the people that focused more in investing into companies they felt had a good idea and leadership as oppose to people who were so caught up in simply the numbers.

I suppose in many ways that does make sense right? It must be a lot harder too though to invest in things mostly based on if you think it will be good later as the risk is extremely high as opposed to someone that already has a good revenue flow. Then again, I guess that explains why those people are more successful in many ways financially as it’s kind of like the saying of more risk more reward. At the same time, if you are basing it on a person’s track record or leadership background then one could argue the risk should be less.

In many ways I suppose it is similar to shows like Dragon’s Den and Shark Tank where every investor seems to have a different philosophy whee it comes to investing. I would say when it comes to getting funding on the Internet with places like Kickstarter it feels like it is more a people’s platform where it seems like it’s all about the idea and the people behind it. I feel that is how it should be and we need more things like that.

Learning From Younger People

Friday, February 22nd, 2013 by

Funny situation I thought. Essentially there was a scenario where there were these two people talking about the business of video creation where one person has been working for a longtime and the other was pretty new. However, the new person was more into online mediums as opposed to traditional offline methods. Then came a conversation about marketing and how each person went out to get customers. The offline person relied more on word of mouth referral whereas the online person focused on social media. For the most part I guess you could say they could learn from each other.

However, the older person was telling the other on how he felt the other was just too young and that he couldn’t really follow his advice because of his age. Yes, crazy huh? When asked to clarify essentially all he really said was that he has lived longer and thus has a more proven track record which means his way is obviously the better way. Wasn’t much to talk about as you can tell.

I personally don’t see why say an older person in any industry would in some way feel threatened if say a young person came in with good ideas that you could implement for your business as well. It’s like an ego fight that should have been left back in high school or something I think. If anything, consider it potentially as a good way to keep in touch with what people are talking about regardless of which fence you are looking from.

Heck, even little kids can teach you a lot in terms of imagination and thinking outside of the box I say.

Just Being The Idea Guy

Thursday, June 21st, 2012 by

Today I was reading this post that seemed very common where someone had an idea of sort in an effort to create a business I guess yo can say. However, it seemed like he had the mentality of where he felt that it was good enough that as long as he had the idea a lot of people would donate their time to work with him in making it a reality. I find this to be so common especially online.

I think like with any idea or intent to create anything where you are looking for partners of sort you have to think of it in a way such as what you can bring to the table in terms of skill or work. I have never seen a situation where it is good enough to just say you have an idea. For example, if a person has an invention idea they can at least create a prototype or if one has an idea for a show they can at least do something like the writing aspect.

Of course, on the other side is if you have an idea in a field that you have no training or skill in then usually that would mean you would be the one that would be providing funding to make it happen. It does make me curious at times where people develop the habit of thinking that the role of an idea guy, so to speak, is good enough on its own as that is almost like playing the lottery to a certain extent I say.