Self-business advise

How to start...

Basically I'm a know-it-all...except....I don't know it all.

I have been working in the IT industry for over 15 years and have run the gamut (experience-wise) from building PC's to programming to jack-of-all/master-of-none.

I currently work in an industry which isn't very reliant on current technology but could benefit greatly from it. I've been there long enough to realize that I could design a near-fully automated system which could
replace the current need in this industry for dedicated people and would soon like to branch out on my own in this regard, but where to start?

That's the biggy - WHERE TO START?

Making that huge leap into independent business is what's scary. That large mortgage payment looms overhead. My car payments. My bills. What comes of thee!


Is there still such a thing as venture capital and if so, where does it live? I've created business plans before and I am an honest person. I would not seriously pursue this unless I saw a future in it.

Does anyone have advice on where to start looking if someone like me has an idea, can create the "widget" needed for it to work but needs business "know-how" to get it going?

Any help is appreciated. Thanks

My advice. If you really think you can hit pay dirt with your contributions then take a leap of faith that will not harm you.

Take all the money you are spending on your huge mortgage and buy a $20,000 house in some urbanized city. This will give you enough money to take huge risks of financing your ventures and projects. Then if your hunches are correct, you will make more money than before and can afford the huge mortgage again if need be.

Every major city has a slum area, but you just have to be willing to live cheaply to get what you want.

And even with the tanking economy; there are still plenty of govt. grants, sponsored loans. The application process is tricky, so get a professional grant writer to make sure all the i's are dotted and the t's crossed.

Venture capital is still available.
www.vfinance.com...
www.business.com...

Talk to your banker. Mainstream lending institutions sometimes fund worthy projects.

Contact the Small Business Administration, they can help steer you in the right direction. This should be your first step!!! They have helped me immensely in my projects.

Bless your heart and good luck in your entrepreneurial pursuits.

one last bit of advise...
protect your intellectual property because there are plenty of thieves that will steal your idea and market it before you can even put your shoes on.
The SBA can help with this also.




[edit on 20-4-2008 by whaaa]

You don't have to live in a slum to raise capital. You say you have written business plans. Well, that is the place to start. Outline how you will earn your revenues, how much you will need to get going, break-even point, all that good stuff. With plan in hand go to your friends and family first, then banks, and finally to venture capitalists. If your idea is as good as you say it is, you will have no problem raising the necessary capital.

Lots of great suggestions. Thanks so much. Time to document some numbers!