Seeking advice from current entrepreneurs

[RandomGuy101]

It is definitely one of my life goals to go into business for myself. My main goal in college was to make money when I graduated (I didn't realize until later that this was a terrible goal to have). Picking a major for me was essentially looking at a list of the most highly paid majors after graduation and picking the top one (which is why I ended up getting my MSEE). I am now working as an engineer and earning good money, but slowly realizing that I could be so much more beneficial to others (and happier) if I were self employed, doing something that I really love.

Just looking for advice on when to leave my job. I don't really have any good ideas for what my business would be. Should I try to come up with a business plan while still working at my current job or just leave and essentially force myself to come up with some good ideas? How did the current entrepreneurs in here transition from working for the man to working for yourselves?

[moltar]

Should I try to come up with a business plan while still working at my current job or just leave and essentially force myself to come up with some good ideas?

That's an awesome idea. Eliminate the "try" part though.

[Dave Kaminski]

I completely agree with Moltar. I think you should get started as soon as possible thinking of business ideas. As was suggested in another board, every day you should right down a couple or a few things you think you might enjoy doing that would benefit others. These can be as simple as starting your own roofing business or as complicated as beginning a biotech firm.

Another question you should ask yourself, would you rather be self employed or an entrepreneur/business owner? There is a BIG DIFFERENCE.

A couple good books to help you differentiate are Cashflow Quadrant and The eMyth Revisited

[trekr5]

Snitzel

Definitely write your business plan now. Don't wait for anything

[mustard76]

The most important thing is to take action. Don't worry about making mistakes. You're going to make plenty of those. Just make sure you learn from them.

Here is an article from fortune magazine that helped me realize what it takes to be great in business. (hint: the answer is deliberate practice)

Secrets of greatness: Practice and hard work bring success - October 30, 2006

[Mohit Pawar]

Mustard,

I started my first enterprise when I was 16, Xpert Minds, a mentoring agency for teenagers. Second soon after that. Now I am on to my third attempt slated to launch during first quarter of 2007.

I penned my experiences and observations about this topic -

our world: OK You Want To Be An Entrepreneur But Are You REALLY Ready For It?

In nutshell it suggests a self-assessment before you start;

1. Are you ready to slog?
2. Do you have good energy levels?
3. Are you a good finisher?
4. Are you motivated enough to do it?

Hope this helps.

[annie]

Originally Posted by Dave Kaminski

I completely agree with Moltar. I think you should get started as soon as possible thinking of business ideas. As was suggested in another board, every day you should right down a couple or a few things you think you might enjoy doing that would benefit others. These can be as simple as starting your own roofing business or as complicated as beginning a biotech firm.

Another question you should ask yourself, would you rather be self employed or an entrepreneur/business owner? There's a BIG DIFFERENCE.

A couple good books to help you differentiate are Cashflow Quadrant and The eMyth Revisited

Yes, don't quit your day job until you've done your homework. Pay the price and read all the books that are recommended...two being mentioned here are excellent.

But then remember that READING is not the same as action....Make the list of all the things you need to do to get that business off the ground. Make an exhaustive list. Add to that list, taking to lunch others that have done what you want to do and pick their brain.

I'm on my 4th significant business.(I had a couple more that I don't count anymore ) 2 failed and 2 were very successful. You go for it, learn from failures and keep going.

[ahimel]

Snitzel --

Even though you picked engineering for its pay, you probably have an advantage in coming up with business ideas as well. Check out Ideas for Startups for how to think of items of value that people would pay you for.

[RandomGuy101]

wow thanks for all the great replies! i definitely plan on reading everything posted above.

ahimel-- that is a good point, even though my motivation was misplaced, at least it still got me some useful degrees lol

[Patrik]

I would caution against quitting your day job too early. I did just that with my poker career Of course poker is a very risky business, but I think there is risk in everything that has value.
One of the biggest reasons that new businesses fail is lack of capital. You can start it on the side, and if you start an online business the start up cost is generally very low. If you don't develop the new Google I guess

[PUNCHbrad]

Should I try to come up with a business plan while still working at my current job or just leave and essentially force myself to come up with some good ideas?

Whatever you do, don't FORCE yourself to generate a business idea. A forced idea is an idea with no passion behind it because you had to manufacture it. The best ideas come out of no where!

All you have to do is maintain a positive mindset and believe that a special business idea, that you can be passionate about, exists in this world. Next thing ya know, after practicing such optimism, you'll have ideas coming at you left and right.

Brad

[Dave Kaminski]

Originally Posted by PUNCHbrad

Whatever you do, don't FORCE yourself to generate a business idea. A forced idea is an idea with no passion behind it because you had to manufacture it.

I have to agree that PASSION has a ton to do with it. I seem to excel when it comes to tying people & computers together, so I try to base all of my business decisions around my passion for people and computers.

Read this free manifesto for some info about passion and your career!

[Travis_Farnes]

I am going to have to jump on the "PASSION" band wagon also. I started my first business in elementary school (selling candy out of a duffel bag) . I have had other businesses that I haven't been passionate about. I only got into them for the money and that was a mistake. I found that money is not a good enough motivation. I soon lost motivation for the business altogether and have since taken a very different approach. I need to be passionate about something to get involved with it and it makes me much happier.