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    17 Replies Latest reply on Dec 17, 2007 5:20 PM by gymrat

    Need that extra push

    gymrat Adventurer
      Hi All,

      I have been reading the threads posted in this forum and found the feedbacks very helpful. So I thought I post a thread here too. I have a problem which I do not know how to overcome. My career has been rooted in finance for about nine years. I have worked in the US, Hong Kong and currently Japan in financial areas such as equity research, M&A, product control and consumer finance. But as I got older, I grew more and more interested in starting my own business. I guess it is also because of the contacts I have established which made me believe setting off on my own would be feasible. I have a few ideas that I want to start. 1) be an outsourcing agent in the hospitality industry because I have contacts in China that can source practically any item found in a hotel room; from upholstery to side tables to headboards. 2) be an online retailer of excess inventory from merchants in the US to customers in Japan. 3) be a consultant for companies that want research on various industries in Japan. Here is my problem. My finance job pays well. I can't risk quitting my job to start a business because if I do not succeed, finding another job would be rather difficult for my age in Japan. I also thought about starting the business part time. But this also is difficult as I "never" have time after work. But I think I made a huge stride today. I entered an entrepreneur contest to win $50,000. Contest is sponsored by Intuit. http://jumpup.intuit.com/ Unfortunately the contest ends on Dec 15. But there are lots of useful resources to help someone start a business. Not sure whether or not I will win but I definitely know I don't belong in the corporate world. If there is anyone who was in a similar situation but have made the final leap, it would be great if you can share the experience. Or if anyone has any suggestions that may help me overcome this laziness/fear, please let me know. Likewise, if I can be of help to anyone (understanding markets in Japan/Hong Kong, finance, etc), feel free to ask. Thanks.
        • Re: Need that extra push
          CorpCons08 Ranger
          gymrat,

          Welcome to the community first of all. I was in a similar situation as you. I was in financing, commercial/corporate banking, commercial development for 10+ years. I wanted to start my own business but had the same fears. I knew that I wanted to provide clients more than financial institutions provided. I was a hands on person that wanted to take all of my clients problems as my own. What gave me the push, was one day my boss called me into the office and told me that I helped my clients too much and that I needed to focus more on "what to sell them." I decided that that wasn't me. There is no reason to sell someone something they don't need, I am not a door to door type of person. I made a jump into corporate consulting with an emphasis on financing. It as been a dream come true for me. I love every minute that I can make someone elses dreams come true. I partnered up with my father, who has 30+ years of experience in business development and consulting. It is so great to be able to work along side him. My suggestion to you, is follow your heart. You cannot fail at whatever your true passion is. I would suggest starting out small, part time while working your current job. Get a website developed, look at financing options (which I would be happy to help you with if you needed), begin making contacts. Then you can switch over if things start picking up. I wish you nothing but the best and true happiness my friend.

          CorpCons08
          1 of 1 people found this helpful
          • Re: Need that extra push
            DomainDiva Ranger
            No extra time?????? Mercy me....

            Loose the TV and all of the other stuff you do and get going!!!! I am still consulting to pay bills but I am in round 2 of funding for my tech start up. I work all day and half the night too. But its paying off. There is always wasted time that you can turn into a dream.

            Give us some details and we will get you a plan of action!!!!

            NOW GO!!! :)
              • Re: Need that extra push
                CorpCons08 Ranger
                Now now... he asked for inspiration.
                Tell us your story DomainDiva with your tech company.
                I am one that would be happy to hear about it... :)

                CorpCons08
                  • Re: Need that extra push
                    DomainDiva Ranger
                    If you read my profile a description of the company is there however...to describe in a nutshell.....

                     

                    "AviaSphere is a linear non-search domain design programmed in JAVA with an intuitive business rules problem solving agent attached to the remaining time(s) on the individual maintenance items in the aircraft maintenance program and inventories. "

                    Basically we put things where a user can find them visually. The Exec Summary is available for review. The Biz Plan is only given to qualified investors that sign a super restictive NDA.

                    OK NOW for inspiration....

                    I started in 1999 with an idea and took it to a patent attorney (patent issued 2005). EVERYONE said it was a stupid idea and that no one wanted it. Except one person...the one person that HATES change, hates new things...and likes things to always be the same...HE LOVED IT!!! I knew I had a winner. After several years of making the VC route and being asked to sign away my IP, asked to be 'friendly' ad nauseum, a friend stepped up with 100,000.00.

                    My friend 'Dan' had introduced me to the person that is now my CTO and I recruited my accountant and attorney and an HR specialist to come on board as well as my brother in law the professor of visual communication (hes an accomplished artist, painter & sculptor).

                    I am now in round 2 from my friend and we are in phase 2 of 3 phases for product development and hopefully we will be to market in fall 2008. I have designed the 'biz app domain' and am responsible for putting the instructions in visio to show data and process flow as well as data retention and calculations. In other words, I write the domain instructions so that the coders can code.

                    Our application is so beautiful. This is our team dream and it is becoming a reality.
                • Re: Need that extra push
                  lesenco Newbie
                  Hi,
                  I have one idea on how you can start your own business that will simultaniously interconnect with my business.
                  Please e-mail me lesenco@att.net
                  Best regards, Dumitru, Austin, TX, USA
                  • Re: Need that extra push
                    LUCKIEST Guide
                    SCORE can help with the extra PUSH. Contact SCORE where you live or visit SCORE online.
                    SCORE is FREE and there goal is to help you succeed in business.
                    Good luck, LUCKIEST
                    • Re: Need that extra push
                      Lighthouse24 Ranger

                      You mentioned "I can't risk quitting my job" and "starting the business part time . . . is difficult." It sounds like you are playing it safe -- waiting for the ideal set of conditions to come along that will allow you to make the leap. That's just being responsible, and there's nothing wrong with it. Many people go into business for themselves before they are ready, and they do so for lots of wrong reasons.

                      You wrote, "I don't belong in the corporate world." That's probably one of those wrong reasons. (I am seriously feeling like I don't belong on an airplane right now, but that's not a good reason to jump out of it.) Why ELSE do you want to be in business for yourself? If you can answer that question in detail, it will probably provide the "push" you need (and give you a lot of clues about the type of business you'd want).

                      I tend to believe that when the time is right, you'll KNOW it. And it won't matter what the conditions are -- you'll just HAVE to do it. For most true entrepreneurs, it's like falling in love. Running a business involves much bigger risks and responsibilities, and requires many more hours, than any of the work you perform now. You'll have to love it in order to do it well, and you have to do it well in order to eat.

                      My suggestion for NOW would be to keep thinking, planning, reading, talking, listening, and learning --there's something out there that still needs to "click" into place for you. When it does, I think you'll know, and you'll have to make the leap. I wish you the best!
                      1 of 1 people found this helpful
                      • Re: Need that extra push
                        RE.Manager Newbie
                        You will push yourself, jump, when the time is right for you.

                        You are unhappy in your current job, that is clear.

                        What benifit would you gain from being self employed?
                        What benifit motivates you the most?

                        What are you willing to do to get the benifit?
                        What are you willing to risk to get the benifit?

                        If you were fired today, would you start your business? Or look for a new job?

                        Sometimes when you jump off a cliff you learn how to fly.
                        • Re: Need that extra push
                          gymrat Adventurer
                          Thank you all for your posts. I enjoyed reading them and found them all very helpful. In reply to DomainDiva's post, if losing the TV was the solution, then I'd do it in a sec. But I guess I left out one little detail in my post. My wife and I are expecting our first by month end. That is why I "never" have time. It is also why I can not take the risk and quit my job now. I agree with Lighthouse24 and REManager. When the time comes, I think I will know. Until then, I will use the time wisely to think about the questions posed here and research areas of my interest (import/export and ecommerce). If anyone has expertise in these two areas, would appreciate it if you can share it (will probably post another thread about this with more specific questions). Again,thank you. Happy holidays all!!
                            • Re: Need that extra push
                              DomainDiva Ranger
                              Gymrat you are a good man for understanding that your family comes first. That extra push now is going to come in the form of getting prepared just like the Boy Scouts. Start by doing your research, then write your business plan, (keep revising it as well) and Executive Summary, Start recruiting like minded individuals and tossing around ideas....just do something!!!!

                              Keep a notebook handy to write down ideas...being up late with the baby will keep your brain awake and alert ;)
                                • Re: Need that extra push
                                  gymrat Adventurer
                                  Yeah, I plan on doing a lot of brainstorming session late at night. And will also continue to browse posts and contribute as much as I can here. This is a great place for entrepreneurs. Thanks for your and everyone else's suggestions. Best of luck in your business venture as well. Do keep us posted. :)
                              • Re: Need that extra push
                                LUCKIEST Guide
                                With 14 answers to "Starting a Business", BofA still lists the question as unanswered.
                                This is NOT an answer, LUCKIEST