WE'VE MOVED!
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
We are proud to announce our NEW community destination. Engage with resident experts and fellow entrepreneurs, and learn everything you need to start your business. Check out the new home of StartupNation Community at startupnation.mn.co
Options
Which Idea?
Sign In or Register to comment.
Comments
Your is a familiar quandry. I`m also in the Healthcare Life Sciences business and I have a burning entrepreneurial itch. Everytime I think of something outside of healthcare of life sciences however it just feels like I`m starting from scratch and at a disadvantage or have little credibility.
Your situation may be different from mine, but if you truly have a passion for healthcare or life sciences my recommendation is to start a company or launch a product in that area. You`ll ultimately be more "bankable" from a VC perspective and you`ll feel right at home in your chosen market. It`s also exciting to see how much upside there is in this field.
My two cents.
Good Luck.
BreathePure
RichAmbrose6/3/2008 7:59 PM
I`m in the same boat as you are I have several business ideas I wanna pursue. I would say pick two things you are more passionate about and thats less expensive to startup like the hot sauce. Then when you have enough capital work on the others business
What diverse interests you have, especially for a PhD, whom everyone suspects has his interests contained in a very narrow channel.
Without knowing you, trying to guess which is the right path for you is just a stab in the dark. We don`t even know your present circumstances. Are you loaded down with student loan repayments? Have you had any previous business experience? Is your family recipe for hot sauce one that will appeal to popular tastes or to a select few gourmets?
The only item that I red-flagged in my mind was the entertainment one. It sounds glamorous, but the real entertainment world is a sordid one of cutthroat competition, deceit, double-cross and rough working conditions. Unless you are a bloodthirsty pirate, I would avoid that.
My thoughts, for what they are worth, are for you to take a safe route or working for a pharmaceutical company while preparing, in your spare time, for whatever venture you decide. That way, you will be able to develop some workplace experience, see how management operates and accumulate some working capital (or reduce your debt load).
Patch
Are you aware of the INPEX Invention EXPO that is held each year at this time in Pittsburgh? You may wish to check it out. If by this time next year you have your prototype secured entering this expo would give you great exposure. They have competitions in many various categories and if you were to win an award in your category this would be a true "feather in your cap" as you then approach the next phase of raising capital to take it to market. Last year one young man who belongs to our organization of entrepreneurs and business professionals (CEO Space) entered the competition and returned home with 5 awards. It has launched him in being able to raise close to .5 million dollars this past year. He is now moving towards manufacturing his invention but continues to raise capital. Always perceive what you will need at least 6 months in advance. Have it already in the bank before launching the next stage. Always proceed with vision and know what you are capable of accomplishing.
I know many people who have developed various types of sauces and most start by selling to their local market. This gives them feedback as to how well the product will sell if they expand their market. Of course, marketing is such an important issue as you begin to expand your market.
You want to be aware of being properly capitalized as you launch any of your ideas. So many people try to self capitalize using their own resources only to find themselves strapped to be able to move to the next level or unable to fulfill orders in a timely manner, etc.
Do your homework on each of your ideas. I don`t want to discourage you in pursuing any of the projects you have on your list but I can imagine how time consuming a local restaurant franchise could be. As an entrepreneur, making the big money is not going to be in running a franchise but in developing your own franchise chain.
Your final entry, pharmaceutical drug company, is quite an endeavor. But as you most likely already know, can be your most lucrative venture as the baby boomers age. You must be aware of the time line bubble if you are going to be successful. The greatest wealth will come from those companies already on line as the baby boomers retire. You will find it more challenging if you develop your company on the tail end of the boom as the boomers fade. Yet, there is always going to be the need for pharmaceuticals and if you can develop a unique concept that will cause your company to stand out... you`ll have a winner.
Probably the greatest advice of all is to learn to surround yourself with like minded success oriented people. Possibly develop a mastermind group that will be there to help and encourage you each step of the way. You have an online community here but that will never be able to replace the face to face mastermind group that can be there to encourage you when times get tough.
Learn to visualize the end first and then work back to develop your sequence that is necessary to get to your ultimate success in each project. Lean to develop team and to build upon your strengths with others who can support through their strengths. No one can do all you have in mind as a lone ranger.
Rob Adams
CEO Space Northeast Regional DirectorRobAdams4CEOSpace6/6/2008 1:34 AM
The first one, job consulting, this will be great if you
concentrated on certain populations. States are in need and are paying
contractors to provide job counseling services to reentry persons from prison
and those who are on the welfare system. You could specialize in one or both.
The pharmaceutical drug company – is ok, I thought better a
pharmacy that although provided conventional drugs for people’s ailments, it
would focus on natural health products/ drugs and offer services such as
nutritional counseling or appointments with a naturopath.
I recently moved from Austin,
Texas in which we had a pharmacy
of this type and I miss it so much.
http://www.peoplesrx.com
Lastly, Too many people are telling you to get a job first, i disagree. You seem smart enough to find your way through with the need of getting bogged down and distracted in the beginning of your life with a JOB (just over broke). This is the time to take chances and learn by doing. Also, There are plenty of folks who started businesses who have never had a "JOB" -- anyone ever heard of Dell Computers.
sydni2127/8/2008 8:23 PM