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
Life & Business planning
familyguy81868521
subscriber Posts: 2
Hello everyone.
I am in a state of conflict, and need help. I am an aspiring inventor. I have a wife, twin boys, and a design for a device that has the potential to create a very significant impact in the world, but no working capital. I do not have a working prototype, but plan to pursue one as well as a patent as soon as I can afford to. Anyway, here`s my conflict: I plan to start a business that revolves around the implementation of this device, but I have no collateral available. As a result, I given alot of thought into purchasing another business (a coffee shop to be exact) for the purpose of using it eventually as collateral. I know eventually that I would like to diversify myself in the event that things go south, but I`m wondering if pursuiing this coffee shop is a waste of time.
I hope there someone here that been in this situation before.
Thanks alot,
Tony
I am in a state of conflict, and need help. I am an aspiring inventor. I have a wife, twin boys, and a design for a device that has the potential to create a very significant impact in the world, but no working capital. I do not have a working prototype, but plan to pursue one as well as a patent as soon as I can afford to. Anyway, here`s my conflict: I plan to start a business that revolves around the implementation of this device, but I have no collateral available. As a result, I given alot of thought into purchasing another business (a coffee shop to be exact) for the purpose of using it eventually as collateral. I know eventually that I would like to diversify myself in the event that things go south, but I`m wondering if pursuiing this coffee shop is a waste of time.
I hope there someone here that been in this situation before.
Thanks alot,
Tony
Sign In or Register to comment.
Comments
for your invention, have you looked at our new content designed to help people walk through the invention process?
it`s located here:
http://www.startupnation.com/steps/97/5 ... ention.htm
also, as Tack (sailor doug) said, it`s always better to have 10% of a watermelon rather than 100% of a grape. (we did a nationally aired 2-year running radio commercial series with this as the punch line...). it`s best to look at your equity as form of currency, which, used wisely, can create great value for you.
rich
A comment and a question.
Operating a coffee shop takes a lot of time and energy, especially in the beginning. So you may not have much time /energy left to pursue your dream. How would you feel about putting it on hold?
If you have no working capital - how will you purchase this coffee shop?
Thanks robertj. You have a great point. The potential significance of this device is so great that I would be a fool to put it on hold. Nevermind the fact of how many people it could help out. Thanks again.
Thanks Rich, I really appreciate your advice. I`ll check out the link ASAP. Btw, you guys (and everyone else there) are awesome. Keep up the good work.
Thanks robertj. You have a great point. The potential significance of this device is so great that I would be a fool to put it on hold. Nevermind the fact of how many people it could help out. Thanks again.
You`re welcome.
Let us know if you need more help.