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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
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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.