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Idea man

 
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Baltfrog
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PostPosted: Feb 07, 2012 11:07 am    Post subject: Idea man Reply with quote

I currently work in finance and ideas aren't really appreciated, at least not at my pay grade. I have a polisci degree from UVA and I wanted some advice. I have always been what my friends call an idea man. If i get a new product I don't talk about how great it is, I talk about how great it could have been if they had done this or that. I have come up with several business ideas and have had investors lined up I just don't have the know how to write business plans or the financial stability to take the plunge to doing something full time. I think i would thrive as a consultant but I don't have the experience. What advice do you guys have? Does anyone need help with their business or product/brand development? Anything would be appreciated.
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augie
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PostPosted: Feb 07, 2012 11:36 am    Post subject: Reply with quote

most people are waiting for that 'big' idea, but should be running with any idea just to get the experience putting idea's in to practice. That way when they do get a winning idea, they know what to do with it, and hopefully have learned from some previous failed attempts. dont want your best idea to be your first try and make a noob mistake.
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andy17
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PostPosted: Feb 07, 2012 11:56 am    Post subject: Reply with quote

augie takes influence from kiyosaki. it's not bad advice. if you truly feel as though you can do it, don't think...act. easier said than done, but it's true. read the rich dad, poor dad by robert kiyosaki and then read some more of others. then, put it into practice. that's my 2 cents
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Baltfrog
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PostPosted: Feb 07, 2012 12:04 pm    Post subject: Reply with quote

Just ordered the book on amazon. Thanks for the tips guys.
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Wakebrad
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PostPosted: Feb 07, 2012 12:23 pm    Post subject: Reply with quote

Quote:
most people are waiting for that 'big' idea, but should be running with any idea just to get the experience putting idea's in to practice. That way when they do get a winning idea, they know what to do with it, and hopefully have learned from some previous failed attempts. dont want your best idea to be your first try and make a noob mistake.

This is a good way to do it. Also you could find a business partner who may be savvy in these sort of things. Just be careful it's someone you trust, because an idea is easily stolen. A good person would be someone who doesn't necessarily have the time to run it all himself, but could provide you business/sales consulting and get an ownership in the company.

If you come up with a specific idea find out if it is patentable. That could be your leverage in a business relationship.

I was in a similar position a few years ago, wrote a few business plans, made a few mistakes, learned a lot. Then decided to go back for my MBA. I couldn't believe how much information I was lacking when I tried to go it alone, but at the same time I learned a ton, and it gave me perspective for when I did get the info. Sometimes it's hard to pay attention to a solution if you were never posed a question.

I have 1 semester left after this one so that's been my focus thus far. The problem is the ideas have dried up. Hopefully once I can shift focus away from school they'll come back.

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Baltfrog
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PostPosted: Feb 07, 2012 12:47 pm    Post subject: Reply with quote

Maybe you need me Brad! hah, thank you for your input too. I truly respect those who go back to get higher education degrees. Don't think i could do it at this point, the time/money commitment plus i just don't like school.
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PostPosted: Feb 07, 2012 1:19 pm    Post subject: Reply with quote

haha yeah, there is something to just getting out of school, looking at things from a different perspective, not being jaded. Actually the ideas I had all turned out to be great. 2-3 years later someone did each one of them and they've all been home-runs, dammit.

The thing is I had the time, and my company paid for most of my MBA. I never really liked school until I started my MBA, and I think I enjoyed it more because I worked for a few years, wrote those business plans, sought investors, had to study the accounting, marketing, and finance on my own. So when we got to class I was interested in learning it.

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Baltfrog
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PostPosted: Feb 08, 2012 4:53 pm    Post subject: Reply with quote

I can see that making it more manageable, still might pitch you my next idea!
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Rhawn
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PostPosted: Mar 09, 2012 7:25 am    Post subject: Reply with quote

Rich Dad, Poor Dad is a good place to start. As mentioned above, the big point at the end was kiyosaki had prepared himself through a pile of different jobs and roles, so when his opportunity finally came he was prepared. With that said, I don't think he really planned it that way, lays out well for his book though.

On the other hand, many successful entrepreneurs will tell you that the best lessons come through failure. If you spend all your time reading and preparing, you will never get to the failing/learning. Analysis Paralysis. If you look at any great success story, there is almost always a long history of prior failure.

Without outing your niche, what type of ideas are you pitching? Obviously you need to figure out your sales platform (interwebs, brick and mortar, distribution) and get very familiar with it. The next thing to get super familiar with is your target customer. Really dig into the demographic, find out what makes them tick.

There are tons of great books on startups. Also, do you watch Shark Tank? If not, its a great show to watch entrepreneurs showcase their ideas, and watch how gazillionairs react and invest or turn down.

Good ideas are cool, but without direction, that's all they are, ideas....

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PostPosted: May 21, 2012 9:36 pm    Post subject: Reply with quote

I have yet to write a business plan.. Might be my biggest problem.. Smile

If you already have investors that are ready to invest in you then you have already solved a big part of business startup.

You can always start a business and still have a day job. I would recommend finding out what you want to do and then work at it after hours and on the weekends preparing and actually starting the business.

My biggest tip is make sure that it is something you want to do. If you are only in it for the money I can tell you that it will not be something you will stick with.

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