Friday, March 20, 2009

A Hobson's Choice- Don't think so!

Beware this is going to be a boring post. But whoever said that Making money is funny business?!!!!!!

This week I received three mails from young engineers about to complete their engineering. and I owe them a serious reply.

They have a common question. What should they opt? Job or Business.

It is a strange coincidence that I too am in the midst of the same dilemma.

( May be all great men think alike! )

Well this is one subject which I don’t think can be trivialised.

There are too many factors to be considered before even venturing into a business.

The first and the foremost is what do you really want?
Is it just the lucre of money or you are really passionate about it.

Remember for every successful business there are ten failed businesses.

The second question is do you have a concrete proposal in mind.

The third do you have the experience and the money.

If you said yes to all,

My final question , what are you waiting for?


I would suggest you first get down to prepare a business plan. Work out the economics and the feasibility of the project. Take the help of some one experienced enough.

Make a proper research about the product to be marketed. See if you have gained the necessary experience to manage it.

I would rather concentrate on mainly two things- Finance and the Marketing.

Money doesn’t come easy. You will have to worry about the Margin money ( dig into your dad’s pocket) , the loan proposals ( maybe use his laptop for that), the angel investors ( call him angel if he pays for the whole project! ) etc.

A good presentation is a good beginning. No one will loan money - angels or VCs till they are impressed.

Many projects fail because the entrepreneurs are technical guys and who concentrate more on the process than on the marketing. Try getting a good marketing person on board. Make a detailed marketing plan.

Also remember , Business operates in a pressure cooker environment. If you cant stand the heat stay out of the kitchen.

Even an iota of doubt- opt for a job.

I would be happy to assist if someone has some concrete proposal that needs looking.

No comments:

Post a Comment