Couple of Biz questions

[fletch]

Hello guys,

My 1st post here. Btw I've enjoyed the discussions (passively) so far. Couple of questions; just want to bounce some thoughts and see the responses.

1) What do you guys think about switching specialization as an entrepreneur. For example I'm a wireless engineer but I'd also love to start something in the food industry. Is it common for people to jump like that? What are the common pitfalls to watch out for as a newbie?

2) This is more of a follow up to the previous question. It seems to me that to enter a new field, its paramount that one understands the in's and out's. The best way to do that would be online research, read up a lot etc or (the best way maybe) network with entrenched entrepreneurs in that field to get the info. Now, what are the best places/websites to network with entrepreneurs? Can anyone suggest good websites to network with hi-tech entrepreneurs as well (In US) like a conference thingy?

Let me know what you guys think.

Fletch..F..Fletch

Receptionist: "Sugar, Mr. Poon?
Fletch: "No, never, never."

[Sam Barona]

I can answer Q-1. In my opinion/experience there are no drawbacks to entering a new area, although there are clear benefits in dealing in areas that you have expertise and contacts in, of course.

you will have to digest as much information as you can about your new industry (no pun intended). Depending on how hungry you are for information, you can read up a book a week and network on top of that.

One of the key benefits of entering a new arena is the fact that you see things with fresh eyes, you see opportunities that most people i the industry just dont see due to their entrenched views and preconceptions.

By the same token, you will not readily see the many pitfalls. I am certain that here you will find people who are in the industry you're going into.

Good luck

Sam

[JaytheCreative]

It is commonplace among aggressive entrepreneurs to dive into industries or fields alien to them. It's not too far-fetched and basically the pros outweigh the cons of doing such things, I say.

A friend of mine in California has operating or have operated, a business consulting agency specializing in capital management, an online childrens' bookstore, and now an online store based in fashion marketing (As she is a fashion marketing graduate).

Myself, I'm aiming for the bar and restaurant business, automotive business, financial consultation firm, and so forth...

Just takes strong research, healthy partnerships with experts in the related fields, learning from experience, and so forth. But, there is nothing that beats the excitement of new ventures! So, I say, if u would like to experiment in a new field u're very interested in, go for it!

[akula]

Great questions..

1) I'd wrongly assume that the answer is "no". It's a culture thing. Nobody wants to give breaks to founders who are green in any particular space. However, what normally happens is that the entrepreneur will pick a space, go in, fail, figure out everything what they're actually supposed to be doing, try again and succeed. So, it doesn't matter what space you go into, because you'll end up being an expert in this space anyway (what ever it is).

Theoretically, however, doing the whole industry sea change is entirely expected. The whole point of discovering opportunities is about cross intersection between disciplines. Likewise, when you drill down to what it actually means to be an entrepreneur, it doesn't matter what industry you work in because business skills are industry agnostic.

Overall, by comparing theory to reality, I'd say that because industry drift is an overwhelming occurrence (most famous entrepreneurs, and the entrepreneurs I personally I know operate in fields they were not originally trained in), it's a totally encourageable and a totally natural (because opportunity happens at industry intersections) phenomena.

I wouldn't characterise industry drift as "switching specialization as an entrepreneur" because as an entrepreneur you're gonna end up doing the same thing regardless of whether it's a wireless startup, a coffee shop, an oil rig in Alaska or property development in Manhattan. All entrepreneurs perform the same roles irrespective of their chosen industries.


2) Here's top three general clubs:

http://www.churchillclub.org

http://www.svase.org/

http://www.tie.org/

from there you'll find many more specialised workgroups, like http://www.w2forum.com/ or what ever (they've got heaps of wireless events coming up)