i need some advice

[Airry]

i want to be an entrepreneur and start my own business.

i have an idea of manufacturing a new product which is not available in the market(according to my research) - sort of an invention i suppose. ive read books and have come out with a business proposal and i am presently looking for an investor.

im kind of worried. reading those books for new entrepreneurs was quite disturbing. i dont know whether to accept what the authors wrote. just to quote some are 'all entrepreneurs has to go through a tough process' and 'a successful entrepreneur is committed to their own business 24hours, 7days a week.' i understand where the authors were coming from - the advice were for general business. but im still perturbed at the phrases.

i have spoken to some of the seniors - parents, uncles, aunts. most of them said that if i want to be successful, i should work for few years first and gain some experience and gain a better understanding of the business world first, before starting my own business.

as mentioned earlier on, my business is sort of an invention, so i have no intention of setting up shops or factories. i have spoken to a company own leading retailing shops and they expressed interest in listing my product when im ready to commence distribution and factories to manufacture the product for me. i dont see the point to commit myself to my business 24hours, 7days a week as there wont be much daily operation for me to manage. so far, i havent been through any tough process, other than finding a right investor. the potential obstacle that i predict will be marketing. i also dont see point of me working first. since i have worked in a legal firm before and i understand how the business world is like. hence i dont believe in working first before being a successful entrepreneur.

so im quite lost now. im afraid that my business may fail. im not against the idea of learning from failure and im prepared to fail. however, its the lost of faith and disappointment to my investor that i will give. i hate to see that.

can someone please advise me on wat to do? should i continue on my belief, or heed their advice. (please provide your reason for ur suggestion in order to convince me. my mum told me to work first and i asked her y. she told me that all successful businessmen work first. thats not convincing to me, thats y i didnt take it seriously.)

thanks in advance!

[fthom]

Well...those quotes are probably still relevant to you as the whole process of having your invention taken to market requires much more work than it may seem (not that I've personally done it) but you would need to promote it, get people to sell it, manage orders from shops etc. and finance the thing.

Another option may be to patent your invention then give a 'distribution license' (i think that's what it's called but I may be wrong) to a company that would manufacture and sell it...this would mean a steady stream of income to you as the inventor.

[awayoflife]

When you have an invention and want to sell it you will have to donate alot of your time to marketing it and getting companies to sell it for you. However for something such as an invention I dont think that 24/7 is really necessary. In the beginning, yes, you will need to spend alot of time but as fthom said, get a patent and maybe license it to a manufacturer.

[ZingerIntl]

Airry... If you are more worried about losing faith, or think the investor doesnt know what risks he is taking, than the excitment of doing something for yourself you should get a job.
Ok here is your convincing... everyone has 24 hours in a day, do you want to work 4 hours a day for 60 years, 8 hours a day for 40, or 24/7 for 10 years. That is way more scary than failing. Scares the shit out of me, thinking people would choose the first 2. 24/7 does not mean the phone always rings, 24/7 means you spend all day thinking about ways to grow, make it bigger and better. Everyone puts in the same amount of time each day. How much are you setting up to get paid for. It also means you have dreams of being free, travels, shopping, security, toys If you are thinking that working for yourself is like a job you must be a terrible boss to yourself. And trust me when you get your first check from your own business you get whats called the itch. Its the demise of marriages and families if you dont know what it is. It is where all you want to do is make more. work harder longer faster. and if you have a partner that has simular and supporting goals great. If not you should get a book on how to help others set and reach goals. A book on leadership. I always say to my wife when she misses me that when we get the next contract I will take her shopping, or to NY or get her a puppy. I set her goals around my goals and that way she wants me to work real hard to get it done so she can get some stupid expensive whatever it is. And then tell her that when we are 30 I will never be working for necessity again, only for pleasure.

Entrepreneurship is a lifestyle you are born with, some want it bad enough to learn it but the point can be argued they always had it.
These are the money making options

trade time for money .............. employee ............... worst
trade time and money for money ................ self employed ............. better
trade other peoples time for money ................. Employer .......... great
trade money for money .................. investor ............... best (most years, lol)

If you dont like these options then the only option is... to
trade idea for money........ books, inventions, copyrights.......... which is great,
trade others ideas time and money for money,........... joint ventures, strategic alliances........ awesome potential or even better,
have a system that runs itself, doing any one of the above, (ex. joint venture copyrighter, people cant afford to patent ideas, you patent for free for 5-25% of life time earnings)
and greatest option of all, have a system that makes systems, which is wal mart, mcdonalds etc, set up the system then hire people, teach them how to set up system.

But you should be way more excited to struggle, in the world alone than coast on the wave to no where. What is scarier? Failing 5 times in the next 10 years and then having everything neeeded to make it work. Or going to a job 40 hours a week 40 weeks a year for 40 - 60 years to retire (Maybe?) on not enough. its a simple choice. The richest people i have ever met all say the same thing. I am rich cause I have failed more than avg. No risk = no reward.

[leonle]

Thanks for those views my ambition is also to become an entrepreneur.

[EBITDA]

24/7 may be an overstatement, but starting your own business will take work. The good news is that if you are passionate about what you are doing, then even if it is 24/7, you won't care.

You do have a responsibility to your investor, but remember, they should understand the risks of investing in a start-up, and should go in knowing that the investment may be a bust.

Not sure how old you are, but I imagine young. Remember, you can always get a job. But once you have a job, it will be difficult to leave and pursue entrepreneurial activities.

Advice - if you've done your homework and are convinced you can make a go of it - jump in; find a mentor; keep your vision; develop systems for your business; get to a place where you are working on your business rather than in your business; rinse and repeat.

Nick
TransCapital Pro