[Sachidanand]

Hi everybody,

I want to start a venture. I am currently working in a Web technology based company and I want to start a company of my own.

But my problem is that I am really short on ideas. First thing is that I am not sure whether I will start one in IT itself or something other than that.

So, please give me your ideas on this. Also please guide me on what I should do to become a successful entreprenuer.

[smithr97]

i am a fresh graduate can you suggest me which best suits for me i am from the technical side

[richkid]

What is your passion? Choose a business focused on something that you love doing.

[HiTechGadgets]

Yes i agree with richkid. Choose something that you would not wait to wake up and do it all over again. Just write down your plans and goals i think it would help you lead you through success if you implement them. All the best !!

[Cole Taylor]

I never really understood how doing what you love equates to a successful product/service... anyone care to elaborate?

I mean some people have a passion for porn, is that what they should focus on?

How about instead of choosing your passion, which may be yours and yours only, you focus on finding unmet needs in a market you have some competency in?

My passions are, in no particular order: women, gambling, booze, automobiles and motorcycles. Suggest away please.

[richkid]

Originally Posted by Cole Taylor

I never really understood how doing what you love equates to a successful product/service... anyone care to elaborate?

I mean some people have a passion for porn, is that what they should focus on?

How about instead of choosing your passion, which may be yours and yours only, you focus on finding unmet needs in a market you have some competency in?

My passions are, in no particular order: women, gambling, booze, automobiles and motorcycles. Suggest away please.

The reason it is always suggested to create something to do with your passions - especially for new people to entrepreneurship, is because when you are passionate about something:

1. you put more effort into it as id doesnt feel as much like work
2. You will be less prone to give up so quickly
3. You will have fun and it will show in your product or service

just a few thoughts.


In regards to your passions. I just created a website to do with poker because one of the things I enjoy is playing online poker. the link is in my sig, but that shows how easy it is to create a product based on a passion.

[ChrisBenjamin]

Agreed, I wanted to start into something profitable, and there's tons of options, but unless you actually are really into it, it's easy to lose interest. That said, I'm sure there's lots of people who started successful companies in areas they weren't necessarily passionate about and did just great, it just helps if you are.

[CLICK ME!]

Originally Posted by Cole Taylor

I never really understood how doing what you love equates to a successful product/service... anyone care to elaborate?

I mean some people have a passion for porn, is that what they should focus on?

How about instead of choosing your passion, which may be yours and yours only, you focus on finding unmet needs in a market you have some competency in?

My passions are, in no particular order: women, gambling, booze, automobiles and motorcycles. Suggest away please.

Great point, Cole. The advice to find something that you enjoy is only half of the equation, though I agree with Richkid that it definitely IS part of the equation.

A very wise attorney for whom I worked once offered this bit of advice:

No matter what you choose to do, there must be at least two elements present: (1) You must be good at it, and (2) you must enjoy it.

(1) It doesn't matter how much you enjoy a line of work or what great opportunity there is for it, if you are not good at it, you'll never be successful. Even if you are able to keep your head above water in the beginning because you provide a product or service that was not previously provided, if you are not good at providing it, someone else will come in, do it better, and steal your business. You must be good at what you choose to ultimately do.

(2) Regardless of whether there is a wonderful opportunity and you are brilliant at exploiting the opportunity, if you are not happy, you will not ultimately find this to be a good opportunity. In the short run, you might enjoy being successful, but if you do not enjoy the day-to-day activities, eventually you will be unmotivated, unsatisfied, and unhappy. Thus, it is essential that you find something that you enjoy doing.

[rogercbryan]

I know some people will disagree with this. I would say do everything- try everything. At any given time I have 10 projects up an running. I have a failure rate of about 20% (programs that loose money) a break even rate of 60% (businesses that do not become large income earners) and a 20% success rate (companies that continue to make money).

I've had many people tell me I should focus on one idea and stick with it. I've never liked that idea. I do have a solid primary company that pays my bills and gives me a decent life style. But I'm always looking for new opportunities. This is the main reason I spend so much time on the this forum.

Anytime I have less then 5 projects I actively look for new ventures. Some take $5K to start some $100K... but I'm always looking. If you take this approach you'll eventually hit the right one. This isn't an idea for the lazy... I work 12 hours a day 7 days a week... but I love it... so I'll keep doing it.. experiment a bit.

It's very likely that your first business will fail so take this opportunity to try a few things at once. This will allow you to hedge against the inevitable 'bad idea' and I've had many..

Good Luck! Just by being on the forums you are heading in the right direction.

[paul2145r]

I'm not sure about passion for a specific thing being a requirement. Personally, I have a passion for success. I have a passion for money. And, most of all, I have a passion for providing a decent lifestyle for my family. Because of this, I can allow myself to have an open outlook and not limit myself to the industries that I can work within.

[drewie]

In my opinion it is important to have both intrinsic (passion and love for the project) and extrinsic (monetary award) motivators for any venture you decide to engage in.
The money can work as a long-term motivator but to reach those short-term goals, when you are in the deepest valley possible and the money seem really far fetched, you need intrinsic passion to take you over that hill.