Hi Friends,
I am not sure if anyone has felt the same but I have always felt that even though I have several busniess ideas and concepts that I think can be of real potential, but when it comes to materialize those I am always so skeptical. Part of the reason is , I am a full time IT professional and I have no prior experience in starting my own business, so there is always this fear of taking the first few steps that might lead to a very successful business venture.
A few hurdles I have faced in putting my ideas/comcepts into actions are:

1) Even though I know what I want to do, but I don’t have prior business experience.
2) Writing and formulating a great business plan is a bottleneck.
3) Not enough knowledge about how to go forward with the ideas.
4) Lack of finance knowledge.
5) Not many people to share the ideas with , and hence not able to get inputs from others .
6) Understanding the canadian business laws.

These are just a few of the bottlenecks that I have faced, but most important thing is every idea is targeting a specific industry . I might know the technical know how of the business idea, but when it comes to the in depth knowledge of the specific industry we need someone who has experience in that sector.

For eg: If I have a business idea for real estate sector, I might know what I want to accomplish, but I am not a realor and in order to target all the needs the sector what we need is someone who knows that stuff..

As every had several different aspects to it : technical, financial, retail, laws, funding, web designing, database management etc..

So, the bottom line is if we are able make a team of people who are masters in their own domain then it would help us to share and implement the ideas that we all have.. And that means success to everyone..

What I propose is to make a team of people who can meet and share the ideas/concepts/experience and see where it takes us.

If this makes sense to anyone , please drop me a line and we can meet up and atleast take the first steps to realize out dreams.

Looking forward to hear from anyone and everyone.

Thanks for taking your valuable time to read this posting.

Vini.

Quote:

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Originally posted by rocky_cali

Hi Friends,
I am not sure if anyone has felt the same but I have always felt that even though I have several busniess ideas and concepts that I think can be of real potential, but when it comes to materialize those I am always so skeptical. Part of the reason is , I am a full time IT professional and I have no prior experience in starting my own business, so there is always this fear of taking the first few steps that might lead to a very successful business venture.
A few hurdles I have faced in putting my ideas/comcepts into actions are:

1) Even though I know what I want to do, but I don’t have prior business experience.
2) Writing and formulating a great business plan is a bottleneck.
3) Not enough knowledge about how to go forward with the ideas.
4) Lack of finance knowledge.
5) Not many people to share the ideas with , and hence not able to get inputs from others .
6) Understanding the canadian business laws.

These are just a few of the bottlenecks that I have faced, but most important thing is every idea is targeting a specific industry . I might know the technical know how of the business idea, but when it comes to the in depth knowledge of the specific industry we need someone who has experience in that sector.

For eg: If I have a business idea for real estate sector, I might know what I want to accomplish, but I am not a realor and in order to target all the needs the sector what we need is someone who knows that stuff..

As every had several different aspects to it : technical, financial, retail, laws, funding, web designing, database management etc..

So, the bottom line is if we are able make a team of people who are masters in their own domain then it would help us to share and implement the ideas that we all have.. And that means success to everyone..

What I propose is to make a team of people who can meet and share the ideas/concepts/experience and see where it takes us.

If this makes sense to anyone , please drop me a line and we can meet up and atleast take the first steps to realize out dreams.

Looking forward to hear from anyone and everyone.

Thanks for taking your valuable time to read this posting.

Vini.

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the originators post is often what I have thought of in the past.

I am probably in the same boat.

When it comes to business - No pain no gain. You have to take risks and I am a risk adverse person.

I am not sure what kind of business you have in your mind. But doing a MBA from a reputed institute would definitely give you a head start in getting business acumen and establishing contacts with like minded people. Remember, a technical person may not necessarily have the management skills to run a business. That's the reason most technical companies hire people with Management background as CEO/CFO's. Though there are exceptions like Bill Gates, Michael Dell, Richard Branson, the percentage of such people in the business world is far less than the percentage of people with a solid educational backgrounds.

The above suggestion holds good only if you really want to make it big in business. On the other hand if you're looking into small businesses like staffing services, ethnic restaurant, franchising or a sole proprietorship then you need not sweat that much. Just raise the capital, take financial advice from CPA/Tax consultant and go for it. Also make sure to keep your day job until you get yourself well established. Good Luck.

Thanks to everyone who has responded to my post.

The business what i have in mind is not of running a franchise, or any small scale venture. What i have in mind is something that right now does not exist and would be of a real potential in futrure.
Just to let you know i do hold a masters degree, but still if i were to go ahead and say that i know everything would be too much emblising the facts.
Even though i can pursue the plans myself, but to get help and ideads from people who are masters in their own domain in invaluable.

I do beleive in taking risks, and make a genuine effort in trying to accomplish dreams.

Thanks,
Vini.

Hi everyone,

I have some first hand experiece on this topic so thought of sharing. I have a well paying job which could be the dream job of anyone trying to settle down in this country, but its boring to the nails. I have been looking to quit and get full time into business but wonder how sensible that would be.

I started my own sole proprietership business along with my job . It was very raw initially but has sort of taken off now. I have had consistent good returns for the past few months, inspite of recession. But now is the cruch .... to take it to the next level I require heavy financing because no business can make it big without throwing ample money into it.

Have tried banks for LoC's etc but they refused since not mcuh credit available to my personal finances right now. So, here is the moot problem: even if you have a start-up and its doing reasonably OK hw can you take it to the next level in this country? I have already been through all the stages of setting up, risk taking, changing plans, evaluating etc. Had an idea, implemented it, got succses But then it gets stuck at it!

I am not averse even to hire a professional to get a project report made for financing but worked with two guys who took their money and could get nothing done! So even if you a super plan, financing it coud be a Big Big issue!

Any thoughts are welcome!

I have been wanting to put up such a post myself for about two years now but was always skeptical, simply because most of the peole using this site are new immigrants looking for ways to get advice on settlement, jobs, get things cheaply etc. It is difficult to find people, not that they are not available on this site, but just a bit difficult, who want to think big and take risks.

I have tried this earlier with some CDs, but find that while people do want to get into business, they lack either financing (not necessarily that they do not have the money, but basically want to start small businesses) or risk taking capacity, or both.

Here I see someone come up with a basic and clear understanding - to make it big, you do need to be ready to take bigger risks.

Okay, so here I am, ready to participate, and participate fully with financing, ideas and I have a reasonably good risk apetite (it does not mean I have large dollar amount - but what it means is that I am ready to lose 75% of my life's saving even at this stage of my life), and yes, to lead the team if necessary with a lot of working experience, international business knowledge and providing a place to start things from or place to discuss things at.

Let's put thoughts into actions - let's try and meet as soon as possible - just for a session or two of brainstorming.

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Chandresh

Advice is free – lessons I charge for!!