I want to be an entrepreneur, now what?

by albeddit. Posted on Sep 11, 2020    1    19


I'd like the idea of starting a business at 55 y.o. Never done it myself. Just worked in a couple of startups.

I'm willing to risk my time and career, but not so much my money.

I haven't any particular ideas. Is that a problem?

I only know that must be some kind of tech company.

I have maybe some fields of interest, like online education, traveling platforms, software development (tools and platform), data analysis, and collection, digitalization of processes in general.

Not so much of an idea. Nor contacts, nor any potential buyers.

​

Where should I start? or should I rather stop fantasizing right away...?


Comments

igordimitriev

Now contact me and we can discuss about business opportunity to earn money from global turnover while people make shopping worldwide.

Piccoleti

I'm 35 and currently setting up my own business. Who said only youngsters could create companies? Our advantage is definitely the experience we've been accumulating!
As many people will say here, you need to find (a) solution(s) to existing problems before selecting a particular sector .

nickydlax 1

You say you don't mind risking your career, but don't want to risk your money. Can you expand on how you think that makes sense? In what possible case can someone risk their career without risking thier paycheck? I guess only communist it could work.

  albeddit 1

I mean that spending some years pursuing some business idea, instead of improving my skills will make me less employable if I fail. Or at least I will only find shitty jobs after that.

I wouldn't mind a pay cut and a shitty job if I've still some money left. If I also lose my money, it will be worst.

BBDante 2

At 55 I guess you have enough money to invest and live out of dividends or something like that. Therefore, you are covered as long as you don't lose your money (principal). This is actually much easier to do in a capitalist environment, like the USA, than a communist one.

At least that's my plan, work another 20 years in order to save enough to have a stable income from investments, than live my job and make my own business using the experience and connection I will be making in the meantime. So I totally understand where he is coming from.

nickydlax 1

In the usa you can loose all of your money. In a Communist government when everything is given to you, job, rent, food, you can't really loose much lol. (Also can't gain anything)
"As long as you don't loose your money" but to live off of dividends you need roughly 2m in the market. I would bet a fraction of that 2m he doesn't have that much in there. Starting up a company is always a risk to money unless you get a free loan that you don't have to pay back under any circumstances

  albeddit 1

something like that. but with no big dividends to enjoy...

Freefrombitches123 1

What would you teach?

  albeddit 1

I'm rather interested in online learning platforms. Maybe the improvement of existing ones. Or different learning models. Or companies based on the management of learning platforms.

And, myself, I would teach IT related technologies

icantfindaname2020 2

Some of the areas you mention like online education, travel etc have fairly low barriers to entry and it is possible to build and test out various products/solutions with very little upfront costs.

I would recommend picking one area - say online education. First understand the current market - try out the various apps / solutions in the domain, play around with them - what do they excel in ? what do they lack ? Check out online forums and and customer reviews. What are people complaining about ? Do this for about 2 weeks and I can guarantee that you will have your first idea on how to make things better. If you still don't - move over to the next field of interest.

Once you have identified an idea/ solution hypothesis, invest in building an MVP using a no code tool like bubble or adalo. Show your MVP to a few potential customers and iterate from there.

The whole thing can be be achieved by spending a few hours a day with a budget of maybe $100 a month.

One tip about the MVP from previous experience - go narrow and deep i.e pick a small segment of the market and build a deep solution.

nickydlax 5

You should not be an entrepreneur just to have the title. I believe that's what your going after. People become entrepreneurs because they are searching to do things and create things that no company can offer them.

  albeddit 2

well, I think the desire to do and create things is real. However, I don't know exactly what. And I'm not sure where to find it.

Tiamatisus 6

Honestly, I believe that you don't become entrepreneur by saying "I want to be one", but by having an idea, service or solution where you see a lot of potential and deciding to risk it all while following the execution of what you believe in. It's more complex than it looks like.

I've been entrepreneur for the past few years and my company builds websites and applications. It's not easy.

  albeddit

ok, but how did you start? "building websites and applications" it's hardly an original idea.

I also think that building applications can be profitable. But it's difficult to understand how to start out of nothing

Tiamatisus 4

Being an entrepreneur is not about having original ideas, but having the right solution or product for the right people and then building fully operational business model.

And here's the thing. I don't even code. I've never done a line of code in my entire life. But I have the best developers with a lot of experience who believed in me and decided to join my team. So, basically being entrepreneur also means being a good leader and communicating well with people.

How did I start? By having a single client for whom I had the right solution. Then having the second client. Then risking and hiring the first developer without having many inquiries.

Also I have a Business Consultancy company that helps startups grow. And I own a small company that manages short rental properties.

I guess that I just see the opportunity, offer the right solution and then build the whole operation until it becomes just like a perfect machine.

How can you start is a different point of view. Think about your skills and your know-how. What are you good at? Do you make amazing ice cream, are you passionate about sales or you love repairing cars? I would advice you to start with a business in which you understand at least the basics.

The basics:
What your potential customers are looking for?
Where are they looking for the solution/product?
What would cost you for the execution? In terms of time or money.
What is the initial investment?
What do you need in order to make it sustainable?

  albeddit

having the first single client is the hard part for me.

Or at least is a part that I don't know how to tackle.

After that, it will be hard, but it will be problem-solving hard. Something I would feel comfortable with...

Jamothee 2

Interesting story man.

Where did you start off?

I've just launched a commercial cleaning company and am neck deep in learning digital marketing also. I'd like to learn enough to start up an agency eventually.

I'd like to get both of these to the point where they can run with minimal input from me, so I'll be working on fine tuning all the systems over the next few years.

What have you found the most challenging parts about running your companies? Any other ventures on the horizon for you?

Cheers

Tiamatisus 1

Thanks, man.

Honestly, I don't know what should be considered as a "start". I tried different things, got experience in various areas, got deeper into business operations and revenue strategies. Then tested. Had many mistakes, lost a lot of clients, learned many things. It's a journey without starting date or ending date. But maybe for my first "entrepreneurial" experience I can count cleaning cars when I was 10 and getting paid for it. (20 years ago)

Good luck with your cleaning company! Which city/area do you offer your services? In the beginning it will be difficult and you'll have to make a lot of compromises and learn the hard way, but don't worry. It gets easier with time and experience. If you want - share your website and maybe I can give you advises on the marketing part.

Digital Marketing is cool. I've been managing and consulting companies about it for 3-4 years, but it's hard to find good employees and that's why I'm more into development now.

You'll have a lot of challenges, but the thing is to have a focus and move one step forward every single day. That's all. Business needs time and efforts. And you're fighting to get your first references - then the clients will come.

My personal most challenging part has always been finding the right partners. You can never do it yourself and alone. But finding people with whom you have the same vision for the future and you can trust them - that's a difficult one. Also right now I'm facing a huge challenge in entering the US market, since I don't have many contacts around.

Maybe no new ventures in future, just trying to grow and expand in the USA. That's my focus right now.

Best,

Jamothee 1

Thank you for the advice and support! It seems everyday there are mental hurdles that you need to jump. I keep finding myself thinking, why don't I just play it safe and get a job. But that's not what I want. I want freedom. I want flexibly. I know the best way forward for me is to follow this path.

I have DM you our site.