Business or service?
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There is a small research team in our company. Some senior members are planning to start something of their own; sometime next year. They offerred me to come along then. Warm up meetings begin first week of next month. I have two years of exp. and need financial security. What all should I take into consideration before (and if) taking the plunge? They don't have a business plan right now; except that they want to transit away from this company slowly.
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There is a small research team in our company. Some senior members are planning to start something of their own; sometime next year. They offerred me to come along then. Warm up meetings begin first week of next month. I have two years of exp. and need financial security. What all should I take into consideration before (and if) taking the plunge? They don't have a business plan right now; except that they want to transit away from this company slowly.
MayankT wrote:
They don't have a business plan right now; except that they want to transit away from this company slowly.
Sounds like an impulsive reaction by a bunch of unhappy employees. I'd stay away from that sort of instinctive madness.
Regards, Nish
Nish’s thoughts on MFC, C++/CLI and .NET (my blog)
Currently working on C++/CLI in Action for Manning Publications. Also visit the Ultimate Toolbox blog (New) -
MayankT wrote:
They don't have a business plan right now; except that they want to transit away from this company slowly.
Sounds like an impulsive reaction by a bunch of unhappy employees. I'd stay away from that sort of instinctive madness.
Regards, Nish
Nish’s thoughts on MFC, C++/CLI and .NET (my blog)
Currently working on C++/CLI in Action for Manning Publications. Also visit the Ultimate Toolbox blog (New)Nish, actually i don't think many know when is it a good time to start on your own... how should they decide? when would it not be instinctive madness? will thinking and talking about starting a business lead to something? if not what will? business means much more money (the primary motivating factor here). is there where its going wrong?
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Nish, actually i don't think many know when is it a good time to start on your own... how should they decide? when would it not be instinctive madness? will thinking and talking about starting a business lead to something? if not what will? business means much more money (the primary motivating factor here). is there where its going wrong?
MayankT wrote:
when would it not be instinctive madness? will thinking and talking about starting a business lead to something? if not what will?
You said none of them have a business plan. That'd be the first thing you need I guess.
MayankT wrote:
business means much more money (the primary motivating factor here). is there where its going wrong?
Maybe, but without money, a business is not one - it's a charity.
Regards, Nish
Nish’s thoughts on MFC, C++/CLI and .NET (my blog)
Currently working on C++/CLI in Action for Manning Publications. Also visit the Ultimate Toolbox blog (New) -
Nish, actually i don't think many know when is it a good time to start on your own... how should they decide? when would it not be instinctive madness? will thinking and talking about starting a business lead to something? if not what will? business means much more money (the primary motivating factor here). is there where its going wrong?
MayankT wrote:
actually i don't think many know when is it a good time to start on your own... how should they decide?
If you don't know, it's not time yet. If money is your primary motivation for starting your own business, you are in for a bit of disillusion. When starting your own business, it can be a while before you start making money. The only thing that can keep you going during this phase is your passion for the "thing" that you want to do. And before you do anything else, you need to figure out how you are going to make money. You say you guys don't have a business plan. But do you at least have an idea how to generate revenues? And how much are you expecting to make in the first year? Divide this figure by 100 to get a realistic number. "We will make this product and sell x number of copies, resulting in y dollars" doesn't count. "We will get x number of software projects/contracts and earn y dollars per project" also doesn't count. You need to explain (to yourself, or a VC, etc.) HOW exactly you are going to sell those x number of copies of your software or get those x number of software projects, and what happens if you don't. I have seen two startups by friends fail this way, and I am not going that route again. You need to back your projections with real research, not figures pulled out of one's butt. I'm all for starting your own business as soon as you can. But you need to have certain answers before you do. Do your homework. Failing to prepare is preparing to fail.
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Nish, actually i don't think many know when is it a good time to start on your own... how should they decide? when would it not be instinctive madness? will thinking and talking about starting a business lead to something? if not what will? business means much more money (the primary motivating factor here). is there where its going wrong?
If you are intent on making a go at self employment then ... STOP THINK AGAIN and if you are sure then ... Speak with your wife/girlfriend/partner and your children. Tell them of your ideas and possible pitfalls (including potential bankruptcy if venture goes "belly-up"), and obtain their crystal clear approval. Any doubts MUST be taken as a serious objection. Construct a TRUE business plan that includes ALL financial documentation including (1) Profit and Loss Forecast, (2) Cashflow Forecast, (3) Personal Budget, (4) Break-even point, (5) Capital Accounting including any start-up business costs/loans. THEN do ... Research your product in terms of Marketing etc. When you have done that, go back to square one, do it over again to ensure your projections are a fair representation of your potential. THEN ... Calculate the "what-if" scenarios for business failure and the implecations of business failure. BUT ... If you are adamant, then whatever I advise you are likely to ignore it.
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There is a small research team in our company. Some senior members are planning to start something of their own; sometime next year. They offerred me to come along then. Warm up meetings begin first week of next month. I have two years of exp. and need financial security. What all should I take into consideration before (and if) taking the plunge? They don't have a business plan right now; except that they want to transit away from this company slowly.
MayankT wrote:
What all should I take into consideration before (and if) taking the plunge? They don't have a business plan right now; except that they want to transit away from this company slowly.
conflict of interest and corresponding lawsuits, for one. If they and you are starting something remotely competitive there's an ethics lapse tha tcould devolve into a pretty serious lawsuit.
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There is a small research team in our company. Some senior members are planning to start something of their own; sometime next year. They offerred me to come along then. Warm up meetings begin first week of next month. I have two years of exp. and need financial security. What all should I take into consideration before (and if) taking the plunge? They don't have a business plan right now; except that they want to transit away from this company slowly.
Apart from legal problems, do they have a revenue stream ? I worked at home for 2 years before leaving my main job, because I wanted to make sure I had a steady steam of work.
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There is a small research team in our company. Some senior members are planning to start something of their own; sometime next year. They offerred me to come along then. Warm up meetings begin first week of next month. I have two years of exp. and need financial security. What all should I take into consideration before (and if) taking the plunge? They don't have a business plan right now; except that they want to transit away from this company slowly.
MayankT wrote:
What all should I take into consideration before (and if) taking the plunge?
The amount of cash(not tied up) you have.
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