For context I’m 21 currently working a job making 85k a year working 40 hour work weeks, in my free time I brain storm ideas and topics and try to find problems in the niches I’m in and see if I can come up with a solution. But I have the problem where I’m having so many ideas and I see so many businesses operating that I don’t do know what to get into I don’t want to get into the common business like laundromats and such I have bigger ideas but just don’t know how to execute, I don’t know how to take action towards them because of lack of network in those fields so how do I go about making more connections and making my ideas for my passions more than just ideas and a legitimate scale able business any advice?
How do I find the path for what I want to do through all the noise?
byu/Mateo121314 inEntrepreneur
Posted by Mateo121314
8 Comments
Simple
Reverse engineer it, start with the achieved state in mind and then work your way backwards.
For example, if you want to be rich trading, find out how much you want to be making, how much time and money it takes, and reverse enginner it to the absolute first trade.
Works for everything else as well.
Personally, I’m a fan of doing it old school, go with what you know, and if you don’t know something, pick it and learn everything about it.
Pick an industry, any industry, and see if you conceptually like it. I picked medical, but I’m also ok seeing and hearing about some of the most horrific and disgusting things around. But pick an industry and become an expert, find the pain points, find the problems, and use that knowledge to fix it.
So many times I see people looking at 10 different industries and I just chuckle a bit, they couldn’t be more far apart in how they operate, the difference between the world of financial litigation and lumber is astronomical. Some industries have a blue jean standard and others have a full suit standard.
So focus on where first, then the networks become easier. Go to a conference or event, meet people, talks to them, learn, become part of the network for that industry
Honestly, i feel like common businesses like laundromats and such are the best to make money in.
Though i guess it depends on what you want to achieve by doing business. I want to do something great for the community and the world as well through business but it helps to have a solid income/savings to rely on before you start a riskier more unique business.
And that my friend is the million dollar question.
Stop listening to anyone and listen to yourself. I’m not even kidding.
Stop talking to anyone about anything and just sit for an hour and ask yourself what you should be doing, or what decision you should be making.
The first answer you hear will be your gut. Listen.
bruh… even a laundromat requires you to read the complete service manual and be able to repair your own machines on the fly. What you are calling a common business is still one that people can fall flat on their faces hiring repair services and going bankrupt trying to make work.
Like another comment says, focus on what you know and are an expert at. Do not find out the hard way that you are completely in the dark about most of your great ideas.
I started an Anime Cosplay Cafe Gift Shop FLGS. I worked in the restaurant industry while getting my BBA in Accounting. I know what is required in the back of a cafe kitchen including floor sink drainage and a 3 pan sink with soap, rinse, and sanitizer. I know that I needed a specific volume water heater to pass code. I know how to separate floor space on an architectural plan between cafe and retail perfectly so my max occupancy is 49, one under the limit that requires advanced fire systems and thousands of dollars extra in licenses and inspections. I know how to secure a beer and wine permit, safeserve certification, and adhere to local laws and regulations. I also can keep books myself instead of needing an accountant since that is my profession.
Don’t quit your day job… save up and focus on the fine details of what you wish to accomplish. I have been watching Anime for almost 30 years and am a 44 year old weeb. I had a startup in Convention Ticketing and got to know tons of agents and celebrities that I book for events at my cafe to make it shine. I have already put one competitor in the area out of business and am working on getting a further away one shut down by being the go-to place for Anime fandom in my modest city of roughly 7.8 million people.
An Entrepreneur wears 10 hats and needs a huge head for them to sit on.
(1) First some brainstorming sessions to produce a few ideas that seem good. Involving others and/or ChatGPT may help.
(2) Then do some market research to acquire knowledge about these business types. Again, it’s good to tap into others or ChatGPT.
(3) Then do a Cost Benefit Analysis. This will allow you to quantify the ideas, and choose the one with the highest value. This may include a business plan for monetization.
(4) Then create a prototype/MVP. You must complete it. Then you can reevaluate your direction if necessary.
P.S. Networking is pretty important if you dont have the specialized knowledge or resources needed to vet the idea, build it, or fund it. Idk how to solve that, but some ideas are: Meetups, university groups/clubs, industry conferences, hackathons.
Use your $85k job to fund your network expansion. Look for conferences, masterminds, or online communities specifically focused on your highest-priority niche. You need to stop focusing on what to do and start focusing on who knows how to do it. Buy those people coffee or jump on a quick call.