How do you decide on what you next venture is?

TommyCarey Level X³

1

July 20, 2016, 4:40 am

19

How do you decide on what you next venture is?

Some people get it right the first time and have a successful website that occupies most of their time. But like most of us, we are always grinding in order to find that golden goose so we can be rich down the road


So how do you pick your next business venture?

For me I always write down ideas and save them in a file on my computer titled "New Website Ideas" and whenever I'm ready to get something going, I'll go into that file and pick what I think can be done quick. Most of the time the new websites will take a month to get off the ground, but that's pretty typical since I don't market a website and fix things as people report the bugs lol

Some of my ideas I fixate on more than others. I'll always go back to them and update the files to make them even better so that when I do start them up I don't have to explain much to people that I bring in to help. For example, I have one website in the making and all I did was email my programmer and designer a text file that I've been writing in for the last 8 months. They read over everything and knew exactly what they had to do. And since I've been tweaking the file for so long to make everything more clear and the outcome even better, my programmer and designer didn't have many questions for me.

I would suggest that everyone do this as well because it works well. Think of it as a journal but you're updating the same files every time you write an entry


So do you guys and girls do the same thing, something similar, or something completely different?

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Lynne

Well I do everything myself. It would be so nice to be able to write down what I want and pass it down the line of command. I had an employee once... and it was a scary event. One that I am too scared to try again, well at least for a long, long, long, long time.

I don't feel I will ever trust anyone ever again with my business after that. I am going to start outsourcing some of my work soon to some of the freelancers here and I think that will be easier for me.

0 8 years ago

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EliteWriter

I have trust issues as well. Several years ago I used to work in a team and delegated a good part of the work. However I realized that it is practically impossible to find someone whom you can truly trust. I only ended up dealing with people who were inefficient, outright lazy and I could not even trust them with keeping to a deadline. I only had problems and ended up doing double the work as proofreading was necessary more often than not. So they were basically being paid for nothing. The result - more work for me, less time, AND more frustration!

1 8 years ago

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Lynne

Yes! And you know what? I don't mind people that are a little intellectually challenged or the people that work a little slower than me... what I can't handle are the lazy buggers. The ones that purposely work slowly to make you do the bulk of the work... or even worse the people that do a terrible job even though they have the ability to deliver outstanding work, but they just can't be assed to do it... then you have to do it all over again. And doing work all over again often takes 3 times longer than it would just to do the job yourself in the first place.

Sorry for the rant... but I can't handle lazy people that do a shitty job.

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EliteWriter

We agree on that! It does take much longer than if you had to do it yourself. Just imagine - I had these kinds of situations very often. You assign a batch of articles, and you give a deadline. Despite the fact that they were given several days sometimes even a whole week, the day arrives and still nothing... you message them - no reply. After several messages, you finally get a reply - they are not ready yet! How come? Because they do not care! I then end up doing it all myself, and to that you would need to add up all the time that was wasted in waiting, explanations and messages.

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Lynne

Exactly! I like people to work like I do. Start working immediately, not loaf off or procrastinate, and do a damn good job, not a slapstick job started at the last minute.

I don't mind at all when someone really gives it their all and maybe the job is not so great.... it is a different thing entirely and I would rather give a person like that the job.

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TommyCarey

Partnering up is more of a route I would prefer to take over hiring employees to do work. At least if you have a partner you can guarantee that he or she won't go off on their own use your idea on a new domain. Obviously you'll need to have a contract in place in order to avoid this, but that's pretty standard.

If you do end up hiring an employee to do the work, there's not guarantee that they will be invested in the project. Whether they're invested or not, you should always have them sign an NDA agreement as well as a No Compete agreement. Make the No Compete agreement last for 100 years lol The standard time is around 5 years, but I think that's too soon. 100 years will guarantee they don't steal your idea and run with it. The only problem with this is that people can share your ideas with friends and those people can run with it. If you can't link your employee with the competition, you can't do anything

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Lynne

Oh my gosh, I didn't even answer your question! I went off on a completely different tangent lol.

I have so many ideas that I want to get off the ground one day, but I just don't have the time. I also have a file, or rather files with ideas in.

Oh it would be so great to be able to get there one day, they are awesome ideas but I just don't think I will get there.

So far with my websites I have gone with what I am passionate about, my 3 main interests are done. So even though I have loads more ideas for more things to try out and get started the main ones I am busy with already.

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Webguy2024

Hi Razzy,

First thing that happens with me is an idea! From there I work on figuring out the complete model from beginning to end. I run many scenarios to identify the following and more: technology needed, business environment, SWOT analysis (Business Strengths, Weakness, Opportunities & Threats), business plan, marketing plan and a lot more. Feedback is Key: I also discuss my idea with family, friends and colleagues to get feedback and their point of view. I pay special attention to their concerns so, I can address problems and fix them.

I find that going over these elements repeatedly in my minds eye is a great problem solving technique and opens up a whole new set of ideas and models that that I add to the original idea. I have to say that before I start a new venture the process of me going over and over an idea has happened hundreds maybe even thousands of times. It is quite tiring but it helps increase your chance of being a success and can help you avoid missteps once you do launch a new venture. I always striving to build a disruptive technology or a model that transforms and industry. This way in the very least you can sell and idea through private equity firms that specialize in business acquisitions and are experts is valuations for intangible assets, such as technology.

Once all the initial planning work is complete, I execute on the idea as planned.

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EliteWriter

I think that is a great idea Razzy. Sometimes great ideas come at the most unexpected times. If you do not make a note of them, you end up forgetting all about them, which would be a pity. Not having time to bring an idea to action at the moment does not mean that it is not going to be viable in a few weeks time when you have more time or are able to see to it and devote proper time and attention to it. This applies in everything, even for article ideas, and I like to do this too.

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anwebservices

I usually have more ideas then i have time to realize all of them so there is always something on "to do" list Sometime i am not sure how to implement one of my ideas, but occasionally i see someone else doing something similar, so i just reinvent it with my idea and do it my way which is probably better way as i think so. Sometime i also working on my ideas for long time to think how to do it best or easiest way, resaerching on internet etc... Everything starts with good idea anyway. After you work on it, make calculations and implementations....

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TommyCarey

I'm kind of in the same boat lol. I have more ideas than I have time

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hitmeasap

Well.. I have ideas. And I get a bunch of new ideas each day so that's not a problem for me.. My biggest problem is to find time to do something with my ideas.. I often work with several things at the same time and I know that's not the best solution for me.. Even though I have a team of people who'll do whatever I tell them to do, it's still hard to find enough time to do something with my ideas..

I think I do things a bit wrong actually. I get hooked on something and spend as much time as I can with that specific thing, for a few hours or a few days, tops. Then I'll need to go back to my regular things again.. So it's a struggle, but I'll come up with something sooner or later..

Best Regards,
hitmeasap

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CryptoGuru

i would take all my options into consideration, you have to know what your good at and what you have trouble with you know, once that is figured out feel free to branch out in to other areas were you feel you could expand your self on, for example if you know a lot about car then make sure to find something that you can take full advantage of like selling car parts or something i do not believe in to just jumping into something new but do believe in branching out in to things you already know , as long as you apply your self sky is the limit

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