I started my company (EMJ) from the trunk of my car (and it was a small trunk so that's a small business). I grew EMJ to $375,000,000 in sales prior to selling it to SYNNEX. I am now CEO of a $1 billion business. My successful blog at (jimestill.com) generates a lot of comments and questions. I want to share one of these thoughtful questions with you, and share my answer.
"First off I just want you to know all I'm asking for is advice, which is the most valuable thing I can get right now.
I have been working in a field of interest for many years now as a hobby. I've always had many very good ideas but I never had the resources to make them happen. I always figured it was because I was too young. Now I'm older, I have a job and I'm plagued with the same problem. I'll have a great idea but it will usually be out of my range because I either do not have the technical ability, the funding or resources to make the idea I vision happen.
My most recent plan evolved from my experience running similar websites, I found there was an un-fulfilled need. I decided to start judging the need for what I was offering so I did my homework and contacted over 130 other similar sites. Within a day I had 20 sites interested in what I had to offer. That's great and all but those 20 sites generate about 6 times the traffic I could handle. So once again I'm in the same position. I do not have the resources I need to properly execute my idea.
My basic question, what is the best route to take when you have a great ideal that is more then you can handle.
A little more about me, I'm 23 years old, I have been running web sites and involved in the industry for around 6 years. I have a good paying job in another industry which makes it even more difficult to make the "jump".
Thank you for your time."
1 - There is never a right time. Entrepreneurship involves risk. This means yous sometimes need to just jump. This said - I always say "fail often, fail fast, fail cheap" so I always look at the downside.
2 - It is very powerful to be under resourced. It will make you more resourceful and likely allow you to run a leaner more competitive business.
3 - I like to choose opportunities that are the right size for me now. This is a beautiful thing for business - there is always a right size business opportunity for everyone at every size. When you are starting from your basement, you can take a $100,000 opportunity and do well. Bigger companies cannot do this so will leave you alone.
4 - When the opportunity is too big for me, I consider narrowing my scope. Instead of being the biggest seller of bar code equipment, be the bigger in bar code for warehouses etc.
5 - Consider partnering. It is better to have 10% of something that is worth something than 100% of an idea.
6 - Ideas are a dime a dozen. It is the implementation that counts. How often do you see a restaurant with a line outside and the one next to it goes bankrupt. All the time. Ideas are easy.
7 - I know a lot of people who almost start businesses. They are not successful. To steal from Nike - "Just do it". And do it now. Time is the enemy of ideas and business. Someone else has the same idea. It is the one who perfects it that wins.
Innovation is often explained in technical terms-tangible products or processes that result from technological development-there has been a preoccupation with rational, analytical innovation models. However, a number of industrial studies have shown that for a technological innovation to succeed three important people involved and seven important conditions to satisfy. The combination of these people and conditions satisfies the need for creativity and implementation. The three key people are:
China, in Asia, is a country, which is developing rapidly and creating hurdles and challenges for developed countries. After 1976 the Chinese people took more interest in improving their economical condition. It’s only due to their firm faith, struggle, and hard work. Good decisions make a nation lucky and the same case was with china. One important decision was made in 1980 and it was about to create several Special Economic Zones (SEZs) in China. This step made the customer and the international businessmen more close to China. The center was down south, which compel the British government to invest in this scheme because it was just across the Hong-Kong border. Every country of the world took her part and invests in Shenzhen. In a rough calculation over U.S.$60 billion were invested in china at that time. Because it was a center which attracted the not only businessmen but also customers to come and visit. It was first time in history that a tiny city became popular within short period of time. People with different ages, now, working there and earning money. They are spending a prosperous life. They spend most of their time in work. In a survey it was estimated that approximately 12 million Chinese have been moved to Shenzhen. China sends thousands of youngsters in United States for study and technical education.
Entrepreneurs are an ambitious lot, and true to form, make up some of the wealthiest people in the world. Whether speaking of Bill Gates and Steve Jobs or J.K Rowling and John Grisham, the business branding expertise and talent of some of the most successful entrepreneurs is indeed an extension of their work. While many might not consider authors to be entrepreneurs, anyone who turns an idea into a household name is exactly that.