I’ve been working for about 12 years in a specific industry. I’m now studying an MBA in the UK. I’ve also got an engineering degree, but I’m much more of a generalist and I think my skills lean towards management and the big picture.
I want to start a business, but I have no clue what to do and what to offer. My drive is towards accusing more financial independence for my family and I. I guess management consulting might make sense, but I don’t believe I have enough experience for that.
I’ve been pondering what else I could do to at least make a start and I’m coming up with nothing. So, I’m just curious as to how other people came up with ideas.
How did you get your first business idea?
byu/dirtychinchilla inEntrepreneur
Posted by dirtychinchilla
3 Comments
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First business was a bar & grill a couple friends and I used to visit after work, and one day the owner mentioned it was up for sale. We had never considered something like that but the price seemed right and how hard could it be? (It was awful).
Second business was a computer & electronics shop I opened in town. I got the idea from a big version I visited in a nearby city (Fry’s Electronics) and thought it might do well in my medium-sized town. It did okay but big box retailers were getting more and more into the same products at the time and I couldn’t compete, so I closed it. I had a great landlord who let me out of the lease.
Third was based on an improved product I had been working on over the years in the aviation field. We had used an expensive version at a job I used to have and it was pretty poorly designed and engineered. I knew I could make something better and eventually did. Once I had my first sale I went full-time at it and built it up to $4M in revenue ($800K net) and sold it.
This kid at school wanted a piece of gum so I got annoyed with him for asking and asked him to pay me a dollar for it. To my surprise he did.