Dave Becker has made a lot of money on ventures including First Internet Bank and a banking software firm called re:Member
Data Services, so his thoughts about the right time to launch a business are not exactly uninformed.
When is the best point in this economic cycle for an entrepreneur to trust his or her gut and go for it? Actually, Becker says, conditions are â??perfectâ?? right now.
Think about it: Finance and all manner of other industries are beaten to a pulp. That means there are opportunities for people who can think of a better, cheaper way to get the job done and undercut the dinosaurs.
In addition to finance, Becker adds, some of the best openings locally are in green energy, life sciences and finding ways to do things with information. The health care sector knows virtually nothing about its patients compared to what the mortgage industry knows about its borrowers, he notes.
â??This is the opportune time for entrepreneurs,â?? he says. â??Rethink old practices that have been cast in stone for years and years.â??
The timing is also right because money will begin flowing soon. Maybe not much at first, but bottlenecks will open as the economy improves.
If a would-be entrepreneur hasnâ??t refined a concept for a business, nowâ??s the time to do so and get established, he says. That way the business will be ready when the economy comes back.
How do you feel about Beckerâ??s optimism?
When is the best point in this economic cycle for an entrepreneur to trust his or her gut and go for it? Actually, Becker says, conditions are â??perfectâ?? right now.
Think about it: Finance and all manner of other industries are beaten to a pulp. That means there are opportunities for people who can think of a better, cheaper way to get the job done and undercut the dinosaurs.
In addition to finance, Becker adds, some of the best openings locally are in green energy, life sciences and finding ways to do things with information. The health care sector knows virtually nothing about its patients compared to what the mortgage industry knows about its borrowers, he notes.
â??This is the opportune time for entrepreneurs,â?? he says. â??Rethink old practices that have been cast in stone for years and years.â??
The timing is also right because money will begin flowing soon. Maybe not much at first, but bottlenecks will open as the economy improves.
If a would-be entrepreneur hasnâ??t refined a concept for a business, nowâ??s the time to do so and get established, he says. That way the business will be ready when the economy comes back.
How do you feel about Beckerâ??s optimism?
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If you look at the history of success of Venture funds, the best ones are those started when the economy is down. I would agree with David, now is a great time, and there is funding around, for example Halo Capital Group has invested almost $10m in the last 18 months and is looking for more early stage opportunities.
Being able offer companies a lower cost alternative in the tough economic times has given our clients the productivity they demand and has provided Indy IT Professionals with excellent growth in the market. I would say that this year has been a great time to start our business!
Innovation is such an important theme for our economy right now, TechPoint has choosen to focus its summit on it - Innovation Summit '09.
Thanks David for your support, leadership and mentorship to many!
Are you willing to make great sacrifices to achieve success? Mortgage your house, leave the security and comfort of a paycheck? Turn in that Audi? Jokes aside.
Can you strive against all odds to make your vision a reality? Because remember. If it were easy. Everyone would do it.
I can make a case for one; and part of a second, via the same architecture/engine.
If flexibility is incorporated from the beginning, a lot of features can be added or modified, and not (fingers crossed) break anything in the process.
I have a long-term vision plus a specific set of features for each tier. This will ensure it's easy to take it to the next level when desired.
And finally, I can present three revenue streams.
Now what?
Nearly all of my friends have suggested I go ahead (alone), attempting to defy what borders upon lunacy, even by those with startup experience; bootstrapping up to a point where things can stabilize. The typical garage startup. (Except mine is at the couch & coffee table.)
The remaining have suggested (in their words), selling my soul and move forward as a group.
phil
[1] I also have ideas for four other businesses, but they would (likely) be victims of the economy.
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