Grizzled entrepreneur: Pounce now

August 11, 2009
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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?
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  • Mark HillAugust 12, 2009 10:06 AM
    David has been a mentor of mine for many years, and I always appreciate his perspective.

    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.
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  • TomAugust 12, 2009 12:01 PM
    I just started an IT Consulting firm in January and have seen explosive growth due to the market demanding lower cost solutions such as ours. Many of our competitors are raising their hourly rates from into the $125 - $175 range and we have a lower cost alternative of $100 per hour with the same, or often times, more experience than these other firms. Additionally, we are able to offer companies who can't afford large solutions an alternative, such as off-lease equipment, and software solutions with the same or similar functionality for less.

    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!
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  • Neal MooreAugust 12, 2009 1:00 PM
    I couldn't agree more with David and Mark Hill's perspectives. Indeed, I'm in the thick of it, having recently launched my digital communications firm, Neal Moore Communications. I'm finding significant interest in job outsourcing by companies needing professional services who are disinclined to hire new employees. Repeatedly I've been advised by trusted colleagues who know what they're talking about that, as David suggests, this is exactly the right time for business creation.
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  • Jim JayAugust 12, 2009 1:10 PM
    David's experience speaks volumes when it comes to starting businesses. Innovation has been key to his many successful businesses and is key to anyone starting a business focused on growth and capturing market share. The success factors David mentions apply to all business whether new or more mature. Business leaders cannot do business the way they once did - they must continue to innovate and reinvent their businesses.

    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!
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  • StanAugust 12, 2009 2:02 PM
    I started my consulting business in February 2001, at the height or perhaps the depth of the dot com crash. A fellow consultant, who was much older and wiser than me told me that I could not have picked a worse time to start a new business. I knew he was right, but I figured if I could survive bad times, I would be OK. Now 8.5 years later I am still surviving. Now might be a worse time than 2001, but for someone with a good idea and some business sense, bad economic times can be a good time to start a business.
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  • Brandon PowellAugust 13, 2009 11:22 AM
    Best quotes of the year, “This is the opportune time for entrepreneurs. Rethink old practices that have been cast in stone for years and years.” But, lets not forget a key word in his quote, Entrepreneur. A lot of people long for the independence and freedom that owning a business represents. They forget that the rewards of owning a business are accompanied by the risks and uncertainty their present employer is assuming for them. They want the glory, but they may not have what it takes to tough it out on their own. So a quick suggestion. Before peeps start rethinking old practices. Ask yourself are you ready? True the time is right. The economy is down and their are many examples of companies that were started in down times. But are you ready to play the game?

    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.
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  • philAugust 13, 2009 6:17 PM
    The economy isn't kicking the snot out of every business or business type. [1]

    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.
    ________________________________________

    Care to chat?

    my.ideas.suck@gmail.com

    Yes, that's a real email address.

    Were you expecting something spammers would choose?

    ( Best.Ideas.Ever@gmail.com ) ???
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  1. liek the rest of America

  2. These quaint,obsessed musings by the stalkers are certainly entertaining, but I'm trying to figure out what, if anything, all the yelping below has to do with Zak Brown.

  3. It's evident that Moffett was pushing the right buttons and corporate America is now trying to squash him. He just wanted to withdraw the free pilot services provided to the company by the pilots to try and put some pressure on a company that has not been interested in negotiating a contract in over 5 years. The company does not provide a contract because not having one has saved them a bundle of money. Shame on any Republic pilots not standing behind their union leader just because things are getting tough, can you not see such strategic moves by the company as putting the last union president in a corporate position and into THEIR pocket. Do you really believe the last union president is so appalled at the attempts by Moffett, do you not remember his oppositions to the company? We stood behind him. It has been proven over and over again for thousands of years without fail, a man cannot serve two masters. Anyone that believes people vote contrary to their paycheck and livelihood deserve to be taken advantage of, the recent statements by the former union president are laughable as he denounces the current union president from his new corporate position. Have you ever seen a drafted sports player score points for his previous team, it cannot be done, he is not on the pilots side anymore, he gets his money a different way now than you and I do, and he should not be allowed to remain on the seniority list. A drafted player brings strength, credibility, tactical knowledge, and a strategic advantage to his NEW team, he would not be drafted or paid were it otherwise. We are all forced to choose only one side to play for and support, not doing so has many references in life such as insider trading and shaving points, all illegal for good reason. This basic fact is why corporate moguls, scientist, and engineers all sign non-discloser agreements and non-compete clauses, as protection in case they are lured into switching sides as our former union president has done. No NFL coach ever drafted a player so that both teams could benefit and better understand each other, they are recruited to win the game against that former team, period. Likewise the company does not recruit the former union president by accident or mutual understanding, its strategy. Don't confuse playing the game with good sportsman-like conduct in support of common business and prosperity goals, with the requirement to only play for one side. Good men we all love and favor fall subject to this manipulation, often without their knowledge, and it is not a betrayal of their friendship to oppose them when they switch sides. If we did not love and trust them, they would not have been chosen and lured to the other side in the first place. The deception by the drafted player is not made at a conscious level, it's just human nature and it's all about money and power which corrupts our ability to be objective and loyal to two masters. This is why our court system created the defense attorney, and why our military created counter intelligence. Its strategy and its propaganda, and it works, and that's why the "powers to be" manipulate the chess pieces by sometimes changing their colors. Some players know they are being manipulated when their color is changed, but it brings them more money and power so they do not care. The rest have good intentions but do not even realize they are being manipulated. This tactic is also known by another name, Divide and Conquer. In battle sending an imperfect message with an imperfect team is obviously not ideal, but it's still being sent by YOUR team, your union leader, a leader that has common goals and common rewards with you, they are the best, because we have elected them to do a job for us. If you are not backing Moffett but believing the spin by those that have recently switched sides, you are taking food out of your own mouth. Showing unity and backing an imperfect situation still results in taking just as much ground, it's about unity and bargaining power. It's not necessary to wait around for that perfect attack because it will never come, the company will spin and attempt to destroy anyone that gets in their way. Ultimately it's not about any specific attack anyway, ASAP or whatever it makes no difference, it is and always has been only about power. If this company cared about safety it would not build pairings with 8 hour overnights, come on, are you that naive? Besides, do you really think Hoffa cares, no, he got a call from corporate America and was squeezed into denouncing Moffett. If he didn't they would spin the safety card against him and the Teamsters National with implication for truckers, future contracts, insurance rates etc...saying something like the Teamsters use safety as a bargaining chip, blah blah blah... Do you really think any pilot is going to do something unsafe for the contract, absolutely not, the only ones threatening safety here is the company with reduced rest, fatigue, and poverty. Do you not find it odd that Hoffa and the Teamsters are opposing a Teamster president publicly? Would the Teamsters National not normally support and work with one of their own? Why did they not sit down and help him strategize, correct any mistakes, and charge ahead? Would the Teamsters National not normally support and leverage a contract for all those pilots that have been paying Teamster dues, isn't that why we have all been paying Teamster dues in the first place? I sure haven't been paying dues so that the Teamsters National could come along and write this kind of an article undercutting our union leader and our unity. Whose side is the Teamsters National really on, it's obviously not the Republic pilots side.

  4. No matter what Moffatt does the company is going to spin it like he is the terrorist and brainwash people like you into believing it, wake up, back your players that are trying to change things for you and your livelihood. Where has Hoffa been for the last 6 years, except collecting our dues. Seriously, do you really think an FO going for upgrade, signed off by a checkairman ready for the upgrade, who then fails, is not even capable of returning as a First Officer.

  5. whoa!

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