Tuesday, April 1, 2008

ENOUGH about saving money!!! It is true, I can't seem to save money, then why bother writing about it. I thought I if I wrote about it would help me get things in perspective, even though it didn't help me get my expenses in perspective, I understood one thing. EARN MORE MONEY!!!

I am really not prudent – hence the title PRUDENT V R NOT…..

I, however, do have burning desire to earn money and not think about cutting my expenses, but so does the rest of the world. What am I doing to achieve this goal? How will I achieve this goal? More importantly, will I achieve this goal? I can tell you not that answer to the last one is a resounding YES. For the rest of the questions, it is work in progress.

I am watching Donny Deutsch's BIG IDEA, reading Rich Dad Poor Dad, trying to understand WEB 2.0 (which btw people call an oxymoron), and trying to figure out that next small thing which can propel me into the big league. However, answer everyday is the same, that there is no answer. There are some extremely good ideas, but someone is either doing it, or has done it and failed miserably on it. Hence, one solution could be do it better, or create something that will change the structure of the marketplace itself. In doing so, I need to identify the problem that I am solving – CLEARLY. This is WHY the customer will come to me and only me no one else. The problem should be simple and clear, for me to understand so that a solution can be prepared, yet of some substance to the final user for them to push for it.

Where should I look for substance?

Should it be in the industry that I am in already? It makes sense as I would seem to know most about this industry and then have colleagues who critic something if I brought out a new idea.

Should it be in a new industry? I believe that entrepreneurs have no boundaries, they seem to understand business and as long as one has the common sense and some aptitude of learning, one can succeed in any field.

If New Industry, which one? Internet is the easiest choice, with the wave of new applications coming into the market with WEB 2.0 it seems that the market is insatiable. The valuations that you see of some of these companies seem unprecedented. I don't discount the fact that GOOGLE has done well for itself, but not all going to be google. There are marketplaces like adonomics providing valuations to applications which in the real world would never ever have a chance to find a seller. Although, it is a great way to promote entrepreneurship, because these numbers are the ones that entice people like me to think more and more to get into this industry. Venture funds especially formed for Web 2.0.

If Internet is the obvious choice (so I think, and I might just be wrong) then what do I got to offer. I being an entrepreneur not a technocrat, I deal in finance, apparel & fashion industry, what can I do on the internet that would inherently change the structure of the markets there. Maybe using the internet in its new form, there is a way to change the nature / structure of the markets in the real world in industries like finance or fashion or any other industry that we are part of.

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