After working in the IT industry at this level or that , i have realized that in the end we are just like numbers nad can be made redundant at any time or can be replaced , so the importance of havign the own business is always there.
now the problem is what to start:
Start a Computer Shop
Start a Clothing shop (selling Paki dresses with indian name)
Start a Desi Food resturent ( big investment = no money)
Start a Desi Take away food ( all cash in hand $$$$)
Start a Desi Grocery Store.
if you have a good credit or got internal connection in financial institutions you can try opening up a desi restaurant and make your self lots of money. Also a investment for grocery store isnt that much, since most of the stuff which you will be selling on consolidated basis. Try talking to some financial institutions if they can offer you some loan.
If you can get financial backing from an bank 30 would represent your 20% down payment and your total leverage becomes 150K.
That is suficient for a lot of business ideas but if you seriously want to make money long term I would suggest using that to start a business in Pakistan.
For the US you can go into real estate (though 150K is rather small for that), but you may be able to do this part time. Desi resturants can be fun though its not exactly professional. You may also want to go into getting an already running business change management and have it run on the side while you continue your own work (Something like a hair saloon - where basically the babers pick up most of the expenses and all you are doing is providing the place).
My two cents : Whatever you want to do, make sure you know the business and you are passionate about the business. If you opt for a particular business only for the money, pretty soon you will be lost (and yes, possibly bankrupt too).
For example, ask yourself...do I know enough about the restaurant or the grocery business process...is there someone who can guide me etc...am I really interested in the work that this business will entail...
The single most important thing is having passion about the business... the money and the rest will automatically follow.
[QUOTE]
*Originally posted by Some1: *
My two cents : Whatever you want to do, make sure you know the business and you are passionate about the business. If you opt for a particular business only for the money, pretty soon you will be lost (and yes, possibly bankrupt too).
For example, ask yourself...do I know enough about the restaurant or the grocery business process...is there someone who can guide me etc...am I really interested in the work that this business will entail...
The single most important thing is having passion about the business... the money and the rest will automatically follow.
[/QUOTE]
I don't quite agree. There are some businesses that you can start on the side and put some trustworth person (a retired uncle or something) and just go check on it once a day.
As hmcq said once you have some financial backing you can get into a Motel or gas station or something. You don't need to be an expert, just some know-how of the resources.
^ Maybe I didn't get the topic clearly. I was not thinking about a mundane side business. I had a full-fledged entrepreneur in mind who wants his business to continually grow as opposed to being satisfied with just one grocery store/gas station on the street corner manned by a retired uncle.
I have a full time job as an IT manager, I started a computer company on the side, doing home networking, webhosting etc (http://www.themediumtech.com) and till the company starts making money in the 6-figure mark I don’t want to give my job up. I can be replaced ofcourse, but as long as I’m doing my job and keep the network/infrastucture humming I don’t think I’m gonna be losing my position. I’m planning long term, investing in real estate. In about 15 yrs I should own enough to be called a rental landlord (I already rent the downstairs of my house).
Dat's ma name, don't wear it out. Some desi kids called me baba and I used to feel bad. Then I'm like I might start calling myself that too and that way the hurt wont be as much :-)