Author Topic: My (The) Big Chance of becoming an Entrepreneur  (Read 1035 times)

RedKing

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My (The) Big Chance of becoming an Entrepreneur
« on: May 24, 2018, 07:56:39 PM »
So, we moved recently from Dubai to Austin TX due to a new job of my wife.

The Background

I had a good job in Dubai as the Operations Manager / Head Planner. Over the past 5 years I became established a very good relation ship with my Boss based on honesty, trust and hard & smart work.

The actual Big Chance

Because of the good relation ship with my Boss he is willing to support me in the USA while coming up with a good idea + plan for a business. He would be investing in the business with money while I will have to do all the work. Which is fine with me.

I'm a carpenter (German Schreiner Meister = Carpenter Master?) but the company in Dubai was fabricating heavy equipment for the industry. Like big conveyors, superstructures, cranes, tumble mixers for steel smelters etc. As the operations manager is was responsible for about 40 people as Staff and up to 350 labour workers of all kinds (welders, fitters, operators, etc.) and the complete workshop from big 1000 ton bench press to CNC operated pipe and profile cutting machines.

So, now I'm searching actively for:
.Ideas on what business to start. It could be anything, preferred something that I have some experience with and as long as I can make a proper business plan of it.
.People that have business ideas and where looking for someone to partner up with. If you are or know that someone contact me.
.People (networking) to get a feeling for the market (in Austin and Texas). Again, contact me please.

This blog and community has helped me so much already that I'm hoping for some great feedback.

I'll keep posting along the way as time permits.
The secret of getting ahead is getting started.

OkieM

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Re: My (The) Big Chance of becoming an Entrepreneur
« Reply #1 on: May 25, 2018, 10:56:23 AM »
You aren’t far from the Permian Basin, the center of oil and gas activity for the US (N.A.? World?). There is lots of demand for all types of metal bashing to keep the rigs running and oil flowing. That’s one possible place to look for ideas.

SeattleCPA

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Re: My (The) Big Chance of becoming an Entrepreneur
« Reply #2 on: May 25, 2018, 11:35:42 AM »
As an idea generator (though maybe not an actual source of ideas) you might want to peek at the businesses for sale at bizbuysell.com.

You'll see a listing of largely real small ventures. Some will be strikingly profitable.

Also this comment: A leveraged buyout (using your old boss's money as the equity down payment) would be one traditional way to be an entrepreneur.
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RedKing

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Re: My (The) Big Chance of becoming an Entrepreneur
« Reply #3 on: May 26, 2018, 07:53:37 PM »
Thanks for the replies so far. I'll check it out.
The secret of getting ahead is getting started.

tralfamadorian

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Re: My (The) Big Chance of becoming an Entrepreneur
« Reply #4 on: May 27, 2018, 09:45:06 AM »
Do you want to sell a product or a service? If the former, would you produce that product or have it fabricated elsewhere. Those are the first questions I would ask myself in your situation.

Is there a tool or a piece of equipment that you used in Germany or Dubai that is not present in the US that you believe would have a market? Is there something that you jerry rigged yourself that you believe others would want to use in the carpentry or fabrication business?

Or would you like to provide a service? Your background would make it very easy to start a contractor business for which you would instantly have as much business as you could handle given the current market.

RedKing

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Re: My (The) Big Chance of becoming an Entrepreneur
« Reply #5 on: May 28, 2018, 03:10:03 PM »
Do you want to sell a product or a service? If the former, would you produce that product or have it fabricated elsewhere. Those are the first questions I would ask myself in your situation.

Is there a tool or a piece of equipment that you used in Germany or Dubai that is not present in the US that you believe would have a market? Is there something that you jerry rigged yourself that you believe others would want to use in the carpentry or fabrication business?

Or would you like to provide a service? Your background would make it very easy to start a contractor business for which you would instantly have as much business as you could handle given the current market.

I'm playing around with both the ideas of either selling a product that I could have made partly in outside of the USA due to some good conections to some forges, foundries and machining shops and I could control the quality that we would get right there instead of having it shipped to USA and then find out that there are some cracks or mismatches.

When it comes to service, I would definately love the idea of setting up a crew and do repairs and fixes on houses. Maybe even buy fixer uppers and fix them while there are no other jobs. The problem I see there at the moment, is that I miss all the licenses necessary for such works. I guess that could be fixed by hirering the right persons tough.

I'm getting the details together for both ideas already, and wil focus on some networking the coming weeks to hopefully get to know the right people.
The secret of getting ahead is getting started.

RedKing

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Re: My (The) Big Chance of becoming an Entrepreneur
« Reply #6 on: June 07, 2018, 02:36:16 PM »
Almost 2 weeks past since my last entry, and I made some progress since then. It was kind of difficult (for me) to find a starting point and smaller milestones that I can work towards too, but eventually managed to come up with some MS and create a basic schedule to follow.

My mind got some peace from thinking all the time, what should I do now? What to do tomorrow? Am I making some progress? How do I know I'm making progress?... until my head explodes. It helped also to contact a friend who just opened his own company and talk to him. It became clear then also that what I'm going through is kind of normal.

So, let's see the what will happen in the next 2 weeks...
The secret of getting ahead is getting started.

2Cent

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Re: My (The) Big Chance of becoming an Entrepreneur
« Reply #7 on: June 14, 2018, 09:58:41 AM »
What I see is the machine industry is just now slowly moving towards the digital/connected world. It makes sense since those machines last for decades. With this change new skill sets are needed. People used to operate a lever now suddenly get a touchscreen or even an application where they have to create a program for the machine to follow. There are a lot of business opportunities around solving this gap.

Bicycle_B

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Re: My (The) Big Chance of becoming an Entrepreneur
« Reply #8 on: June 18, 2018, 03:33:01 PM »
@RedKing, have you gotten more specific in planning what type of business to do?

As a fellow Austinite, it's interesting that your skills focus on machining physical objects, while Austin more often has digital businesses. I read online that the people skilled in machining and so on can find jobs in America, but not sure if this city is where those jobs are. Perhaps the skilled people here end up really busy once they connect with some work, though. 

Anyone who has successfully run a mid-sized production group, as you have, at least has skills that should be useful somewhere. And Austin includes lots of startups, so I suspect you'll do very well once you find a good niche. Good luck!!

PS. If you're still exploring, perhaps someone below would have contacts or ideas:

https://ati.utexas.edu/
https://www.utexas.edu/campus-life/entrepreneurship-and-innovation
http://ic2.utexas.edu/
https://www.mccombs.utexas.edu/Centers/Kelleher-Center/