Are some of you an entrepreneur in the IT area?

[Joseph Pino]

I'm a freelancer as a programmer and as technical support (Hardware/Software). I designing a web app and a mobile app on a big scale.

I was wondering if I can create wealth and add value to this world by choosing this path of IT entrepreneurship?

If some of you are either starting on this path or already got through this and have a company or something alike?

If you are, tell me about your experience, please.

I love IT, but, I don't want to be an employee anymore, cause, it sucks so hard.

Regards

 

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[Rabby]

Anything that other people need and are willing to pay for is a starting point for entrepreneurship. Take a look at managed service providers (MSPs) and value added resellers (VARs). Those are companies that stick to the IT space, and they have owners, and those owners are entrepreneurs. Beyond services and 3rd party sales, there's the possibility of making and selling your own software. I would say start small, and use what you know.

 

[Joseph Pino]

Anything that other people need and are willing to pay for is a starting point for entrepreneurship. Take a look at managed service providers (MSPs) and value added resellers (VARs). Those are companies that stick to the IT space, and they have owners, and those owners are entrepreneurs. Beyond services and 3rd party sales, there's the possibility of making and selling your own software. I would say start small, and use what you know.

Thank you so much for that information Rabby!

 

[Jon L]

IT can be so many things. What are you wanting to focus on? (What might be a better question for you to ask is, "Here is what I'm planning to do and how I'm planning to do it. What do you think about my plans?)

 

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[Joseph Pino]

IT can be so many things. What are you wanting to focus on? (What might be a better question for you to ask is, "Here is what I'm planning to do and how I'm planning to do it. What do you think about my plans?)

What exactly I'm doing, I can't really tell, sorry. However, I can tell that I'm planning to develop a mobile app that doesn't exist in the market yet. If you are wondering, yes, I did a deep research about it before making the decision.

I did that question, because, I wanted to know from more experienced people about entrepreneurship in general about this topic (IT), regardless that I read Millionaire Fastlane (Reading Unscripted ). I needed to be sure in some way. It's always good to hear it from people better than me.

 

[astr0]

I've been trading time for money in different ways as a software engineer for more than a decade.

Now we have a small company with a <50% share in the client's project that's on the market for a little less than 6 months.

The biggest differences so far

• Not getting paid for the time/input is great. Both from "make money while you're sleeping" and "focus on the results" perspectives.
• It scales like crazy. I can't figure out a way to scale a service company so quickly while making sure that everyone has work to do. Tip: don't overengineer things for scale from the start.
• We try really hard to prioritize what's important and do what we think is really necessary. Still, more than 50% effort gets less than 20% results in my opinion.
• Having tons of customers instead of few clients requires some customer support.
• It requires more responsibility and wider skills (from the team). Design, marketing, deal-making, vision, feedback gathering&processing, communication, etc.
• It's more fun than just doing what the client wants.

P. S. I'm no better than anyone and far from being an experienced entrepreneur, but can say for sure that there still are a ton of IT (probably still less than non-IT) business opportunities.

 

[Joseph Pino]

I've been trading time for money in different ways as a software engineer for more than a decade.

Now we have a small company with a <50% share in the client's project that's on the market for a little less than 6 months.

The biggest differences so far

• Not getting paid for the time/input is great. Both from "make money while you're sleeping" and "focus on the results" perspectives.
• It scales like crazy. I can't figure out a way to scale a service company so quickly while making sure that everyone has work to do. Tip: don't overengineer things for scale from the start.
• We try really hard to prioritize what's important and do what we think is really necessary. Still, more than 50% effort gets less than 20% results in my opinion.
• Having tons of customers instead of few clients requires some customer support.
• It requires more responsibility and wider skills (from the team). Design, marketing, deal-making, vision, feedback gathering&processing, communication, etc.
• It's more fun than just doing what the client wants.

P. S. I'm no better than anyone and far from being an experienced entrepreneur, but can say for sure that there still are a ton of IT (probably still less than non-IT) business opportunities.

WOW! What encouragement words astr0, at least for me! Thank for sharing!

 

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[algo]

I would say start small, and use what you know.

Indeed, definitely start small! Once you start scaling a business, there's so much new stuff (other than programming) you will have to learn to handle: marketing, support, employees or contractors, etc. It helps to have a simple & small product/service so you don't feel overwhelmed by the other stuff. Also: start with only ONE marketing channel (e.g. amazon OR SEO OR ads OR guest posting OR etc).

 

[Joseph Pino]

Indeed, definitely start small! Once you start scaling a business, there's so much new stuff (other than programming) you will have to learn to handle: marketing, support, employees or contractors, etc. It helps to have a simple & small product/service so you don't feel overwhelmed by the other stuff. Also: start with only ONE marketing channel (e.g. amazon OR SEO OR ads OR guest posting OR etc).

Thank you so much!
I was very confused about taking this path of IT entrepreneurship.

 

[simplymoto]

What exactly I'm doing, I can't really tell, sorry. However, I can tell that I'm planning to develop a mobile app that doesn't exist in the market yet. If you are wondering, yes, I did a deep research about it before making the decision.

I did that question, because, I wanted to know from more experienced people about entrepreneurship in general about this topic (IT), regardless that I read Millionaire Fastlane (Reading Unscripted ). I needed to be sure in some way. It's always good to hear it from people better than me.

I am a tech entrepreneur in my 8th year. If your app doesn't exist in the market yet, that means there is no demand. Only first time entrepreneur refuses to share their ideas, ideas are a dime a dozen.

 

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[Joseph Pino]

I am a tech entrepreneur in my 8th year. If your app doesn't exist in the market yet, that means there is no demand. Only first time entrepreneur refuses to share their ideas, ideas are a dime a dozen.

What a good point of view. Maybe or maybe not I'm wrong. I haven't had considered in that way.

Thank you!

 

[Jon L]

I am a tech entrepreneur in my 8th year. If your app doesn't exist in the market yet, that means there is no demand. Only first time entrepreneur refuses to share their ideas, ideas are a dime a dozen.

the no demand part of that isn't necessarily true. It could also be that no one has figured out how to make a particular idea work. Building something like that is a rare thing to do, but its possible.

 

[Joseph Pino]

the no demand part of that isn't necessarily true. It could also be that no one has figured out how to make a particular idea work. Building something like that is a rare thing to do, but its possible.

Good point too. As we all know, don't share the exact idea, cause, it may be gold. I just can give a clue about it. Those answers are pretty helpful for me.

 

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[Jon L]

Good point too. As we all know, don't share the exact idea, cause, it may be gold. I just can give a clue about it. Those answers are pretty helpful for me.

Here's the thing with ideas: the best ones will be something you can do that other people can't. And, most ideas are like that. Someone might have a great idea for a new vacuum cleaner. That idea might be great, but its not something I can copy. They have a mechanical engineering background. I don't.

My idea for a personal training app might be a good idea. I'll only know if it is if I'm able to make it successful. If it is, it will only be a good idea for me, and the handful of other people who can: design an app, get it built, put together a team in a low-cost-of-living area that will provide the actual coaching, plus care enough about the fitness industry to bother with any of it.

People's domain expertise matters a LOT. I can build an app (or get it built), but I don't know what you know about the particular area you're building that app for. That knowledge is critical if I hope to compete with you on that particular idea.

 

[Joseph Pino]

On the IT business. Is it possible to make money fast in some way, or it takes the same time as the other kind of businesses?

 

[Rabby]

Services (that are already in demand) and reselling are both generally faster compared to developing a product. The concept is that you don't have to develop a whole product before selling something. You just have to be capable of rendering the services (and selling), or getting an agreement with a larger company to resell their software (and selling).

The down side to services is that, until you find a way to scale beyond "you," rendering the service will take up your time. Is that where you are as a freelancer? Would making more money freelancing solve your current problem, or do you need something else?

From your current position, one answer might be "contracts." If there is a fairly large job you can do for a company/customer, get a contract for the job between your corporation and theirs. Make sure you can deliver, because you'll have a contract saying you will. With assurances in place on both sides, you can make room in the contract to hire some help. This assumes you have some experience hiring people or working with other contractors you can trust, and that you can pay a lawyer a few hundred for a contract review. Whether this is right for you, I can't say, but it's one of the things I would consider to break through the solo-freelancer ceiling.

 

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[Joseph Pino]

Services (that are already in demand) and reselling are both generally faster compared to developing a product. The concept is that you don't have to develop a whole product before selling something. You just have to be capable of rendering the services (and selling), or getting an agreement with a larger company to resell their software (and selling).

The down side to services is that, until you find a way to scale beyond "you," rendering the service will take up your time. Is that where you are as a freelancer? Would making more money freelancing solve your current problem, or do you need something else?

From your current position, one answer might be "contracts." If there is a fairly large job you can do for a company/customer, get a contract for the job between your corporation and theirs. Make sure you can deliver, because you'll have a contract saying you will. With assurances in place on both sides, you can make room in the contract to hire some help. This assumes you have some experience hiring people or working with other contractors you can trust, and that you can pay a lawyer a few hundred for a contract review. Whether this is right for you, I can't say, but it's one of the things I would consider to break through the solo-freelancer ceiling.

I became a freelancer simply because I needed a new source of income. My current job isn't enough for my goal. I've always worked alone, I never considered working as a freelancer in a team. Yes, making more money would solve my current problem,

I appreciate the information and advice.

Thank you so much again!

 

[algo]

Here's the thing with ideas: [...]
People's domain expertise matters a LOT. I can build an app (or get it built), but I don't know what you know about the particular area you're building that app for. That knowledge is critical if I hope to compete with you on that particular idea.

Indeed: domain expertise is vital. I'd say this includes:
- technical understanding of the producer side (how to get it built)
- understanding the consumers in that niche (what they do and do not care about)
- having access to some the consumers/clients that you can ask to become test users
- understanding what distribution channels the consumers expect you to use
- etc.

 

[Joseph Pino]

Indeed: domain expertise is vital. I'd say this includes:
- technical understanding of the producer side (how to get it built)
- understanding the consumers in that niche (what they do and do not care about)
- having access to some the consumers/clients that you can ask to become test users
- understanding what distribution channels the consumers expect you to use
- etc.

Thank you so much again!
All these answers are gold for me now!
I'll study them to be able to take the best path to start!

 

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[Joseph Pino]

Here's the thing with ideas: the best ones will be something you can do that other people can't. And, most ideas are like that. Someone might have a great idea for a new vacuum cleaner. That idea might be great, but its not something I can copy. They have a mechanical engineering background. I don't.

My idea for a personal training app might be a good idea. I'll only know if it is if I'm able to make it successful. If it is, it will only be a good idea for me, and the handful of other people who can: design an app, get it built, put together a team in a low-cost-of-living area that will provide the actual coaching, plus care enough about the fitness industry to bother with any of it.

People's domain expertise matters a LOT. I can build an app (or get it built), but I don't know what you know about the particular area you're building that app for. That knowledge is critical if I hope to compete with you on that particular idea.

It's a mobile (Android at first place) app. Its focus is on parties. It makes planning a party easier and efficient in a particular way, that's where the "It doesn't exist in the market yet" comes from.

 

[Joseph Pino]

Indeed: domain expertise is vital. I'd say this includes:
- technical understanding of the producer side (how to get it built)
- understanding the consumers in that niche (what they do and do not care about)
- having access to some the consumers/clients that you can ask to become test users
- understanding what distribution channels the consumers expect you to use
- etc.

So useful! Thank you!

 

[NursingTn]

Read 7 day to start up.

Forget ideas. Don't bother protecting your idea. Make a quick video that explains the idea you have in mind, draw up the idea, make a stupidly simple barebone version of the app, you get the idea. Then show it to people and ask them: "if you think this is worth buying, then will you give me a dollar so I can support myself while I make it happen?" Think Kickstarter.

IT is great. So many opportunities. Pick a specialty, e.g. computer, networking, software, cloud, cyber security, whatever. Then niche down hard core. Your goal is to deliver a specific solution to a specific audience.

For example, I am good at general computing, e.g. troubleshooting PC hardware/software problems, basic web design, whatever. So I'll be in the IT support specialty. I'll niche down hard.

My business, then, is "I help seniors living in nursing homes fight loneliness by setting up YouTube and Skype for them to connect with their loved ones, other seniors, etc."

Or maybe "I help non profits manage their IT infrastructure for continual smooth business operation flow by providing a low cost monthly subscription of 24/7 IT support."

Nah, maybe I'll "help forensic cleaners get more skilled laborers by setting up a basic job hiring website with managed social media presence to recruit people 24/7 since the work is depressing as hell".

Eh, I don't know what will work. Only way to find out: just do it, and fail fast. Most important thing is, be creative. If you're working to solve a problem, then your idea will probably be 50-50 useless or useful to people. You'll find out when you get the ultimate idea validation: people throwing money at you to make it happen before you even begin making it happen.

 

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[Joseph Pino]

Read 7 day to start up.

Forget ideas. Don't bother protecting your idea. Make a quick video that explains the idea you have in mind, draw up the idea, make a stupidly simple barebone version of the app, you get the idea. Then show it to people and ask them: "if you think this is worth buying, then will you give me a dollar so I can support myself while I make it happen?" Think Kickstarter.

IT is great. So many opportunities. Pick a specialty, e.g. computer, networking, software, cloud, cyber security, whatever. Then niche down hard core. Your goal is to deliver a specific solution to a specific audience.

For example, I am good at general computing, e.g. troubleshooting PC hardware/software problems, basic web design, whatever. So I'll be in the IT support specialty. I'll niche down hard.

My business, then, is "I help seniors living in nursing homes fight loneliness by setting up YouTube and Skype for them to connect with their loved ones, other seniors, etc."

Or maybe "I help non profits manage their IT infrastructure for continual smooth business operation flow by providing a low cost monthly subscription of 24/7 IT support."

Nah, maybe I'll "help forensic cleaners get more skilled laborers by setting up a basic job hiring website with managed social media presence to recruit people 24/7 since the work is depressing as hell".

Eh, I don't know what will work. Only way to find out: just do it, and fail fast. Most important thing is, be creative. If you're working to solve a problem, then your idea will probably be 50-50 useless or useful to people. You'll find out when you get the ultimate idea validation: people throwing money at you to make it happen before you even begin making it happen.

WOW! Another one! Thank you so much for this!

 

[KAA]

I own an MSP. The #1 challenge I have found with starting a business based on a skill you have is that you're not just in the business of delivering your skill. You are in the business of convincing people to buy the delivering of your skill and then making sure there is a mechanism in place to keep them happy. With an MSP there are many upfront costs. Plus, managed services is a very competitive field. There are very few owners who break the barrier of not having to do the work themselves so they can scale. To really succeed as an MSP you need to put systems in place to acquire and serve your customers. You need to 1.) set up the tools to market, sell and manage (CRM, RMM, SEIM, etc.), 2.) establish vendor relationships (hardware, cloud platform, antivirus, etc.,), 3.) document your procedures for EVERYTHING so that you have standards, systems and quality control and 4.) differentiate work roles and put people in place to do the work so that you are in an ownership and not worker bee role. In my opinion, an MSP has the potential to be a Fastlane business if you build it with the proper Human Resource System as discussed in Ch 19 of The Millionaire Fastlane . This is what I'm working on with my company now. If you achieve this, your MSP can be very profitable and attractive to buyers when you want to cash out.

If you do have skill with coding. I would suggest starting with that because there is a much lower barrier to entry and you can leverage the power of the internet for little to no cost. You can start making money and then stay with that method or reinvest it into an IT services firm. It can also be much easier to sell a product than a service.

I will tell you that to run an MSP that is able to serve customers properly takes $$$$$$$ and technical employees who know their stuff so you don't get sued for messing up a customer's system and creating downtime, or losing their data, or a million other things. I don't mean to discourage you, I just want to let you know what you would be up against and what you would need to do to be successful. Good luck!

 

[Joseph Pino]

I own an MSP. The #1 challenge I have found with starting a business based on a skill you have is that you're not just in the business of delivering your skill. You are in the business of convincing people to buy the delivering of your skill and then making sure there is a mechanism in place to keep them happy. With an MSP there are many upfront costs. Plus, managed services is a very competitive field. There are very few owners who break the barrier of not having to do the work themselves so they can scale. To really succeed as an MSP you need to put systems in place to acquire and serve your customers. You need to 1.) set up the tools to market, sell and manage (CRM, RMM, SEIM, etc.), 2.) establish vendor relationships (hardware, cloud platform, antivirus, etc.,), 3.) document your procedures for EVERYTHING so that you have standards, systems and quality control and 4.) differentiate work roles and put people in place to do the work so that you are in an ownership and not worker bee role. In my opinion, an MSP has the potential to be a Fastlane business if you build it with the proper Human Resource System as discussed in Ch 19 of The Millionaire Fastlane . This is what I'm working on with my company now. If you achieve this, your MSP can be very profitable and attractive to buyers when you want to cash out.

If you do have skill with coding. I would suggest starting with that because there is a much lower barrier to entry and you can leverage the power of the internet for little to no cost. You can start making money and then stay with that method or reinvest it into an IT services firm. It can also be much easier to sell a product than a service.

I will tell you that to run an MSP that is able to serve customers properly takes $$$$$$$ and technical employees who know their stuff so you don't get sued for messing up a customer's system and creating downtime, or losing their data, or a million other things. I don't mean to discourage you, I just want to let you know what you would be up against and what you would need to do to be successful. Good luck!

Don't worry! You must tell how things really are on IT entrepreneurship! I need to know both sides of the coin! I must know what I'm facing! Thank you!

 

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