Hello Everyone

[openheavens]

Hi Everyone,

I have flirted with the idea of entrepreneurship for a long time - I have tried several times, but I was never able to get it off the ground. I guess I over-complicated things.

I was laid off at work about 6 weeks ago at the onset of the C0VlD-19 crisis. And that is a lesson on its own - having a job violated the commandment of control. A little bit of context - I worked in an energy software company - I was a software engineering manager / technical product manager. So I basically direct the work of a team of software developers, but also have deep industry expertise in distributed energy resource management systems. So, you would think my job is safe! After all, I was the brain behind the product that was bringing in millions for the company - I designed the system from ground zero up - I was there for more than 8 years. Every significant features in that product was my brain work. I was let go regardless! This is not a sympathy plea! So, don't get me wrong. I just tried to provide the context.

My wife and I agreed that this is the perfect opportunity to start my entrepreneurship journey. Anyway, for 6 weeks, I tried to get something started, but I struggled. I discovered that being an employee for almost 20 years had conditioned my mindset and I had become indoctrinated in a system that cannot do anything without permission. So after struggling for 6 weeks without anything to show for it, I concluded that I need to reprogram my mindset. So, I went looking for a book to read that could at least help me deal with the employee mindset and re-orientate me somewhat in the right direction. After a bit of 'googling', I read on quora.com where someone mentioned The Millionaire FastLane as a book that can help develop the right wealth mindset.

So, I got hold of the book and I read the book and finished the book in less than 24 hours - taking notes like a diligent student. So here I am.

Now, I know what I would love to do - I really would love to teach - that is how I believe I can add the greatest value to people. I know it can be easily be scaled. I only need to teach it once, record it, and then if anybody asks, I can always refer them to the recorded teaching.

How do I come to the conclusion on teaching? Sometime, last week, I decided to send a short survey to my old colleagues at work - a few of them - guys that I supervised and my manager, seeking their feedback on what they think I do best. And all of them pointed out the fact that I would be an excellent teacher - that I have a way of helping them to understand the workings of the industry - even complicated stuff!

Here is where I need help? I know opportunities are everywhere - I just need to look, but I don't think I know where to look. I have always been fascinated with the financial industry - It is one industry I would have gladly pursued if I have not studied as a power systems engineer. For someone who enjoys teaching, how do you think I can speed up my progress?

Is there any checklist somewhere that spells out the steps I can follow that can get me up and running as quickly as I can? I have made up my mind to dump the job - I never want to go back, but I am desperately running out of time!

Any constructive criticism is welcome.

 

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[Odysseus M Jones]

I really would love to teach - that is how I believe I can add the greatest value to people.

Teaching is an honourable profession and can be very rewarding. Congratulations on that!

I have always been fascinated with the financial industry - It is one industry I would have gladly pursued if I have not studied as a power systems engineer. For someone who enjoys teaching, how do you think I can speed up my progress?

How much do you know about the financial industry?

So I basically direct the work of a team of software developers, but also have deep industry expertise in distributed energy resource management systems.

If, as you mentioned, you're running out of time, why not consider teaching what you already know, assuming there's a need for that?

Maybe software development in distributed energy resource management systems is a smaller market than the financial industry, however, when you first start a business it's wise to focus on a specific segment within your target market.
Facebook started just with Harvard campus then three other university campus.
There's a saying that when you try to sell to everyone you end up selling to no one.

You also have to think about quality of revenue, the value you can offer and what people are prepared to pay for that value.
Financial gurus, blogs, newsletters etc are a dime a dozen & there's no shortage of free information on the internet.
How are you going to stand out from all that noise? How will you reach your audience? Who is your audience?

I'm not trying to dissuade you from financial teaching, but you said time is short.

And don't obsess about being fastlane out of the blocks, your idea just has to have fastlane potential.
Worry about scaling the business when you've got customers.

 

[openheavens]

How much do you know about the financial industry?

I don't know as much as I should if I want to pursue this particular industry. I will rate myself a beginner, and I think that is one thing that could be slowing me down in getting traction here.

Financial gurus, blogs, newsletters etc are a dime a dozen & there's no shortage of free information on the internet.
How are you going to stand out from all that noise? How will you reach your audience? Who is your audience?

You are right - there are all manner of financial gurus, blogs, newsletters out there - it is a crowded field. I really appreciate your response and questions on this - I never really gave it a thought about how I'd stand out from all the noise. My audience was going to be people who want to learn about value investing + using derivatives as a hedging tool instead of as a speculative tool. If I were to go this route, there will be a lot to learn, but I may not have the time to really add value the way I would love to. So your comment really removed the veil from my thoughts process - the way I was thinking about it - I guess I fell into the trap of being selfish (thinking about my interests only, instead of how I can better serve the market) .

If, as you mentioned, you're running out of time, why not consider teaching what you already know, assuming there's a need for that?

Yes, I can do this - I can teach on stuff related to power systems, but I am just not sure if there is a market for it - I will have to really dig deep on this one to verify that there is a market for it.

Maybe software development in distributed energy resource management systems is a smaller market than the financial industry, however, when you first start a business it's wise to focus on a specific segment within your target market.

I know I can offer a lot in this market - I mean, truth be told, even the products that I brought to the market with my former employer, I don't consider them the best in the class because I know what is under the hood like the back of my hand, and I was never able to refactor stuff before I was let go.

Another wrinkle is that when joining some years ago, I signed a Non-Compete Agreement with the company - another stupid thing I did when I was operating with a slow lane / scripted mentality. Well, I am not sure how that can be enforced - I reside in a state different from the state the company's office is located. If I have the resources to hire developers, I could build a better product than what they have in the market - their competitive advantage is that they are well connected in the industry - that is their edge. I, in my own case, nobody knows me at the moment.

I'm not trying to dissuade you from financial teaching, but you said time is short.

You did not dissuade me from financial teaching -- what you have done is to bring clarity to my thoughts process on this - thank you for that.

The Power Systems Industry has a high barrier to entry -- I might need to dig a bit deeper to know where the value lies.

For all it's worth, all my experience has significantly been in the energy industry, so I might need to really look into how I can add value / what problems I can solve, if I want to still remain in that industry -- I just don't ever want to get a job again!

 

[Odysseus M Jones]

Yes, I can do this - I can teach on stuff related to power systems, but I am just not sure if there is a market for it - I will have to really dig deep on this one to verify that there is a market for it.

How did you get into this industry? Is there a formal course of study at college or university?
You could reach out to students, offer courses, tutorials, projects, I'm just spitballing here.

Perhaps begin with the institution you went to or somewhere local to begin with. Get some feedback from the students, find out what their pain points are and that's where you can help them.
College education is expensive in the US and people will pay to assure they get a good passing grade.

Start local or as local as possible, build your customers and your offerings then there's a world of colleges and universities for you to tap.

Find out from people who want to enter this profession how you could make their life easier.

Tech people like to read blogs, they devour information.
You could have a website with a forum specifically for your area of expertise.
Make yourself a hub of knowledge, make it a community a place where people want to go for information, advice, socialising and education.

Start small think big, don't build a product until you know there's a demand for it.

Google Ash Maurya, Lean Canvas to see how startups validate ideas & get going, it's enlightening & it's free for 30 days

 

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[openheavens]

How did you get into this industry? Is there a formal course of study at college or university?

Yes, there is a formal course of study - It is an engineering profession - I have a bachelors in Electrical/Electronic Engineering. I also have two Masters - one in Electrical Engineering and the other in Nuclear Science and Engineering. Although, what I did for the past 8 years was more on the business side of industry - I basically designed software that utilities use to proactively manage/reduce energy consumption in collaboration with their commercial and industrial customers.

Google Ash Maurya, Lean Canvas to see how startups validate ideas & get going, it's enlightening & it's free for 30 days

Thanks for the tip. Will check it out.

By the way, thank you so much for your suggestion - this is GOLD - I never really thought in that direction. Will explore the market demand for this.

 

[Odysseus M Jones]

Yes, there is a formal course of study - It is an engineering profession - I have a bachelors in Electrical/Electronic Engineering. I also have two Masters - one in Electrical Engineering and the other in Nuclear Science and Engineering

That's your sizable market there & after they graduate you've got even more contacts in the industry.
I'd imagine learning is a lifelong process in your field.

Actually you could also target existing employees, you already have a network, they could be your first customers, a focus group to bounce ideas off.

And your contacts have contacts, word of mouth is a powerful tool.

Thanks for the tip. Will check it out.

By the way, thank you so much for your suggestion - this is GOLD - I never really thought in that direction. Will explore the market demand for this.

LOL. You're welcome, it's my pleasure to help. I guessed that when you talked about going for the big project.

That's a good idea too. But you need to walk before you can run.

You can fund it with the profits/exit payoff from your first venture.

Good luck, although I'm sure you'll make your own with hard work.