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Right now, I have no ideas for a start-up. Do you?
I don’t even like the word “start-up,” either. It alludes to a technology business. I’m talking about any business, tech, or brick-and-mortar.
I was involved in several entrepreneurial undertakings. A couple of them I inherited, not in the literal sense, but I was invited to join, or I acquired something that was started before me. There was one start-up that was purely mine: I came up with an idea because I saw an opportunity, and together with my co-founder and a team of engineers, we built a product from scratch. The business failed. I still think the idea and vision were right, but we failed at execution. Our solution was in the youth activities space — helping parents and youth organizations manage after-school activities.
My oldest son asked me the other day: “If you had half a million dollars to spend on a new business, what would you do?”
I had no answer.
There is an entrepreneurial itch in me, for sure. But right now, I just don’t have any brilliant ideas. I don’t even have good ideas. I wouldn’t even need that much money to start a new business. Some free cash to get started, but certainly not hundreds of thousands. That’s one lesson I learned from my failure: if you’re spending to much money upfront, you’re probably failing.
Even without my son’s question, I keep searching all the time. If I discovered a path I was excited about, I’d probably pursue it regardless of having or not having resources. That’s what…