Comments on: 20/20 Hindsight: Temptation http://www.caycon.com/blog/2010/02/2020-hindsight-temptation/ The Secret Sauce for Entrepreneurs Mon, 6 Sep 2010 16:37:00 -0400 hourly 1 http://wordpress.org/?v=3.0.1 By: Tom Dykstra http://www.caycon.com/blog/2010/02/2020-hindsight-temptation/comment-page-1/#comment-467 Tom Dykstra Mon, 01 Mar 2010 02:01:11 +0000 http://www.caycon.com/blog/?p=228#comment-467 From your post, I know: 1. You enjoy having your own business, 2. You now have the experience to run a business, 3. You have expertise in youth and education, 4. You have a passion for youth and education, 5. Your former business folded in late 2008 when the economic climate caused many businesses to fold, 6. You have decided to switch the business to eCommerce. Here are some things I would like to know: 1. What eCommerce business are you considering? 2. What eCommerce experience do you have? 3. Is this eCommerce for youth and education products? Here are some questions I think you should ask yourself: 1. Do you know more about eCommerce than youth and education? 2. Do you have more passion for eCommerce than youth and education? 3. Have you modeled both business alternatives to know the potential return of each alternative? The biggest risk anyone can take is trying to do two things at once. From your post, I know:
1. You enjoy having your own business,
2. You now have the experience to run a business,
3. You have expertise in youth and education,
4. You have a passion for youth and education,
5. Your former business folded in late 2008 when the economic climate caused many businesses to fold,
6. You have decided to switch the business to eCommerce.

Here are some things I would like to know:
1. What eCommerce business are you considering?
2. What eCommerce experience do you have?
3. Is this eCommerce for youth and education products?

Here are some questions I think you should ask yourself:
1. Do you know more about eCommerce than youth and education?
2. Do you have more passion for eCommerce than youth and education?
3. Have you modeled both business alternatives to know the potential return of each alternative?

The biggest risk anyone can take is trying to do two things at once.

]]> By: A Lady http://www.caycon.com/blog/2010/02/2020-hindsight-temptation/comment-page-1/#comment-466 A Lady Sun, 28 Feb 2010 11:17:05 +0000 http://www.caycon.com/blog/?p=228#comment-466 Hi Tom, thank you for the insights and I really like to ask your professional advise whether or not you considers below as temptation or opportunity for me. First of for your kind info, I have started a company in 2006 targeted for youth and educational institutions. However in late 2008, the company folded due to lack of capital but luckily we have completed our contract successfully. It was a very devastating moment for me because I was just started to grasp the business nitty gritty and found opportunity to develop the company to the next level. In short, after it folds I have decided to find strategy to raise funds for business capital plus buy back the shares from the shareholders as one of them requested it to be paid back. In that effort, I was forced to find ways that I can do by myself and utilizing whatever resources I have; that was why throughout the entire year and a half since September 2008 up to just recently a month ago, I've opened up myself to study all kinds of business opportunities to conduct fund raising...yet only to realized that my passion grew stronger in the line of business I've chosen in 2006 and that's just my dream, Sir, to make my vision a reality. Therefore, with the thought of my previous market and resources, I have decided to switched the business to eCommerce. And to rebuild the company again, I am now in action to find the capital for the entire year...I am looking very much forward to receive your feedback. Thank you and have a blessed week:)) Hi Tom, thank you for the insights and I really like to ask your professional advise whether or not you considers below as temptation or opportunity for me. First of for your kind info, I have started a company in 2006 targeted for youth and educational institutions. However in late 2008, the company folded due to lack of capital but luckily we have completed our contract successfully. It was a very devastating moment for me because I was just started to grasp the business nitty gritty and found opportunity to develop the company to the next level. In short, after it folds I have decided to find strategy to raise funds for business capital plus buy back the shares from the shareholders as one of them requested it to be paid back. In that effort, I was forced to find ways that I can do by myself and utilizing whatever resources I have; that was why throughout the entire year and a half since September 2008 up to just recently a month ago, I’ve opened up myself to study all kinds of business opportunities to conduct fund raising…yet only to realized that my passion grew stronger in the line of business I’ve chosen in 2006 and that’s just my dream, Sir, to make my vision a reality. Therefore, with the thought of my previous market and resources, I have decided to switched the business to eCommerce. And to rebuild the company again, I am now in action to find the capital for the entire year…I am looking very much forward to receive your feedback. Thank you and have a blessed week:))

]]> By: Tom Dykstra http://www.caycon.com/blog/2010/02/2020-hindsight-temptation/comment-page-1/#comment-302 Tom Dykstra Fri, 12 Feb 2010 22:19:25 +0000 http://www.caycon.com/blog/?p=228#comment-302 Ask what current product line or target market you would give up to release resources to pursue the new opportunity. If the answer is none, then take a pass. If you are willing to give up products or markets, write a business plan for the new opportunity to determine what resources it will require. Map the resource requirements onto your current plan to determine what you need to eliminate to get the resources. Compare the losses in your current plan to the gains of the new opportunity. All ties go to the incumbent. Ask what current product line or target market you would give up to release resources to pursue the new opportunity. If the answer is none, then take a pass. If you are willing to give up products or markets, write a business plan for the new opportunity to determine what resources it will require. Map the resource requirements onto your current plan to determine what you need to eliminate to get the resources. Compare the losses in your current plan to the gains of the new opportunity. All ties go to the incumbent.

]]> By: Akira Hirai http://www.caycon.com/blog/2010/02/2020-hindsight-temptation/comment-page-1/#comment-301 Akira Hirai Fri, 12 Feb 2010 21:12:31 +0000 http://www.caycon.com/blog/?p=228#comment-301 That's a great point, Tom. What are your thoughts on how an entrepreneur can tell the difference between an opportunity they should pursue and one they should pass up? That’s a great point, Tom. What are your thoughts on how an entrepreneur can tell the difference between an opportunity they should pursue and one they should pass up?

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