[ygolo]

Originally Posted by attilla the honey

Hi there, TEC is The Executive Committee, but there are organization like YEO which I think stands for Young Entrepreneurs Organization.

Thanks for the tips.

Originally Posted by attilla the honey

Because I was in manufacturing, I needed cost accounting, as well as tax and management accounting. When I was consulting (after I sold my first business), I was going into businesses where the owners were really ignorant of the all of the statements as well as the ratios for the banks.

So, whenever I am asked about the more important thing about starting a business, I always tell people to get an education on the financial side of the business especially the cost accounting and the ratios the bank and other lenders will expect from you.

I guess I don't know what I don't know. I got a 10-day MBA book and there was a whole section on ratios. They all made sense to me conceptually, but can't say I have commited them to memory.

Originally Posted by attilla the honey

So what is the problem with starting an engineering firm or software or commercial construction or oil and gas consulting???

I know many engineers who own oil and gas companies or exploration companies who have complete control (except over the markets)???

There is nothing wrong with starting an engineering company. That is a dream of mine. The main obsticle is my own self-confidence. The main reason I would want to be an entrepreneur is for freedom. But I know that businesses can actually end-up sucking-up all the owner's time on things he/she dislikes doing (which would defeat the purpose). I am not sure I am extroverted enough for the task of persuasion.

I told my parents I was interested in starting my own company and they freaked. "You're a smart guy, but you're no Bill Gates," was one phrase uttered.

There is a perception in the circle of people I am around that entrepreneurship has high risks of financial ruin, and most of them are quick to point out that I have a high-paying job already. "Why get greedy?" (I have a hard time explaining the freedom angle) If I can clearly seperate "failure" from "financial ruin," then I would be far less hesitant.

To paint a clearer a picture, by background is in integrated circuits. The main tracks I was interested in are either a Fabless Semiconductor business or an Electronics Design Automation firm. Here is a self-touting video on EDA.

The main reason, for these choices is that I don't (haven't) like(d) the tools nor the methodology used in any of the chips I've worked on (4 distinct, i.e. non-stepping chips, in three different organizations). I believe they all suffer from similar flaws in methodology. And the tools...

Quite frankly, I believe EDA tools (collectively) are the worst quality comercially sold software on the face of the planet, and that the people who use the tools are as much to blame for the crapiness as the tool makers (long, rantish story).

At the same time, chip manufaturing is subject to Moore's Second Law, and design suffers from a similar phenomenon. Imagine having twice as much data every 18 months, and using the same crappy (often one generation crappier) tools.

I would love to create a methodology+tools to run circles around more backward thinking companies, but for a business plan I would prefer a Blue Ocean approach. Beating another (large, sucessful) company, seems like poor motivation for a business.

Anyways, I could go on like that... I have a lot of internal issues to work out before I venture out.