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Moving to another state to start a business
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Old Fritz Offline
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RE: Moving to another state to start a business
(11-20-2014 03:02 AM)edtf Wrote:  Investing is a double edged sword if you don't know what you're throwing your money at. What's your background, training, and experience in robotics? If you are a layperson, any con artist can market their snake oil as the next big breakthrough in robotics.

What are your business skills? Can you read a cash-flow statement and evaluate revenue reports? Even companies with the best scientists fail because they are too concerned with doing good science and not concerned with generating income.

How much capital are you putting down? Is it in the millions? I'm also 22, and I only have thousands saved up. Lets say you go in on a solid company which is generating 10-20% profit a year. You better make damn sure that that 10-20% is enough to keep you afloat.

Where is your network? You seem to be choosing a city before even choosing a target to invest in. You should be making a list of conferences, trade shows, and robotics symposiums to meet leading companies and researchers in the field, and then finding the most promising leads to put your money down on.

Also, to clarify, you talked about starting a business and investing in a business. These two are completely different animals, and based on your expertise and experience, you should either do one or the other. Starting a business will put you in direct management of the company's assets, product development, and general direction, while investing in a business will make you take a more passive role.

Yes, I can read a cash flow statement.

I am not going to start with robots immediately; it is something I have in mind for the long term though. I mention robots because I've already started the process of building a couple. It's something to keep in mind. I have thousands saved up as well

As far as networks go, I have contact with a few people in Austin Texas. I just wanted extra information through here. Need all the information I can get.

I am aiming to start a business but investing is important regardless. It's good to have personal assets too.
11-20-2014 08:15 AM
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RE: Moving to another state to start a business - Old Fritz - 11-20-2014 08:15 AM



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