Try doing an Ikigai exercise!
this post was submitted on 21 Nov 2023
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This is going to turn into a life advice at the end I can feel it.
How old are you? How many kids do you have? If any, how old? If not, are you planning to have any? Do you own or rent? How much money do you have saved up and how much of that you’re willing to risk? How important is your time to your wife? Do you think you can be effective in front of a computer or are you an out and about people person?
Being a fractional legal council for startups at any stage would be great, I’m actually kind of jealous; most startups need someone to confer with about cap table legalities and would pay for it, you’re missing a trick not leaning into your talent
The reason why people say passion is because if you like what you do, the inevitable downs will keep you going. If you hate it, you’re going to do a disservice to the business and the people you lead (if you get there).
Find something that fulfills your spirit. The money then comes.
Why not open a law office of your own?
Consider how you can monetize your skillset. Businesses with a high barrier for entry are less saturated, and have more room for innovation. Think about your experience and consider things that you can do that others can't, and how you can introduce and monetize that ability.
Asking internet strangers for business ideas. You might be better at just staying a lawyer chief.
This should be too comment tbh. Lawyers make good money, no? If you already make good money and are looking to start a business, you’re looking at losing money and being full of regrets.
I'm really interested in starting a business where I rent out tents, tables, chairs, etc for weddings and parties. Maybe consider rentals?
What does your neighborhood or town need?
What area/kind of law do you enjoy most?
be VERY careful what you chose to enter.
Pick a business area that you have ACTUAL knowledge about.
If you aren't knowledgeable and experienced at programming, avoid doing a tech start up where you'll be very dependent on others to do the designing & coding - they can easily 'snow' with BS as to why something's taking too long or doesn't work as required.
Unless you have Founding partners who know the industry you're trying to enter, you risk wasting a lot of time & money chasing multiple 'opportunities' that turn into deadends.
The more you know the target's needs, working environment, frustrations & gaps, the better your chance of picking a winning service/product idea to develop.
Get paying customers before spending more than $20-30,000 on any development work. If you can't get paying customers within the 1st 6 months, re-evaluate your start-up idea.
Traction & a validated 'product/market fit' matters WAY MORE than passion or how much YOU believe in your idea.
Keep in mind the fact that you're much more likely to fail than succeed - especially during your first couple of start-ups. be cautions and DON'T go more than $40,000 into debt without tangible sales and a growing client base. Loads of people hang on too long to bad ideas because they feel trapped by the money they've already put in.
Time is NOT your friend. It's gold - don't waste it, 'cause you don't evet get it back.
Don't be afraid to admit you were wrong or the market just isn't there/ready.
Leave your ego at home & don't take things personally. Remember that no one owes you anything and Life isn't 'fair'.
Look and ask for all the help you can get - especially buriness guidance and financial support.
Entrepreneurship is a tough gig.
good luck.
What part of the world are you in? Depends on your background and your local markets. What do you want to do?
I say make something. Get crafty, use your hands and make or build something to sell.
Just don’t open a restaurant.
Whorehouse.
Music Distribution
Where to start..
It is nearly impossible to say where a 'lawyer' could be successful in, other than law.
More importantly; what kind of lawyer are you? Are you a Harvey Spectre (corporate sales)? Louis Litt (very details oriented > go to the VMC. Carbon Credits Market)? Are you a Jessica Pierson? etc etc. That will tell us more ;-).
- Look at your Youtube-history and/or other media consumption. Eliminate all entertaining subjects, whats left? What are your interests in your downtime?
- Identify your skills in pragmatic blocks. So non-subject related. Why should people pay you money for your skills? What do you like in 'startup-world'?
- How long can you go without money? This determines your realistic balance-load. A long time: 80% Passion, 20% Pain. Not so long: 50% Passion, 50% Pain.
You have to have a good pain threshold. So you really have to want it. Because, believe me, entrepreneurship = pain.
I once worked at a bank, but for some reason, I chose to stop the banking job and focus on online business. I eventually started dropshipping and I made everything I wanted from it. So for me,, dropshipping is great since it won't require you to stress yourself to start, and also won't eat up all your time