Hi all,
I chanced upon this forum awhile back, reading through & learned a lot (and still learning), bought the book (2/3 done - and love it). So, here I am with my virgin introduction thread, and I would like to hear your view on my situation. TIA.
Background
Software developer for enterprise applications (mostly financial industry) for many many years.
After working for few years working for others, I started a software development house doing custom job for clients. Doing okay, just enough to pay the bill. The company (with some of my co-founders and staffs) was later merged into a friend's company after they closed a big deal and needed my expertise. I was offered x% of shares in the company, and lead the technical team, i.e., CTO kind of thing. Put my heart and soul into the company for many many years, help building it to current state with sizeable big MNC clients all over the world. Paid with a monthly salary (only paid dividend once if I recall correctly). Over some incidents not too long ago, I discovered that I have no "control" over the business with my limited shareholding. I thought I am doing "business", but realised that it is more like a "job". That really killed my motivation. Don't think it worth to put my heart and soul into the company and yet not able to reap any concrete benefits of business (except for a salary).
But I am still "working" in the company now...of course, the main reason is I have mouth to feed (I have family and kids), and there is emotion attached with the company that I helped built. Leaving it totally may not be easy as ABC.
Moving Forward
But I also want to start something new, something that can make an impact to others.
Below are some of my considerations/options, and I would like to hear your view....
a. I work on a side project (a web-based system) during my free time. The basic functionalities are almost done, try to soft-launch it and realised that that's really my weakness (in term sales & marketing). I have read some books/blogs, attended seminars but doing it is really not easy. I really should spend more heart & soul into learning and growing it...Hope to find a mentor in this area.
There other challenge I have with this side project is that, the revenue model is based on ad and hopefully referral. That means it needs a sizeable user base in order for revenue to come in. Is this approach (i.e., online ad & referral) real "fastlane"?
b. While browsing through this forum (and others), I see that there are many software development work are outsourced to other freelancers through freelancer.com or oDesk or etc, and many find them not satisfactory. Being a long-time software developer (and management of software team), will it be a feasible market for me to go into, i.e., offering outsource software development services to US (or elsewhere)? I can code (design & architect as well), and gather a good team and manage them. I do believe that this offering is better than some of the "competitors" out there where language is non-issue for us, and we do provide good quality work. Of course, our cost maybe a bit higher than some other cheaper countries. But we can always talk when it comes to price... ;-)
I do understand this approach is not really a fastlane approach, esp. if I am doing coding myself. But it can be a start, and I can gather team to make it "more fastlane". But still, it is still not real fastlane, as I need to manage people. Hence, I am more open to "royalty" option, i.e., we will be paid royalty for our work when your business grows (and of course up front fee to at least cover our cost - hence lower initial cost for clients).
Option A is really something that I want to do, i.e., create something new that make an impact to others. But option B may allow me to earn some living (with the potential of "royalty" if that works) while continue my dream with option A (which maybe long process and a very risky one). And if option B (or other alternative) works, I may leave the company, which I find the "negativity" has affected me a bit in my daily life.
I love to hear your view. TIA.
I chanced upon this forum awhile back, reading through & learned a lot (and still learning), bought the book (2/3 done - and love it). So, here I am with my virgin introduction thread, and I would like to hear your view on my situation. TIA.
Background
Software developer for enterprise applications (mostly financial industry) for many many years.
After working for few years working for others, I started a software development house doing custom job for clients. Doing okay, just enough to pay the bill. The company (with some of my co-founders and staffs) was later merged into a friend's company after they closed a big deal and needed my expertise. I was offered x% of shares in the company, and lead the technical team, i.e., CTO kind of thing. Put my heart and soul into the company for many many years, help building it to current state with sizeable big MNC clients all over the world. Paid with a monthly salary (only paid dividend once if I recall correctly). Over some incidents not too long ago, I discovered that I have no "control" over the business with my limited shareholding. I thought I am doing "business", but realised that it is more like a "job". That really killed my motivation. Don't think it worth to put my heart and soul into the company and yet not able to reap any concrete benefits of business (except for a salary).
But I am still "working" in the company now...of course, the main reason is I have mouth to feed (I have family and kids), and there is emotion attached with the company that I helped built. Leaving it totally may not be easy as ABC.
Moving Forward
But I also want to start something new, something that can make an impact to others.
Below are some of my considerations/options, and I would like to hear your view....
a. I work on a side project (a web-based system) during my free time. The basic functionalities are almost done, try to soft-launch it and realised that that's really my weakness (in term sales & marketing). I have read some books/blogs, attended seminars but doing it is really not easy. I really should spend more heart & soul into learning and growing it...Hope to find a mentor in this area.
There other challenge I have with this side project is that, the revenue model is based on ad and hopefully referral. That means it needs a sizeable user base in order for revenue to come in. Is this approach (i.e., online ad & referral) real "fastlane"?
b. While browsing through this forum (and others), I see that there are many software development work are outsourced to other freelancers through freelancer.com or oDesk or etc, and many find them not satisfactory. Being a long-time software developer (and management of software team), will it be a feasible market for me to go into, i.e., offering outsource software development services to US (or elsewhere)? I can code (design & architect as well), and gather a good team and manage them. I do believe that this offering is better than some of the "competitors" out there where language is non-issue for us, and we do provide good quality work. Of course, our cost maybe a bit higher than some other cheaper countries. But we can always talk when it comes to price... ;-)
I do understand this approach is not really a fastlane approach, esp. if I am doing coding myself. But it can be a start, and I can gather team to make it "more fastlane". But still, it is still not real fastlane, as I need to manage people. Hence, I am more open to "royalty" option, i.e., we will be paid royalty for our work when your business grows (and of course up front fee to at least cover our cost - hence lower initial cost for clients).
Option A is really something that I want to do, i.e., create something new that make an impact to others. But option B may allow me to earn some living (with the potential of "royalty" if that works) while continue my dream with option A (which maybe long process and a very risky one). And if option B (or other alternative) works, I may leave the company, which I find the "negativity" has affected me a bit in my daily life.
I love to hear your view. TIA.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
