When it comes to getting into a new business opportunity, it has been always debated: whether to take a risk, or give up before even trying. From my personal experience, it is always better to take a risk, but wisely. Never try unknown water with your both foots. Or, never put all eggs into a single basket. This is very smart rule on taking risks in a business.

The rest is up to you: how brave you are, or how much agility, passion or desire you have – simply, how much you are determined to succeed.

 

I have failed with several projects recently, including vending machines and marketing networks, loosing a couple of thousand bucks, but I learned some lesson. 1. Never mess with unhonest guys. 2. If you indend to start new projects/opportunities, first learn about the subject that you are getting into. Also, keep in mind that money should not be supposed to be your ultimate goal. It will inevitable come soon or later, only if you are discipined and focused.

 

Never give up

Sounds like a cliche. But it's true. Never give up... This morning I read about amazing Minesotta University runner girl – Heather Dorniden. At the recent college championship race, among some of the best runners in the US, with only one lap to go – she suddenly tripped and fell to a last place. But Heather didn't quit. She found a strength to stand up again, continued to run, and finally won the race. This amazing act shocked all crowd. If we don't recover from all failures that are coming in a real life, we will never achieve any important goals.

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Travel and meet people

When my wife asked me last week what I'd like to get me for my birthday (it's my 32nd) I said: I want a new bag. She said no – because you will trave more, and I want you at home J Travelling is one of the best ways to learn about world around you, and networking on the other side, helps you to meet people better. Prior to starting any new business, pay attention to 2 things: 1. Who you work with, and 2. What are your goals. These are fundamental things. Then, it comes up to the organizational and other aspects of you team/organization.

 

How do you search for new ideas

This is the coomon dilemma and question we all had many times. How do brilliant ideas come to the table? Do they appear suddenly, are they only inspirational moments of imagination, or something different... I stongly bilieve that good ideas often come from a people's real needs, i.e. as a result of solving 'a real problem'. Real problem is the root and source of any innovation. If you want to be innovator, you must be in a first place a 'problem-solver', maker, fighter. Break out from a mindset that most people have, and think out of boundaries. Be self confident, but not over-confident, and learn to listen to others. You learn by experience, no doubt about it. There is a word (or might be even some survey statistic), at least every 1 out of 10 projects that you start, will be successfull.

 

When I started my first 'business' 20 years ago, at the age of 12, I decided to sell shoes. I was playing in my yard with other kids, and I noticed that there are many old shoes, left from my parents and family. As many people used to move those days thru our house, (it was 1994 – War in Bosnia), there were plenty of them. So, I proposed this idea to my 2 years elder friend, and said: Hey, let's start selling shoes on the public market. He agreed. I collected all pairs of shoes, cleaned them, and put them into a basket. Next day we got up very early (at 6 AM), picked up bags and went straight to the open market (you know, where they use to sell vegetables, fruits, clothes and almost all other kind of goods). But, unexpecteldy, we didn't sell any piece of shoe, that day. Not even the next day. And not even next 5 days in a row... Not a single pair of shoes! It was devastating and shocking experience to me, so naturally, next day I returned back to playground with my friends. But, it was also a good lesson (that I was not aware of, then). If I knew couple of things then, that I know now, I would not give up that easy, but instead would try to do some change in my approach – so to say, look at the problem from a different perspective.

 

First, I would spend a day or two, only walking on the market and watching what people are mostly buying (survey a market). Second, I would probably need to decide what specific shoes I want to sell, for men or women, and then would clean and make them shine in the best possible way (shaping the product). Finally, I would need to relocate because my selling table was at the end of the market raw. I had really a horrible position that hardly anyone could come to that table, not to mention buying (positioning on the market). If you have an amazing product, and you have a passion to sell it, it is still not enough. You must have a friend/partner whom you trust, or better to say, you should first work passionately on founding a team.

 

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As an individual, you can do a lot, but as a group even more. Here, the group itself event doesn't guarantee anything to you. You should learn how to manage a team, be a friend with your team members, and check if they share the same passion for an idea, as you do...

 

Diversity is good, but focus is a fundament

Through the years, I came across several business ideas, some of them were really briliant. I started at least 30 projects (in the food, magazines, vending machines, and even sports managment agency! :) But, in most cases I didn't have ability to focus, so I quited somewhere in the middle of a milestone. Other problem is that I didn't have a competence – Never work with things that you don't know in a core, what does it mean, or how does it function. At least have someone nearby that you can learn from. They call this „know-how“.

 

In origin of any idea comes a real problem, but the sole idea counts only up to 5% of the succeess, where you want to come. When we recently had severe Floods in the region, many came to an idea to create a web platform, service to collect all news in a single place, from following people who organize actions for help, to contributing in managing any kind of help to devastating areas. But, unfortunately I haven't seen any of platforms became a single point source, service providing single point of collaboration, thus providing help to stay updated about current situation.

Dipl.Ing. EE Nihad Omerbegovic

Software Engineer, Entrepreneur, Assistant professor
BH Telecom,
Founder & Product developer, LAP Studios
Contact: nihad.omerbegovic(at)gmail.com

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