Re: Contact Tom Herman with business questions

Nyles,

 

You ask a difficult question.  There's not much that I can think of to generate work free revenue streams other than interest from investments...  Certainly there are some profitable business ideas that if you can get them started and find good staff to run them, could generate a profit for you, but then that really becomes about the same thing, investments that generate interest or dividends.

 

As for what makes a successful business, I continue to believe that a good idea is only 10% of the answer.  90% of it is getting the right people to execute it and having the capital necessary to get started.  Of course you can always raise outside capital for a good idea if you have the right people on the team.  More and more, I think venture providers are interested as much in your team as they are in your idea.

 

So keep the idea mill cranking.  Keep networking and building your list of co-entrepreneurs who can help you when that great idea comes along.  And feel free to ask me my opinion on buisness ideas that come along.  While I publish general info to my blog, I keep confidential things (like business ideas) private.

 

Good luck.

 

-tj

----- Original Message ----
Sent: Friday, April 11, 2008 11:27:40 AM
Subject: Contact Tom Herman with business questions

Tom,

 

I know you are busy dealing with the various companies that you are involved with these days but I just finished watching the show Startup.com and I am intrigued.  I find myself searching for shows and reading material involving entrepreneurship.  The Big Idea w/ Donny Deutch, Startup Junkies, Bobby G, venture capitalist.  I have a few questions that I would like to ask in hopes that I get a response from you.  In the last 2-3 years I sold my part of a semi-successful IT business to my business partner.  I left that because I became bored with the day to day grind and the manual labor that that business required.  I currently fly for a major airline but the entrepreneur inside of me longs to start another business.  I think being an entrepreneur is what I am supposed to be in life.  I love the challenges as well as the rewards.  The one major question that I have is how does one come up with business ideas and bring those ideas to the forefront and make them a reality? I feel like I am brain-locked and frozen on coming up with ideas and making them a reality.  I am constantly brainstorming business ideas and asking myself, "How can I make this work"?  I feel like I want to have some sort of web-based business so that revenues can stream without having to tend to the site 24 hours a day.  I am not afraid of work and long hours it's just that I want to work smarter instead of harder.  I want to build something that is recurring and not have to perform manual labor to get to the next revenue/cash flow stream.  Obviously some labor is involved in every facet of business but I am certain that you know what I mean by this.  If you could answer these questions, I would very much appreciate it and perhaps I could talk to you on the phone at some point and maybe bounce some ideas off of each other.  I look forward to hearing from you soon. 

 

Regards,

 

-Nyles

  Nashville , TN       

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