Small startup partnership or buying partnership 4

[EngineeringDr]

This is my first post here and I don't know where to start. I am looking for advise on business start up partnership or buying an existing engineering small business. I have extensive experience since 1994 both academic and practical however my practical knowledge was not as a manager. I do not have clients and that is why I wish to partner with someone with good networking/clients or someone who can successfully market the business or better to partner with a business. What would you do if you were in my shoes?

PhD Mechanical/Industrial Engineering
Licensed professional engineer

 

[Enhineyero]

Just want to chime in. Full disclosure - I'm also in the start-up phase.

We engineers are trained to be risk-averse, to be a business person is to go the opposite direction.

The engineer who starts his own firm lowers his risk by accumulating experience and a list of clients, the longer this is (both experience and client list) the more 'comfortable' it feels to take that leap.

Starting a business with almost no client on the books will be hard but not impossible. However, you will need to find the right clients and convince them to give you a go. If you are like many engineers, who have almost no training in marketing, you can either study or hire someone to help you with it (again risk comes into play as finding the right resource is difficult).


Partnering with someone who will be the marketing-arm is a good idea but difficult to pull-off because of the many factors for it to work well, I would rather do it my self and own the risk rather than put that to fate.

If I were in your shoes I would leverage my strengths (if there is market for it) and build off that. Or make a business out of the next best thing (whatever that maybe), if you badly want to venture out of your current situation. Put a time frame on it and know when to pull the plug.

Speaking out of my own experience, I knew what lay ahead of me in my previous situation and I didn't like it, so I took the chance while I can (even if the risk of failure was high). We only live once and saw it as a win-win situation. If I fail then I take life lessons out of it and probably gain a different perspective of the world. If I succeed then I would get the same thing as when I fail with a bonus of a few bucks in my pocket.

 

[EngineeringDr]

EngineeringDR....Your PhD is laudible and shows your commitment to engineering; however, it is not necessarily a plus in the open design market. In fact it can be a detriment. It's great in academia; but clients often perceive it as an extra cost without significant benefit, whether your rates reflect it or not.

Clients want their problems solved. They want relevant experience with the ability give them their answers in short order. They often perceive an engineer with a PhD to be more inclined to "study" their issue rather than roll up their sleeves and get in the trench to stop the water leak.

Market your experience and problem solving capability. Don't hide your PhD, but don't flaunt it either.

As for the business end....if you have even a few workable contacts, take the plunge and do it yourself. I've done it twice...no regrets.

I don't have few workable contacts and that is why I wanted to partner with someone who can network

PhD Mechanical/Industrial Engineering
Licensed professional engineer

 

[EngineeringDr]

Ron: Doesn't the expert witness / forensics world employ a lot of PhDs? The credentials look good for a jury. I did some work with Exponent in LA a few years back, and they were mostly PhD's in aerospace or mechanical engineering.

Thanks for bringing this up, I thought about it but I did not know that credentials are an advantage

PhD Mechanical/Industrial Engineering
Licensed professional engineer

 

[EngineeringDr]

Just want to chime in. Full disclosure - I'm also in the start-up phase.

We engineers are trained to be risk-averse, to be a business person is to go the opposite direction.

The engineer who starts his own firm lowers his risk by accumulating experience and a list of clients, the longer this is (both experience and client list) the more 'comfortable' it feels to take that leap.

Starting a business with almost no client on the books will be hard but not impossible. However, you will need to find the right clients and convince them to give you a go. If you are like many engineers, who have almost no training in marketing, you can either study or hire someone to help you with it (again risk comes into play as finding the right resource is difficult).

Totally true, I'd like to add the engineering mind set also makes more difficult to take uncalculated risks

Partnering with someone who will be the marketing-arm is a good idea but difficult to pull-off because of the many factors for it to work well, I would rather do it my self and own the risk rather than put that to fate.

If I can find a partner who can not do what I can yet can market it that would be the perfect match. A young engineer or even technician with connections...

PhD Mechanical/Industrial Engineering
Licensed professional engineer

 

[LittleInch]

The theory is fine but you've not indicated anywhere how the marketing mam is going to get paid?

Otherwise your income needs to feed two people.

Not many businesses can withstand that for any length of time.

Remember - More details = better answers
Also: If you get a response it's polite to respond to it.