My first $10 out of Fire4Innovation initiative

Before getting to the $10, leeme talk about why I have to re-create this group with different direction. I came across 1000's of ppl who say we have to do it, we will do it, we do it like etcc... but I wanted to see ppl doing things rather than saying. Now how would a person get to the next setup of doing things from saying things. Its pretty simple, he first should be knowing exactly what he want to do and then finally put his thoughts around it and get to point where he would strongly believe this is what he always wanted to do.

The other side of the story is there are ppl like Sir richard branson who have imagineered the world with Ecstasy and always act first then speak. These ppl just do it first and then start thinking how to make it better & the best.

As we see actions are output of thoughts and if there are no thoughts then there is no point of discussion. The most important thing in a entrepreneurs life is the thought process. As I always believe in encouraging entrepreneurship, I wanted to invoke the thought process within ppl who has even a niche of entrepreneur spirit.

Yaaa...finally i said it.. "Invoking thought process". I created this group within my friends to achieve a target "To earn $10 within a week".

Here are the list of rules:

1. Each member has to earn $10 in a week with a creative idea, not doing anything one currently does.
2. The type of work being done for a week should not be repeated for the next $10 for follow-on weeks.
3. The proof of the earning and the idea should be proven at the end of each cycle. The best idea and productive earning will be re-payed a cash prize donated by the other members.This is a serious group with a vision to make ppl think and make ppl do things which was always pending in their life.

Future vision of this initiate: Doing this frequently will invoke a great thought process which can lead to the best process of value and wealth creation.

Lets now talk about my $10 for the first week in april.

At last, I got my $10 within a week. I guess it was not a great start but at least was a start :)

Action: I inducted my colleague about the basics of startup (types of corporations, taxations, business plan, business process overview, complications per his current work authorization and contract status, tips & tricks to get along with the taxes, list of actions for getting a firm up and running, payroll basics and some misc info).

Pending follow-on tasks: Inducting in Business Plans, preparations for BP, walking through venture cycle, importance of focus on customer, realization of target business and finally helping in defining the business.

Value: Sharing inbound experiences in startups and trying to clearup the common assumptions of startup for like mind entreprenuers.

Future outcome: As a matter of fact, there are 1 million firms getting registered in US every year and this show the potential market for creating a management consulting firm for basic entrepreneurs or any business startups.

Risk and economic viability: Startups always are short of money and are looking for any tiny thing to cut down their cost and this would contradict our theory of ppl spending money on their initial stages of starting business.

Justification of the risk: 50% of the people get their startup basics from references and discussion with ppl around them and rest of them who are kinda "do it urself" go and research books and internet to get the stuff done. But both segments of the ppl would always encourage some to professionally guide them to review what they want to do and how they want to do and gauge their vision. And some times ppl get to realise the real potential of their business which they would have never identified without talking to others.

Conclusion: A market research on startups and SMB would allow us to prove if this idea of management consulting for startup is really a viable venture.