Starting IT Consulting firm in US - 2008 : Is this a right thought?

As my career started and all through my regular job I am in IT consulting, no wonder that I would have thought about setting up an IT consulting firm. This is how it started first tried to start with web development stuff trying to be a freelancing firm by hiring web developers but as the margins are too low it really didn't hit my interest and moreover it is almost unimaginable compete with the offshore pricing overseas. Then started searching private clients but being in this domain I already know that if you were a Bigger firm you would have either outsourced the 50% of the work to offshore or even have the offshore it to the local firms who has all S/W process, security, ISO certification ..and not to work the SOX and SAS70. The client have numerous options for outsourcing and can always get the best price even after going with BIG consulting firms. Then talking about mid-size firms there is little scope but again you have to compete with the pricing of offshore firms, as cost cutting for mid-size firms is a major criteria. The only thing left is Startups and as being a truth as startup would never hire a consulting firm for their IT needs and even if they need they would use the freelancers.

So the only scope left in here was, the Government contracts. There is 100% of the scope to hit the Govt. sector. Nonetheless, the process and procedures to get onto any Govt. contract is not that simple as it sounds. Off course you have your competitors hitting the same target and you need to prove yourself better having NO experience. The Govt. contract awards are based on evaluation, measuring attributes like, Yrs of experience, Current client references, Current process, over solution, current revenue. Well putting your self in to this criteria and comparing against your competitors would obvious not qualify you as a top listed vendor. So, still the question, HOW? is not answered. One good scope to get in to these contracts is being a HUB. Most of the States in US encourage HUB to participate in these bids as it is a part of the Govt. pre-defined policy. I saw many firms getting fortunate being a HUB to get into these contracts.

But you are not a HUB, THEN WHAT?

Well, the solution is as simple as that. INNOVATE.

In my preliminary investigation, I came across few firms like Perficient, SEILEVEL and some other list firms which are very unique in their process and delivery model. SEILEVEL has gone back to fix the basic of S/W Engineering which targets the requirements analysis which is THE MOST IMPORTANT part of the whole S/W cycle. And there are many more startups who are successful by adopting an innovative core business process to compete with the market.

There are even new set of IT services firms whose target market to provide some new web trends like social networking, social media, blogs, forums and name it you will find a firm providing that service.

Bottom line, It is never a bad idea to provide a service, but one needs to innovate to an extent where they can out perform their competitors and the only weapon is INNOVATION.

Desi-Ishtyle Business - Is this Right for me or Not??

Please pardon me if you feel like I am criticizing my own ethnicity.

The majority of Indian Immigrants in US were always going by the first thought of business. Some of them are Consulting firm (to be clear H1 IT Staffing firm), Gas station, Groceries, Indian Restaurant, Insurance Agency, Indian air-ticketing agency, CPA firms, Attorney firms…etc. Nonetheless, there are many Indian Immigrants who have cherished by setting up the best technology startups and also are still serving in the top organization management.

I can exclude CPA firms and Attorney firms from this category as they are bound to their actual professional rather than being little arrogant money making business with little or even no “VALUE”. I am glad to see so many Indians trying to be self-employed. Off course, it is a need of people to have these services provided by Indians as they are so customized to full fill the needs (even though it is not the right thing to do).

I would say if we always go by the first thought which is the most common, I wouldn’t think that it is entrepreneurship Ideally. Even if it the first thought, it needs to have little Value in the core concept of the business.

Anyone who is passionate or even thinking about setting up a new business. Try to answer the below questions before you start:

1. Why are you passionate about this business?

2. What is the Value proposition to your customers?

3. What is the problem that you are resolving by your solution or services?

4. How different are you from your competitors?

5. How are you the most suitable for doing this than any other person out there?

6. Do you want to do this for your life time?

7. What is the Goal of your business in next 5 yrs – 10 yrs? (Other than financial)

a. Define Mission, Vision & Goals

8. What is the scope of the business (Local, National, Global)? Does it have a $1 Billion scope?

9. What is the problem that you are resolving by your solution or services?

10. Is your concept financially feasible? Prove it?

I believe that anyone who answers the above, can do the business if they are self convinced.

US Immigration Statistics: (2007)

Total Immigrants : 37.3 million

Immigrants are 13% of US population.

Total US population: 286.92 million

India Immigrants : 1.66 million

Indian Immigrants are 0.57% of the US population.

So, the Big Question is, Do you want to do business targeting 0.57% of population or with the rest 99.43%?

My whole intension to scribble this was to make my peers realize that they could do much better, rather could be exceptional by thinking Good and doing it Right.

Ref:

US Immigrants Statistics 2007 - Upload a Document to Scribd

Austin - "Live Music Capital of the World"

Welll well wel.. There was something burning in my stomach for a long time for which I wanted to take 5 mins from my brain and write up something from the day I landed up in Austin. At last, I did it. I am writing this up so that it reminds me every time that I have to put this together and progress it faster than imagination. (yaa i know words...:)

Concept: "Live Rock 365 days" LIVEROK365.com To make Austin a 365 days live music. To keep up the theme of Live Music Capital of the world. Make every person across the world how knows the word LIVE ROCK MUSIC to spell Austin next to it.

Value Proposition: Keep the theme of Austin alive forever, generate economic value to the city & encourage music business (360 degrees) in Austin.

Economic benefits: This concept drives huge Advertising revenue to the city and gets people to spend money for Austin. How-to - 'first thoughts':

1. Get list of Best 365 Rock Bands.

2. Schedule them up for 365 days. (well we can break it into weekend 365/7, exclude national holidays, nfl, nba finals, baseball finals & UT games, ACL - Sept 26, SXSW - March 13-22, other major events in Austin).

3. Sponsorship Lead generation.

4. Event campaigns ( apply principles of narrowcasting, behavioral targeting, contextual advertising, ..so on so forth with all out advertising 3.0 techniques).

5. Tie-up with all sources of ticket selling across nation.

6. Nationwide advertising + (deals with airlines for the events to Austin) + points on credit cards for rock events.

7. Charity based live events

External revenues: Food, t-shirts, accommodation, liquor, etc..

Risk:

1. Does the city have enough money for the 365 events

2. Would we find sponsors for 365 events in a yr

The Enterprise of the Future

This a Global survey conducted by IBM over 1000 ceo's and trying to deifine the traits of "The Enterprise of Future"

Reading this article felt like someone had snacted something off my head and put it on to an article..
Map the below 5 traits to your company. If you do not find a perfect match to yours then you are obviously not "The future Enterprise".

1. Hungry for Change
2. Innovation beyond Customer Imagination
3. Globally Integrated
4. Disruptive by Nature
5. Genuine, not just Generous

Map

IBM Global CEO Study for The Enterprise of Future - Upload a Document to Scribd

Personal Assesment :~ !

After giving a long break to my brain for several days, I started to think from scratch about the very first career oriented question "What do you want to be in life?"

Well, trying to find a way around it I had to answer huge pile of questions again and again. Below are few of them which I felt everyone should answer once atleast every year or even twice an year.

1. What am I good @?

2. What is my passion?

3. What makes me happy?

4. What entertains me?

5. What pisses me off?

6. What bores me?

7. What is the role I want to be in?

8. Who's personality (or even mindset) matches mines?

9. How many people trust me?

10.How many people do I trust?

11.What have I done to be want I wanna be in past 5 Yrs?

Hope this helps atleast one of you.

Ultimate pursuit of happiness lies in "Doing what you love to do the most".