I suppose this may be a place to ask as this seems above all, a business oriented site.
I have absolutely no “business sense”. In fact, I’m not even sure if that’s the correct term. There’s always a lot of talk of startups and businesses on here and it all seems so foreign to me. I have no network (most people I’ve worked with have been lifers at whatever company or I’ve long since fallen out of touch) and virtually no friends at this point. I have no idea how to go about entrepreneurship: knowing where to look for problems, figuring out if a problem could be a potential business, etc. I know very little about business finance or how to bootstrap something. I have no capital of my own and am not sure I could build any in a reasonable amount of time (though perhaps some software business, such as SaaS products, don’t require much to get started). I don’t know how to sell myself based on past experience due to how random and vague it is. I typically find myself uninterested the “hot” or “up in coming” areas of tech I’ve seen and when I do find something I’m interested in, it’s mostly always in an area that doesn’t make for a good business for one reason of another. Maybe it’s something heavily commoditized already, maybe it’s in an oligopolized industry where entry is just unrealistic, or maybe it’s in an industry that tends to be a bit more “gatekeepy” where someone with my background would likely be unwelcome or not taken seriously.
Now that’s a lot of stuff I don’t know or don’t have. Perhaps some of them could be realized with enough research, but others seem unlikely. What sort of things can I do to remedy the above issues? I’m still very young at the moment, but I feel I’m running out of time to decide to do many things. Not that I can’t do them later in life, but the returns will be diminishing the longer I wait.
(2) Personally knowing somebody who succeeded at a business (e.g. my uncle raised chickens) can be a good reason.
(3) The institutional way to learn "business sense" is to get an MBA. You could self-study out of the curriculum on your own (e.g. books, videos) but if you really go they will stuff you into a suit and get you behaving like an MBA... Thus you'll get a little more deference than you deserve for your first job.
Given that you say you work in "non-tech" environments, it seems likely that you are not completely surrounded by tech people and should be able to find non-tech people who are willing to talk to you, even just informally, about the business. Even if you are in a low-level role isolated beneath a bunch of layers of tech management, you should at least have access to either (1) a manager or manager's manager who understands the business better than you do, or (2) informal contacts with non-tech folks (could just be people you chat with at lunch or regularly say hi to in the hallway). Use whatever resources you can find. People generally respond positively to people who show an interest in them and what they do.
Another route is to join a small startup, where you will inevitably have more exposure to the business side than in a larger company. Find a place where you tech skills are needed, but where they're flexible and value people who get outside their comfort zone. Show that you are eager to learn the business, and maintain humility and "beginner's mind". This is the route I took in transitioning from a pure software engineering role to one that spanned engineering, product and project management, and interacted with pretty much every side of the company: sales, marketing, legal, accounting, recruiting, etc.
Since around 1.5 years ago I started the following:
- Make Twitter account. Build your brand. If you are doing exciting things, people see and follow. This helps you build your potential market, too. My niche is programming courses/books. - Start learning how to market yourself and your content. This means post blog articles, etc
Maybe this is not the exact advice you are looking for or what you are wanting to achieve, but building an online brand and reputation is relatively low energy work (maybe 30m a day to check/respond/post some stuff) and is a good way to learn about marketing and that sort of thing.
I'd be happy to find a remote build partner for a small share of profits, but I just haven't had the time or motivation to go looking for one.
All the stuff you listed are negatives. What do you have??? Patience? Kindness? Persistence? If so, you are doing better than half the people on here and in the World generally. Most people can stick to things for no more than five minutes and give up at the first sign of trouble...only here it's called "pivoting" I think.
I think you should buy a techy business, like Eric Siu did with SingleGrain, for a $1...and then build it. Yep, sounds difficult, but no more so than drowning yourself in all the homework and time-wasting crap listed below. Look at MicroAcquire, Flippa etc and find a biz you like. Do more of what's already working, stop doing what isn't and then buy more. So many founder, coders etc...put things together and then walk away when the magic money Easter Bunny doesn't show up with a giant check...you wouldn't believe it. Some of them just want someone else to come along and take their ugly baby off of their hands...Be That Someone.
If I were in your shoes and serious about this, I would try my damned to get a job in a company where I can work closely with their top executives. Work you toosh off and learn from them. Then consider an MBA.
But don’t lose yourself to $. ;)
Its a learned skill. And with any learning journey you just have to plug away at.. learning. Read business books and take notes on them. Treat it like you're doing a self-directed MBA. Pick stuff off of reading lists or use the Blinkist app to find good ones. Run a very simple easy business as a side hustle for a bit to practice. Work in a seed-stage startup. You'll pick up a lot.
If you want to understand the business world, the management aspect of it, I suggest reading Peter Drucker's Management: Tasks, Responsibilities, Practices.
If you want to get better at networking, I would suggest reading Dale Carnegie's How to Win Friends and Influence People.
If you want to understand marketing, I would suggest, Marketing: An Introduction by Philip Kotler
Peter Thiels' book Zero to One might be a good starting point to understand the start-up world.
But for a general instinct about business, you have to stay curious and learn how people think and behave. Being curious about anthropology, psychology, economics, news, trends, sociology are key.
Yours is the sort of background where getting an MBA (or equivalent) might be helpful, and would be a nice combination with tech skills + understanding of business in general. If nothing else. you would quickly find yourself above the "thermocline of effort" where you get paid a lot for not doing all that much work, which might fit your goals. A gentle first step to see if this might work for you would be reading "The Personal MBA" by Josh Kaufman.
Decent people tend toward staying decent people.
Most of business sense is understanding people. You can hire accountants and lawyers and software engineers. You can’t buy genuine interest in other people. But you can build it up yourself. Good luck.
P.S. Never forget Pareto... https://en.wikipedia.org/wiki/Pareto_principle
There are a lot of different ways you can accomplish this, ranging from reading books, taking classes, watching videos, talking to people in person, attending meetings, listening to podcasts... even watching television programs.
I'm in a meeting right now so can't focus a lot of attention on this right this second, but I'll drop a couple of thoughts based on my own experience. Later I'll try to come back and edit this, or reply to it, with some more thoughts.
Books:
1. The Art of the Start by Guy Kawaski
2. The Four Steps to the Epiphany by Steve Blank
3. Crossing The Chasm - Geoffrey Moore
4. Purple Cow - Seth Godin
Consider also biographies of business figures you may be familiar with, and historical accounts of important events in the business world.
Podcasts:
1. The Stanford "ecorner" Podcast series. https://ecorner.stanford.edu/podcasts/
Classes:
1. You might consider something like BUS-101 "Introduction to Business" or whatever at a local community college if that's an option. If you were to go that route, I'd also recommend taking a "Intro to Marketing" and "Intro to Business Law" courses as well. Those three topics give you a lot of foundational knowledge.
2. I have not done this yet myself, but taking an Accounting class (or two) has often been recommended to me, and I do believe it's a good idea. Accounting is the "language of business" in many ways, and understanding cash flow, profit and loss, etc., are pretty important concepts for any business-person.
TV shows:
1. There are a lot of TV shows that are both entertaining and also contain useful exposure to various aspects of business and can be somewhat didactic. Of course the challenge may be picking out the real parts from the bits that are dramatized / fictionalized to an excessive degree. That said, consider some shows like Halt and Catch Fire, Billions, Power, Dallas, etc.
Events:
1. (Once they start occurring again) Consider attending networking events that may occur near you, that are "business oriented". That can cover a lot of ground, but you can meet a lot of people, start building a network of connections, possibly find mentor(s), etc. I'd mostly avoid sales / lead swap specific groups for now, as well as most "startup oriented" events, and look for something more general. Events put on by groups like the local "Chamber of Commerce" etc. are usually good.