Doing something completely new with my life, need some advice

7 pointsby newwb12 anni fa23 comments

I worked for 9 years as a petroleum engineer, doing mostly upstream ops for a company, and it paid well, but it bored me badly, and I never enjoyed going to work. I quit about a year ago, wanting to become an entrepreneur of some sort, but I have been very stuck, and have no idea what to start, or even what to do.

I have considered learning programming enough to where I can build mockups and prototypes, and maybe create something to serve people in some form or fashion.

Maybe I shouldn't have left my job without another rope to grasp, but since I want to completely phase out of that industry, I didn't feel like I had a choice.

I am currently financially sufficient, I have over 1.5 million invested, and I net over 140k on average per year, and pay myself 36k per year for living expenses, while the rest in re-invested.

I'm 32 with no kids or debt or anything, and I do have an engineering degree, but I wasn't a very stellar engineer, I mostly just gamed the system and got by, graduated with a 3.2 gpa which says a lot about my lack of commitment and focus.

So I'm pretty trapped now, but since I do have time without worrying about financial or personal obligations, I think I should be able to make something happen.

I feel like if I could intern or work with entrepreneurs, I would surely figure it out and go from there, I'm just not sure how to actually do such a thing, since most of them are very focused and only looking for full time employees.

Sorry this is such a broad question, but I could really use some advice on where to go from here.

I have been reading quite a bit, but all the books seem very general, and not particularly useful in actually getting me started on something.

15 comments

iconreforged12 anni fa

Do a coding bootcamp. You'll both learn to code and make contacts with a bunch of the right people.

"... I do have an engineering degree, but I wasn't a very stellar engineer, I mostly just gamed the system and got by, graduated with a 3.2 gpa which says a lot about my lack of commitment and focus."

My bet is that you're suffering from imposter syndrome.

JSeymourATL12 anni fa

Make sure you've defined your problem and desired outcome. What is it that you're really trying to do?

Here's a solid podcast on Getting Unstuck when things get tough> http://www.accidentalcreative.com/podcasts/ac/ac-podcast-get...

anishkothari12 anni fa

Take a look at this Coursera course, Developing Innovative Ideas for New Companies: The First Step in Entrepreneurship https://class.coursera.org/innovativeideas-015

pdx12 anni fa

> I have over 1.5 million invested, and I net over 140k

You're making 9.3% on your money? With interest rates as low as they are, I'm pretty impressed. What sorts of things are you invested in?

newwb12 anni fa

I just pay a CFA to manage my funds. He charges me 1% annually, and that's what I netted in 2013 after fees/tax. It's mostly fixed income, technology, oil/gas, REIT, type of investments in the stock market. I make occasional trades, but I don't do it full time.

Interesting because if it wasn't for 2008, I wouldn't be nearly as wealthy as I am now. I lost quite a bit of money in 2008, but also made more than double my money back as the market recovered. Which is why I don't worry too much when people warn of market crashes...if I could survive 2008, and come out on top, it doesn't seem like there is much to be afraid of. I could be wrong, but it doesn't appear that way.

sixQuarks12 anni fa

very dangerous thinking. Seems like you lucked out. Don't expect 9+% returns forever. The last few years have been a tremendous bull market.

newwb12 anni fa

Just curious about why you say this. I'm not saying you're wrong (because you aren't), but I would just like to know why you made this statement with conviction. I'm very aware something could happen, but I also experienced this in 2008. My 10+% returns have been on average since 2005. That's not to suggest or assume they will continue on this trend, but I am fairly confident that even in a recession or crash, the markets will eventually recover. I also keep on hand a decent amount of interest bearing cash to take advantage of these situations, and also protect from the downside. But like with any investment, there are risks.

sixQuarks12 anni fa

well, perhaps you know something I don't know. If you've gotten consistent 10+% returns since 2005 without taking on huge risk, then more power to you. In any system, there are going to be outliers, perhaps you are one of them.

JacobAldridge12 anni fa

An Index Fund on the Dow Jones at pretty much any point in the past 5 years would have delivered ~10% returns.

As noted in other comments, doesn't mean it will last forever (although I'm seeing a lot of economic analysis that supports it over the medium term). And it's not where I'm investing, but then I'm the entrepreneurial control guy not a passive investor like the OP.

ekr12 anni fa

I'd also be interested in that.

bluewolf12 anni fa

Get to know yourself. Stop asking strangers on Hacker News.

How? By being of service to others. People who need help are everywhere.

aaronbrethorst12 anni fa

Do what you know. I'm sure you encountered a ton of business inefficiency in your previous life. You were around it long enough that you probably internalized these issues, and don't even recognize them as problems in need of solutions.

Spend some time thinking about what these might be, and leverage the friends and acquaintances you still have in industry. Be careful about confirmation bias and the unwillingness of friends to call bullshit on your bad ideas, though. Your friends will be loathe to say "your idea sucks," so you'll need to come up with a better litmus test than that for determining if you're on the right track. Asking for money is probably a good one :)

Patrick McKenzie (patio11) and Amy Hoy write about this and related topics quite regularly. Spend some time reading through what they've written:

* http://www.kalzumeus.com/greatest-hits/

* http://unicornfree.com

coryl12 anni fa

Have you read PG's essays?

How to get startup ideas: http://paulgraham.com/startupideas.html

The rest: http://paulgraham.com/articles.html

ronzensci12 anni fa

Are you driven by power (would you like to be called a Founder, CEO), impact (what you have created has touched or is being used by x000 or x Million people) or is doubling your money something which fuels your passion? Usually, at the start you can get only one of these three - power, impact or money.

Once you've figured what fuels your passion or makes you jump out of bed in the morning, clarity of next steps will emerge.

If you are driven to be a founder, ceo - you will need to start finding a core team to build a company. New companies need a core team before it can get a core idea.

If you are looking for impact - have a look at ashoka.org or acumen.org. This might give ideas on developmental impact.

If you are looking to double your money, I'm clueless but I'm guessing there will be someone on wall street who knows the exact recipe on how to do it.

newwb12 anni fa

I'm not really driven by any of these really. Maybe impact to some degree, but in the sense that I am passionate about making better things for humans. Whether it be food, appliances, everyday things, I think in general the quality of a lot of the stuff we use every day has gone to hell. For example, the guy who made the Ronco chicken rotisserie thing, the intial machines were actually very good quality, but once it got bought out, the manufacturing quality was cut in order to increase profit, since the brand was already built.

Building better things for people, and offering them amazing experiences is what I think I would like to do. Hell, if I just knew how to get in contact with some really high quality manufacturers, I think I could figure out how to create some pretty cool stuff. It just seems like all that stuff is kept secret, and only the people who are already successful can know about it. It's just like the kid in NYC who sells truffles to chefs all day. If someone could figure out where he is sourcing from, they could do the same thing, but it's all cordoned off.

mgirdley12 anni fa

One route:

What are you most passionate about? What do you see "broken" in the world and want fixed?

(I'm passionate that higher ed is a great idea poorly implemented, so that's my startup's focus.)

mgirdley12 anni fa

Another route:

Go try to build something. Anything. You'll find things that are broken very quickly and can easily be the seed of a new business.

lbotos12 anni fa

Can I ask where you are located? Are you near a major tech hub?

newwb12 anni fa

I'm not really. In Dallas at the moment, but looking to move. I love SF and NYC, and would like to move there, but would also find something to do out there since the cost of living is so high. However, I have been seriously considering just moving and dealing with it.

I do not want to stay in Dallas, this place is just not for me.

rtcoms12 anni fa

Using your experience with petroleum industry, make software/apps which make petroleum industry better or make life of people in petroleum industry better.

saluki12 anni fa

Well being financially sufficient gives you a leg up over most of us looking to make it happen.

I would start by reading/listening to everything by patio11. (google patio11)

Another great resource is: http://startupsfortherestofus.com

You're in a unique position as most of us are seeking financial independence and you already have it. So that will give you a different perspective/drive I expect.

Learn programming if it interests you . . . if you enjoy it/have a knack for it you'll enjoy it.

I would recommend learning html, css, js, jquery, php/mysql then rails and laravel. Start with TeamTreehouse.com to get started.

If you enjoy programming you'll have fun going that route.

Another angle is hiring developers instead of being the developer to get your ideas up and running.

I'm a fan of B2B SaaS so that's my ultimate goal.

You're already comfortable financially so you could be looking to do something more along the lines of helping humanity.

There are lots of opportunity to leverage technology and software to help businesses and to help people. So I would explore some ideas them pick one you are passionate about and start validating it and exploring how to make it happen.

I don't think I would intern . . . you'd probably be a better fit for investing in entrepreneurs or starting your own idea.

As far as figuring out what's going on behind the curtain . . . I would start by emailing/contacting people doing something similar to what you have in mind . . . connecting and networking with people in that area/niche . . . eventually you'll connect with the right person to show you what's behind the curtain.

You're in a great spot . . . don't forget about taking some time to travel, enjoy the world.

congrats, good luck with your next venture.

jtfairbank12 anni fa

I'm founding a medical practice management non-profit. We're still pretty early (ramen, baby), but are always looking for help. I can't promise you any sort of salary, but can promise you a chance to jump in and learn a lot of things about programming and entrepreneurship. Seems like a good deal since you're financially self sufficient. If you're interested, shoot me an email (see the website).

resident.cs.illinois.edu

acesubido12 anni fa

"..., talk to businesses. I could give you a vague fact pattern to ask about (a problem which is amenable to a solution with code) but people seem to get hung up on that so I'll give you something really specific: you are looking for a MS Excel spreadsheet which has ever been mailed by Bob to Cindy, had Cindy edit it, and mail it back to Bob. Every time this happens a SaaS app gets its wings. Now go out and find, in the actual physical world, ten firms which have that same darn spreadsheet. Offer to build them a software system which solves the business problem which that spreadsheet represents. Ask if they would pay (pick a number based on how big the firm is) $50 to $250 a month for it. If yes, ask them to commit to buying it when it is ready. If you get 5 commits, build it, sell to them (n.b. you'll lose some commits here), and then start trying to sell it in more scalable Internet-y ways." - patio11, https://news.ycombinator.com/item?id=5904316

If you do go into programming, try doing what patio11 mentioned in that comment, but for the petroleum industry you just got out of. I think most entrepreneurs in the "software side" would tell you to go back to the petroleum industry and build a software business around it using your 9-years worth of domain-expertise/network as leverage.