Career

Notes on Career, Contracting, Entrepreneurship, business goals, business development.

Consulting Framework

To determine the viability of a consulting project, consider the following factors:

  1. Can the client easily find a solution online?
  • Ideally, the answer should be “no”, indicating that the problem requires specialized expertise.
  1. What are the consequences of a failed solution?
  • The cost of failure should be significant, but not catastrophic. This could include financial losses, reputational damage, or operational disruptions.
  1. How quickly can you deliver a solution?
  • The faster you can deliver a working solution, the better. This demonstrates your value to the client and helps build trust.
  1. How confident are you in your ability to deliver a great solution?
  • You should be 100% confident in your ability to deliver a high-quality solution. Anything less may undermine the client’s trust and make it harder to close the deal.

Problem Assessment

Take the person you want to help and the top problem you identified earlier, and rate it out of 10 in the following categories:

  • PAIN: _____ (high for high pain, low for low pain)
  • PLEASURE: _____ (high for high pleasure, low for low pleasure)
  • LABOR: _____ (high for high labor, low for low labor)
  • INFORMATION: _____ (high for high information, low for low information)

Pre-Contract Tasks

Before starting a contract, consider the following:

  • Is a BPSS check necessary?
  • Is a DBS check necessary?
  • Is the start date dependent on the client providing a laptop and completing setup?

Red Flags and Lessons Learned

  • Be cautious when:
    • Code reviews are done by someone not actively working with you or partially working with you.
    • Organizations use ServiceNow for project requests instead of support/change tickets.
    • There are no operational tasks done in a squad/team.
    • The lead engineer is not working on your project.
  • Best practices:
    • Get to know all ongoing projects before focusing on one.
    • Create a onboarding Jira ticket if possible.
    • Conduct 1-to-1 meetings with all team members.
    • Focus on making a positive impact and building workplace relationships rather than just performance.

Questions to Ask the Client

  • Is the lead engineer working on AWS or Azure, etc.?
  • Is ServiceNow used, and is it used for project delivery?
  • Are there any operational tasks done by the team once the user story is delivered into the Production environment?
  • Is there a code review process, and is the review done by another member of the same team who will be working with me on the same project?
  • Are there daily standups?

Wealth Creation Principles

  1. Assets generate positive cash flow: Focus on acquiring assets that produce income, rather than liabilities that drain resources.
  • Your primary residence is a liability, so consider investing in a third property as a buy-to-let (BTL) to generate passive income.
  • To maximize tax efficiency, consider setting up a limited company and contract outside of IR35.
  1. Cash flow is tax-free: Understand that cash flow from assets is not taxed, making it a powerful tool for wealth creation.
  • Research jurisdictions with favorable tax laws for limited companies and bank accounts, ideally supported by payment processors like Stripe or PayPal.
  1. Types of income:
  • Earned income: taxed
  • Portfolio income: taxed
  • Passive income (cash flow): not taxed
  1. Mastering debt: Learn to leverage debt as a tool for wealth creation, rather than a liability.
  2. FICO score: Understand the importance of maintaining a good credit score to access favorable financing options.
  3. Mentorship: Find a successful entrepreneur or investor to guide you in your wealth creation journey.

Product Development

  1. Create a unique value proposition: Ensure your product offers a significant improvement over existing solutions.
  2. Survivability: Ask yourself if your product would withstand negative publicity or a crisis.
  3. Roles:
  • Inventor: builds the product
  • Entrepreneur: takes the product to market
  • CEO: manages the team
  1. Intellectual property protection: Consider patenting your product to safeguard your idea.
  2. Elevator pitch: Craft a 120-second pitch for investors, covering:
  • Problem statement
  • Unique solution
  • IP protection
  • Market demand and growth
  • Team experience
  • Financial requirements
  • Clear roadmap
  1. Exit strategy: Plan for a successful exit, whether through acquisition, IPO, or other means.

Investing and Networking

  1. Socialize with successful people: Connect with affluent individuals in your community to learn from their experiences.
  2. Commodity investing: Consider investing in commodities as a hedge against inflation.
  3. Stock market caution: Be aware of potential inflation and market volatility.
  4. Real estate as a business: Treat real estate investing as a business, with a focus on cash flow and wealth creation.