If you create a startup national company, you'll spend most of your risk capital trying to find customers. Ninety-eight percent of time, you'll fail.

You may have a great new product or service that everybody needs. Nevertheless, world still won't beat a path to your door. You won't generate hordes of customers without spending tons of money and years of your life.

Your alternative to creating a startup company is to do a turnaround. This means rescuing an existing business on verge of failure. You'll buy company for pennies on dollar. You'll make it profitable, within a year. You can find turnaround information at your local business library. You can surf Net for turnaround information. You must get a feel for turnaround process before you try it. To succeed, you must avoid mistakes of current business owners.

Pick your turnaround company carefully. It should have a loyal customer base. It should make a product or offer a service compatible with your startup company plans.

The National Association of Securities Dealers (NASD) has a vision. They see two North American Markets by 2010. They see New York Stock Exchange (NYSE) as "traditional" Market. The NASD expects to own everything else. They'll be Market of Cyberspace. Since they operate Nasdaq, second largest market in States, their vision isn't wishful thinking.

The NASD has acquired American Stock Exchange (AMEX) and Philadelphia Stock Exchange. They are trying to acquire remaining regional American Stock Exchanges. They intend to include Toronto Stock Exchange (TSE) in their vision.

The NASD will sell Over-the-Counter Bulletin Board (OTCBB) in next five years. The reason is NASD's reputation is at risk from unethical OTCBB trading. And OTCBB, like Western Canadian Stock Exchanges, will face growing competition from Cyberspace.

The NYSE wants to expand. They are considering taking NYSE public to raise money to compete with NASD in Cyberspace. I suspect they will be competitive bidders for remaining American regional Stock Exchanges and TSE. The NYSE sales pitch will stress status.

I doubt merger of Vancouver, Alberta and Winnipeg Stock Exchanges will work. Along with Canadian Dealers Network in Ontario, Canada's risk capital markets will be history within next twenty years. Also, I suspect that Montreal Stock Exchange will disappear by 2020. The reasons for failure involve credibility of these markets combined with increased competition from Cyberspace.

The Frankfurt (German) Stock Exchange (GSE) has a NASD vision for Europe. It sees International (London) Stock Exchange (ISE) as traditional market in 21st Century. The Germans intend to consolidate everything else. The German Stock Exchange's problem is overcoming national sensibilities in Europe.

The end game for NASD and GSE would be merger of their networks around 2015. They would leave NYSE and ISE as backwater "traditional markets." It will take at least an additional ten years for NASD and GSE to merge. If it happens, it will occur after 2020.