I'd like to invest some extra cash in entrepreneurial business but I'm not sure where to start. Any help in pointing me in right direction woudl be appreciated.
Depending our your accredited investor status you may consider looking at Sharespost.com or Secondmarket.com or even Angellist (http://angel.co). These can be really tricky. If I were you, I'd make sure I have a substantial liquid portfolio in place before I consider looking at investing in startups, for what it's worth. Good luck.
Sayed, I admire your entrepreneurial spirit! I agree with George that you will want to consult a business lawyer before investing any money into a startup. In addition, here is a list of web resources that might help you get started:
Inc. Magazine has a collection of articles for those starting a business here: http://www.inc.com/start-up
Entrepreneur magazine has a startup section here: http://www.entrepreneur.com/startingabusiness/index.html
Y Combinator is a unique model of startup funding: http://ycombinator.com/
Kickstarter is another unique way to find funding for a startup project: http://www.kickstarter.com/start
Good luck to you!
Sayed, before making such an investment, you need to consult a business lawyer. In the event you are a major financial contributor, you need to be sure you have some say in how the company or LLC is run, with provisions that protect you from dillution of your interest. If you are forming the business, you have to look at what structure makes the most sense, for what you are going to do. C-Corp, S-Corp, LLC, etc.
Talk to a business lawyer, before you act.
All of the information provided is excellent. To expand on Scott's point, I would only look at start-ups if you have enough saved to fund your core life goals - or you have a plan to invest enough to meet your basic goals: Retirement, Residence, College funding if applicable, et cetera, not counting the start-up money. Start ups are very, very risky. No matter how nice the people are, how good the idea sounds, they are still long shots as the neat idea needs to meet the messy reality of execution.. ( Best of luck)