My career is going offtrack. Instead of growing to Business Analyst i am heading back to techy software development!!

I am thinking about sponsoring a small offshore project to gain PM experience, then use this on my C.V.

My idea;
 * Develop a software product using a Business Case i made a few months earlier.
 * Gain experience in the role of PM, business analysis and offshore contact with software developers.
A former collegae who started with me as Junior Business COnsultant has seen his experience fly through the roof, he worked on >=5 projects the past 2,5 years. He is now well experienced, and recently asked to be Project Manager.
I'd love to get my career back on track, but lacking experience prevents me from gettting employment in the BA-field.  While he goes from success my career goes just the other way!!

What view would employers have of someone who would like to get his career back on track this way?