Do I have what it takes to be an entrepreneur?
I am young but I still feel I have gained enough passion, knowledge, and experience to be an expert in my field (Health & wellness, beauty, and fashion). I'm also fortunate to have the funds to start my own venture. Is this enough to make it as an entrepreneur? How do I know if I will like it or if the path is right for me?
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Feb 6, 2015
I wrote an article on how to know whether you are an entrepreneur, intrapreneur or better off as an employee. Here is a link https://www.linkedin.com/pulse/20140811140827-70681999-are-you-destined-to-be-an-entrepreneur-or-an-employee?trk=mp-reader-card
Feb 4, 2015
Validating Your Vision - 46 Questions you absolutely must answer with enthusiasm and intensity: The Vision, the Plan, the Passion, the Persistence, and the Perseverance.
The foundation of your quest for capital (because this will be, now and forever, the primary necessity of "Entrepreneuring") must be a vision that fills a need coupled with the burning desire to make your dream a reality. If you develop a good plan for promoting your vision and present it aggressively enough, you will succeed at being an entrepreneur and getting the capital you need. Let's see how you can integrate these principles into the capital acquisition process.
Your vision, your dream, your inspired gift, is the primary building block for your entrepreneurship and your quest for capital. Your commitment to your vision must be strong because those who seek to discourage you will test it continually. Between you and your pot of gold at the end of the rainbow lies a path full of obstacles that will test your conviction and measure your strength of purpose. Challenges are opportunities if you are prepared and approach them with the right attitude.
The first step is to validate your vision. It will enable you to be right about your vision. It is your opportunity to test your theories and the marketability and potential profitability of your product or service. It is your chance to test the water before you get in over your head.
The vision validation phase gives you a chance to ask and answer all the tough questions, consider the possibilities and options, and make the go or no go decisions before you put your own resources and those of others at risk.
The vision validation questions and checklists are your reality check. You will be rewarded tenfold for every ounce of time and energy you invest in this validation process. You will be able to address most questions that your investors will ask, before they are asked.
By utilizing the vision checklist that follows and being totally honest with your responses, you will be able to evaluate your vision and decide whether it is just another idea or a dream that demands your consuming commitment. Because there is often no turning back, it is a good idea to be sure how you feel before you get started, particularly when others are involved.
Keep in mind that these questions you ask yourself will be asked many times over by potential investors and your most fervent devil’s advocate. Consequently, you would be well served to develop extensive written answers to each and every question concerning your venture. All the following information will be useful when developing your documents and sales material.
VALIDATING YOUR VISION WORKSHEET
1 - Is the need real?
2 - Do people really need left nostril nasal inhalers? Where did your vision come from? Was it based upon a real need that you perceived in the marketplace? Was it a divine inspiration or was it something that you just thought would be a good idea? Have others expressed a need for your product or concept? Is it one of those things that people say "somebody ought to do this"?
3 - Have you considered all of the advantages or benefits?
4 - Make a list of all the advantages or benefits. Are there other products or services or organizations that provide the same benefits or advantages in a different way?
Advantage Disadvantages
5 - Have you identified the problems your product or service will solve?
6 - If some of the benefits that you have described include solutions to problems that affect many people, groups or businesses you should make an extensive list with verifiable documentation.
7 - Is this an original concept, a new combination or adaptation?
8 - Be honest. Is your vision brand-new or it is an adaptation or combination of other things you have seen. It doesn't have to be new or original to be successful, but the way you present it, both to customers and investors, is dependent upon the unique selling proposition you bring to the marketplace. This is a good place to list the sources or references you may have utilized in the development of your vision.
9 - What immediate short-range benefits can be anticipated?
10 - We live in a quick-fix society where everyone is looking for immediate gratification. Short-range benefits and returns are attractive to both consumers and investors. Everyone wants to see results now. You should make a list both from the consumer’s perspective and the investor’s perspective. This will help you target markets for consumers and your affinity investor groups.
Consumer Prospective Investor Prospective
11 - Are the projected returns adequate?
12 - There are a lot of good ideas that don't make money. Making money is what this is all about, particularly as it pertains to getting capital. It is great to be a visionary of incandescent brilliance, but you will be unable to secure investors or survive in the marketplace without profits. This is where you ask yourself the question, “Is it worth it, or what percentage of the market do I have to achieve to stay in business and more importantly provide a return to investors?”
13 - Are the risk factors acceptable?
14 - This is the big one. Can you; are you, willing to take whatever risks are required to see your vision through to fruition or failure? I'm often asked the questions, “How much must I risk and how long will it take?” The answers are, “Everything and as long as it takes.” If those are not your answers, get a job and forget about this entrepreneuring thing or find a project or vision that will excite you enough to make the total commitment required.
15 - What are the expected long-range benefits?
16 - You have already answered the short-term benefit questions. The value of your concept, product, or vision is enhanced significantly if it provides long-term benefits and solutions as well. The more benefits you can enumerate, the more ammunition you will have for consumers and investors.
17 - Have you checked the idea for faults or limitations?
18 - I can guarantee that your potential investors will be able to provide you with extensive lists regarding the faults and limitations of your idea. Be prepared for this, nothing and no one is perfect. However, if you are prepared to address these issues, you will be able to satisfy some of the reservations of investors who really like you and your idea. When life hands you a lemon rather than lemonade, ask for a bottle of tequila and a saltshaker. Always be prepared to turn things around.
19 - Are there problems the idea might create...what changes might be involved?
20 - The laws of physics tell us that for every action there is an equal and opposite reaction. What are the actions and reactions of your idea? For example, will the process of fertilizing farmland create beneficial byproducts or hazardous waste? A good attorney will tell you that it is not wise to ask any question that you don't know the answer to. This holds true with your concept or product. Look at what you are creating from every possible angle and remember that no matter how thorough you are, someone will see what you are doing a different way. Their perception could impair your progress or provide you with valuable input. Make sure you are ready for all questions before they are asked.
21 - How simple or complex will execution/implementation be?
22 - Have you ever heard anyone say, "It's really simple, all I have to do is...?" Are you still waiting for the results? One of Mr. Murphy's laws says, “Everything always takes longer than it's supposed to”. You can count on that. It is not a good idea to make anything sound too simple even if it may be simple for you. Be realistic, be thorough and always try to error on the conservative side. Late results and failed expectations never meet with as much appreciation as producing something on schedule. Don't trap yourself in an unrealistic time schedule. When you're making the rules, make them work for you. Take the time you need and get the capital you need to do it right.
23 - Can you work out variations?
24 - Can you compromise your vision or your plans? At some point during the development of your vision, or the implementation of your funding plan, your associates or investors may ask you if your concept, product, or service can be varied or changed. Additionally, financial advisors or investors may want you to alter your funding requirements or financial policies. The ultimate compromise or variation occurs when a major investor or venture capital source seeks to acquire control of your business. Be prepared for this and be ready with a response that you’re willing to stick with.
25 - Can you offer alternatives?
26 - If you feel that you might have to compromise, you should be prepared to offer alternatives. However, even if you know the answers, you should take your time in responding to requests for alternatives. Quick decisions and immediate responses today can get you into trouble later on. Seek counseling from trusted advisors.
27 - Does it have sales appeal?
28 - This is really the No. 1 question. If it doesn't…forget it. If you cannot sell it, or your investors perceive that it cannot be sold, you're out of business. Remember, the Enterprise Success Course™ strategy is all about integrating sales concepts into the capital acquisition process. So, the salability of your product or idea is of primary importance.
29 - Is the market ready for it?
Feb 3, 2015
as NIKE put it "Just Do it!" or as Wilson Luna puts it "Business is all about making the most possible amount of money in the shortest possible time. Find a need and meet that need".
Jan 29, 2015
Hi!! All the qualities that you have and the fact that you have money and expertise does not have any bearing on being an Entrepreneur, to say the least. Anyone can become one. But be practical, it requires risk taking, planning and focus. It also requires networking with the right people and more importantly Your are in Charge. Florence MacDonald
Jan 28, 2015
Hi Lexi,
Apart from the required skills, funds and leadership qualities, entrepreneurship is also about having lots of patience and persistence. Normally, it takes atleast 3-5 years for one to actually succeed in businesses, and being able to make profits.
Entrepreneurship is like Swimming, you can learn it by getting into the waters only, and not by reading books. Hence, you will not know the path right for you or not unless you do it yourself. Every entrepreneur has a different story to tell.
All the best,
Rajesh K
Jan 27, 2015
This is an amazing start. I would strongly recommend doing your due diligence first - knowing what your goal is, how it compares to others in the market, how you standout. In doing this you'll need to speak to some people such as an accountant and a digital marketing strategist to see if you can handle the project on your own or if you will need to hire out some services.
Jan 27, 2015
Having the skills isn't always enough. Having the funds helps but having the passion for your work and confidence in yourself are essential along with a structured plan for now and the future.
Jan 24, 2015
Hello Lexi,
Before taking any decision I recommend you read two books: Lean Startup and Work the System.
After that if you feel comfortable and certain that you can build a profitable company that can run without your involvement, just do it.
The truth is: you will never be ready to start a company. There is always something new to learn, but just like in any other field you need to learn the basics.
Regards,
Claudiu
Jan 24, 2015
Hi Lexi,
Have you ever taken the DiSC Personality Assessment? It is a great tool to see where you score and where you area of strengths and improvements are.
Melissa
Love it "Just do it"!