This is the second installment of a three-part series. Read the first part here.
At a lively networking event, I asked a fellow entrepreneur why he decided to start his own business. He chuckled and said, “It was two words from my boss: you’re fired.”
Of course, getting fired may get you thinking about becoming an entrepreneur, but it takes more than that to make it a reality. An entrepreneur is someone who takes the initiative and assumes the risk to organize and manage a venture.
Drive, risk-taking, innovation and a strong work ethic are common to successful entrepreneurs. There are some other basic steps one can take to make the goal of starting a venture a reality.
At the heart of any successful business is a great idea. These can range from the annoyingly simple (e.g., the Snuggie) to the rather complex (e.g., therapeutics and vaccines). You can find inspiration by brainstorming about what societal needs are not being met and then developing a solution to fulfill one of those needs.
Once you have an idea, draft a business plan. It’s a tool that entrepreneurs can use to help focus them in the right direction for their ventures.
It will allow you to get all your ideas on paper and address any holes in your thinking. Remember, the plan is a dynamic document meant to serve as a guide, not a leash. As your venture develops so will your business plan.
While you forge your idea, aspiring entrepreneurs benefit by discussing their thoughts with someone. These talks can lead to valuable feedback that will help to refine your venture. Don’t be afraid to have a conversation! You’re going to have to talk about your idea at some point, and the sooner the better.
Other entrepreneurs can be a great sounding board, and you may find a mentor.
Finding a good mentor can save you a lot of blood, sweat and tears.
