A t a lively networking event, I asked a fellow entrepreneur why he decided to start his own business. He chuckled.
“It was two words from my boss: you’re fired.”
Of course getting fired might 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 (the Snuggie) to the rather complex (therapeutics and vaccines). You can find inspiration by brainstorming about what societal needs are not being met and then developing a solution to meet 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 venture. 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, the aspiring entrepreneur will benefit from discussing his or her 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 could find a mentor.
Finding a good mentor can save you a lot of blood, sweat and tears. Seek out someone you admire, or who has significant relevant experience, and ask for guidance. You’ll be surprised at how generous established entrepreneurs can be with their time.
Launching a venture can seem daunting, but these steps will put you on the right path. Becoming an entrepreneur is a learning experience fueled by hard work and innovation. Start something. You’ll be glad you did.
