There is an ongoing debate within the business world about whether entrepreneurs are born or made. The subject makes for some good conversation and interesting perspectives, but as with most hot-button topics, it produces wildly diverging opinions as well.
Dreams are materializing for you, circumstances are unfolding, and opportunities abound. The only question you need to concern yourself with is: What is it going to take for me to be a successful entrepreneur?
Talent: Honed by Experience, Sparked by Passion
The fact you are poised to take the monumental step of starting your own business is evidence you have been cultivating the passion and knowledge necessary to compete in today’s hyper-competitive arena.
To decide what business is right for you requires a frank assessment of your skillset, resources, and experience.
Running your own business requires executing tasks across a broad scope of business activities. Are you ready to tackle administration, logistics, sales, marketing, and accounting by yourself? If not, do you have a plan for employees, freelancers, or contract laborers to address the areas where you require assistance?
Capital is a critical resource to consider when you are attempting to time your launch. Around 37% of companies fail due to running out of cash. A comprehensive business plan is integral to establishing the progress benchmarks required to achieve profitability or qualify for additional funding.
Don’t forget to factor in the time you have available to dedicate exclusively to the business. New businesses are often initiated while still working. The scalability of the venture hinges on an accurate estimation of your available hours and those designated to assist you.
The New Marketing Paradigm
Technology has transformed the concept of marketing. The consumer today is armed with more relevant information, product knowledge, and buying opportunities than ever before. To enter any market as a new business requires a thorough understanding and implementation of market research.
First, study your industry to determine the exact level of competitive rivalry, the threat of new entrants, and the threat of substitution. Factor in buyer and supplier power to give yourself a detailed picture of your industry.
Perform a strength, weakness, threat, and opportunity (SWOT) analysis on your company to determine where you fit within the market.
Most importantly, understand your buyers. Use surveys and focus groups to reveal customer attitudes, demand, price points, and impressions of branding concepts.
Your ability to leverage knowledge and experience is the startup foundation you have been building. The jump-off point is clear when you have developed a compelling value proposition for your product or service that triggers customers to purchase.
Never Stop Learning
If your research leads you to delay your startup or revise your concept, consider going back to school for a specialized business degree. WGU.edu uses online curriculums and has managed to build a broader reach with convenient and comprehensive learning programs. Fortifying your skill set while continuing to plan your business, work your job, and tend to a family is certain to materialize as a competitive advantage down the road.
Timing is Everything
For more esteemed leadership consulting, visit Los Angeles’s premier business accelerator, CEO Medium.
