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| The Early Stages |
| Sunday, November 05, 2006 |
In the early stages of creating an entrepreneurial venture it is likely that you will not be paid for your efforts. In a sense, you are mortgaging your present resources, even if you only resources are time and creativity, for the purpose of reaping a reward or controlling an asset in the future. You will need to be prepared to work for free and you need to accept that there may be very little specific information you can find to tell you how to be an entreprenuer. This is due to the fact that the entreprenuerial path is broad and potentially encompasses avery field of human knowledge.
This is not uncommon. The stealth technology used on milatary aircraft, to a degree, is an example of this. The government announced that it would award the contract to the contractor that presented the most convincing and attractive product design for development. This meant that any of the contractors that were going to compete would have to work on their project without any guarantee of reward - and it was an expensive project. This was the risk that they had to take to be awarded with the funds necessary to obtain the capital to fully develop the technology and the aircraft. (Incidentally, the developer agreed to share the future benefits of the contract and to work as partners on the craft to mitigate the risk involved.)
To establish your interest and to market it, you need to take steps towards making it a going concern before you will obtain the resources.
Start Talking to Potential Investors:
Begin to visit places where that investors visit and learn about the requirements that they have for investment. This will benefit you in a couple of ways. First, it will get you into the market. Second, it will educate you about the investment market and the investment class. The tools of the entreprenuerial trades are different from the tools of most jobs. The require an individual to be able to effectively collaborate with others and to understand the language, terminologies, and subtleties of a wide variety of organizations, people, and systems. From the very beginning work at developing your personal network. If you live in a vacuum, move. Success is rarely found in vacuums. If you are unable to speak directly to individual investors, go to a bank and talk to a loan officer or contact a funding company and learn how they think.
Start Recording about Your Strengths:
Critically examine yourself and write down what your strengths - and your weaknesses- are. This will help you to identify where you need the most assistance in pursuing goal. Perhaps, when you review your strengths you will see that you are a self-starter, so you know that your primary needs do not include the need to hire a motivational coach. Or, perhaps, you will note that you have prior exerience in finance, human resources, accounting, payroll, retail services, warehousing, or manufacturing. Get a grip on what you know and consider ways that you can use these strengths to sell yourself, your product, your service, or your idea.
And, remember to consider your weaknesses. It is almost as important to understand your shortcomings, so you can get started early in seeking out individuals or agencies that can help you reduce the limitations any of your weaknesses imposes on your ability to be a success. Find resources that can help you. If you realize that you know very little about corporate law, lending practices, management, or workplace practices, put these facts on a to do list and make sure that you get yourself a good education in this field or find a resource that can provide you with the expertise you will need in the future.
Find a product or service:
Identify a marketable product or service, then research its features, producers, and consumers. What existing products or services interest you? If there are none, you will need to create one or you may need to consider whether or not being an entrepreneur is appropriate for you. If you cannot identify or create a product or service that interest you, you will have a challenging time maintaining the necessary enthusiasm to do the extra legwork that is necessary to get yourself going.
The product or service that you identify or the group of products and services can be in virtually any field from aeronautics to housecleaning. Think about how many hotels would outsource room cleaning if they could get high quality service at a reduced cost and, even more importantly, reduce the liabilities and claims that they have for theft. Consider how many businesses would outsource their manufacturing function if they could be guaranteed, quality, timely delivery, and reduced cost - even if the reduction in cost is derived from a reduction in the amount of human resources, benefits, warehousing space, and equipment they need to create their output. Think about how many people would pay to have a secure place to secure their property in a storage building or a place to park near where they work.
Create a draft of your business plan:
Spend some time writing your business plan. If you use public transportation to commute, do it on the train, plane, or bus. If an idea comes to you while in a restaraunt write it down on a napkin or on the back of a reciept. You can always flesh it out later. Sometimes, when you jot something down it helps you to organize your thoughts and makes it a little easier to convert those thought into actions.
Keep moving:
At all costs, keep moving forward. Time is one resource that is always in short supply. Opportunity present themselves to everbody everyday. The problem is that everyone is not prepared when that opportunity arises. Train yourself to be on the lookout for opportnities and practice pursuing them. It is easier to stumble upon the next great thing if you are always moving. Find out about new changes in the law and technology that may create an opportunity for you. |
posted by Domesticated Dog @ 10:37 AM  |
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| 1 Comments: |
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I realy appreciated this post it made a couple of matters more clear for me. Can you post more on this subject and lead to me to other resources?
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I realy appreciated this post it made a couple of matters more clear for me. Can you post more on this subject and lead to me to other resources?