Publication number: ELQ-36184-1
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How to Generate New Venture Success And Satisfaction
As people turn to entrepreneurship as an alternative to traditional employment, we must respect its challenges!
Introduction
As the economy flourishes after some tough economic times, more and more people seem to be turning to entrepreneurship as an alternative to traditional employment. I applaud this trend, but caution all of you thinking this direction to approach entrepreneurship with your eyes wide open. It is not for everyone, as the entrepreneur’s path is fraught with challenges.
Many experts have tried to clearly lay out the criteria for survival in a way that allows you to judge your own situation and your own temperament, and make a rational decision before starting down this path. I recommend the ten points in a classic book by Bill Murphy, Jr., titled “The Intelligent Entrepreneur,” outlining the keys to successful entrepreneurship, as follows:
- Step n°1 |
Make the commitment.
Entrepreneurship can be learned. But you have to be committed to the process of building your own thing and the act of creating something, rather than just coming up with an idea. It will likely take several ideas, with the learning process of failing on a couple, before you can call yourself a successful entrepreneur.
- Step n°2 |
Find a problem, then solve it.
Rather than finding a new idea first, try finding a problem first. Problem solvers make successful entrepreneurs. Idea people are dreamers, who often don’t enjoy the hard work of a solution in a specific timeframe to make money. - Step n°3 |
Think big. Thing new. Think again.
In other words, make sure your solution will scale up. Professional investors will tell you they look for business plans that can credibly project revenues of at least $20M within five years, or they won’t justify an investment.
