Retweet this button on every post blogger An Entrepreneur has the fire, the passion, the desire!! For an entrepreneur "there are no ifs and buts but its all about guts", yet to become a successful entrepreneur and to make the business plan successful, it is very helpful to understand the golden steps. My professor Thomas Hellman at the Sauder School of Business in the University of British Columbia has been the motivation behind these golden steps:
- Find a problem, a PhD can find the answer for you - Best way to start is to find a problem that needs a solution. Identify gaps in the market. You might not know the solutions yet and you can get a smart PhD to figure that out but identify a problem first. The existing problem is an indicator of an existing demand that needs to be fulfilled. Spot the areas where there is high willingness to pay. They say that MBAs find problems and PhDs have solutions.
- Finding the people - Just because Jack is my best friend, I want to make him my business partner. NO!! Business and friendship can not be mixed. Chilling out, getting along and drinking beers together are good but to succeed in business partnerships, partners need to have a common goal and a clear vision. Focus should be on finding people with different skill sets and strengths who will complement you and yet have a common goal as yours.
- Brainstorming & Market Research - Strategy and research are the most important stages of a business plan. Action is secondary as implementing the wrong strategies will only make it worse. Get out there and ask people about their opinions on your business idea. You want as much primary market research as possible to get new ideas. Now it is time to develop your plan as you have enough data.
- Seeking a Venture Capitalist?? - Why would a VC commit their dollars to you? Well, VCs want to see that the entrepreneur has committed his/her career to the business idea and is passionate about it. Indeed VCs love meat in the business plan but they are also investing in the entrepreneur. They should be convinced of your overall business skills and your passion and commitment. If you feel part-time about your plan then how do you expect the VCs to feel?? I think you know the answer :)
- Start Selling - An Entrepreneur waiting to make the big sales the very first day is doing nothing but day-dreaming. Start selling and get better at it! I recently had an opportunity to talk to Roger Hardy, the founder and CEO of Coastal Contacts, a giant online retailer of contact lenses and other vision care products. His story was such an inspiration. First day his business went online, he started with just over 20 orders and now in about 9 years time his company has a market capitalization of $71 million.
To make it short and sweet - Envision, Find the right partners, Brainstorm and research, Find the right source of financing and Just Start!!!! Don't wait too long...
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