Jumping
Ship!!!
Yes, that’s
right – “Jumping Ship” – forget corporate America – forget your boss – be an
entrepreneur!!!
By-the-way,
I like that word “entrepreneur” – it took me a while to spell it correctly!!
By
definition –an entrepreneur is a
person who organizes and operates a business or businesses, taking on greater
than normal financial risks in order to do so.
Is that you? Are you
ready to take on greater than normal financial risks to organize (start) and
operate your own business? In some
(fortunately not all) it is a ‘sink or swim’ proposal – so really ‘jumping ship’!!!
So
… let’s think about that today:
-
Is that really you? Are a risk taker? Are you a go-getter? Are you ready to put in LOTS of time and
effort to start your own business?
-
Have you REALLY thought about it – in terms of
time, relationships, and money? Some
entrepreneurs spend almost every hour they are NOT sleeping doing their business. Is that you?
What will your spouse think – when he or she – suggests a nice quiet
dinner and a movie – and you say “Nope – I’ve got to get this <whatever>
done. What about family times? Will you be able to see your daughter in her
dance recital? Or son play basketball? Or go to their concert?
What if almost every penny you have will go
towards that business? Are you willing
to do that?
-
Are you good fit to be an entrepreneur? Are you good with people, good with ideas,
good with customer service? Are you creative and good at problem solving and
critical thinking? Can you find ways
around road blocks that would stop others?
-
What are your strengths? Can you use those for success? Being able to have BHAG (big hairy audacious
goals) is good for an entrepreneur – but is that all you have for
strengths? Visionaries are different
than dreamers!!
-
Do you have PASSION? Do you hang in there – or do you quit when
things take a downturn?
-
And …. Are you determined to get to that goal – making
your ideas, your company, your vision a reality? Are you part of the statement “When the going
gets tough, the tough get going”?
Now if you THINK you have the passion, the ideas and the
drive to become an entrepreneur, are there ways to make it work? I’m in the middle of becoming an
entrepreneur – after retiring from being a professor for 38 years. In some respects, I’m not doing a lot of
risk. I have a nice retirement account and
could coast, but I also have a drive and passion for what I’m doing – coaching and
mentoring people to make changes and reach their visions.
Let’s say you have a great business idea – can you work on
it evenings and weekends – part time while maintaining your current
position? The chapter opener was “Jumping
Ship” – but that doesn’t necessarily mean that you are jumping into
nothing. Following the jumping ship
analogy, you can be building your boat – your life raft in your spare time for
years. Maybe you will even take some
baby steps in getting it into the water and trying it out.
Who are your mentors?
Who is coming along side you to help you on this journey? You want mentors who are both encouragers and
realists.
More questions:
-
What is your product? What is the market like? Is this a “me too” idea – or really unique?
With your mentors, spouse, family, brainstorm your ideas. Tweak your ideas. Your idea may get better as others help with
modifications and suggestions.
-
How financially viable is it? Are people going to pay a premium price for
your product – even if it is a much better product? Spending $10 on an ice cream cone that you
can get for $3 at a local ice cream shop maybe not fly. Even if the ice cream is so much better are
your customers going to pay the price?
-
How are you going to market it? You have a great idea, maybe a great product –
but it is nothing until somebody hears about it and helps push it. For my first ebook, I gave my email to those
I thought would (a) read it; and (b) talk about it. Seth Godin talks about ‘sneezers’ – those that
will, in effect, ‘sneeze’ out how much they like your product or service. And … your network can help you here. Don’t be ashamed to ask people to recommend
your product or service. Tell your network
to write a great review for you at Amazon or Yelp or similar sites. And … if they are not willing to recommend
your product, ask them why not. Maybe
they have ideas that you have not thought of and their reluctance can help you
make your product even better.
-
Can you prompt it free? Can you blog about it? Can you present at local entrepreneur
competitions? Are you still in college? Does you college have entrepreneurial events,
speakers, consultants? Even if you are
not in college, you might be able to find support.
-
Does your community have small business /
entrepreneurial incubators? These can
help you with office support, some of the common tasks under a reasonably
priced (or free) umbrella.
-
How long are you committed? How long can you live without a regular
income? Can you sell your car to raise
funds for your business? Can you sell
your house and downsize to an apartment to get more money to startup? Can you
survive on Ramen noodles for three months (or six months or a year)? Are your
parents supporting you? Assuming you are
married, is your spouse committed to this?
Six months of no income can make a spouse say “enough – I’m getting a
divorce”.
-
Set SMART goals – Specific, Measurable, Attainable,
Realistic, and Time-bound. “I will earn
$5 million on this project in two weeks” is probably not attainable or realistic.
Assignment:
-
Is entrepreneurship for you? What questions and doubts do you have?
-
Do some research, What ideas and concepts do you? How can you build on them?
-
What about your mentors? Have you talked with them? Have you taken the time to work with them?
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