So you want to be an entrepreneur?

Week 6:

So You Want to be an Entrepreneur?

successful business: 

1 In-depth knowledge of the competitive structure of an industry and a network of contacts within that industry; 

2 The skills to run the daily operations of a small, rapidly growing company; and 

3 The ability to raise money. As you begin a new career, think of yourself as being on a scavenger hunt with three bags labeled “industry knowledge,” “running a business” and “capital.”

 In each bag is a list of the items you (or your partner) will need to improve your odds of becoming a successful entrepreneur....the more items=better chance of success.

*Raising money is the least important... Money is the fuel for a start-up business...money-raising knowledge is the least valuable

*Industry knowledge is the most valuable of the three areas because it provides the ability to spot and seize an extraordinary opportunity. People with deep industry knowledge and sharp analytical skills ultimately will discover unique opportunities. Almost without exception, you must be immersed in an industry for years to pick up the nuances. If the company culture is flawed, almost any strategy is in jeopardy. 2 Unfortunately, extraordinary opportunities occur in an industry at best once every four or five years.

There are two ways to acquire the skills above: learn them yourself or find a partner who already has them. The successful entrepreneur generally does both.

*The key is not to land the perfect first job but to use each position as a steppingstone. With enough creativity and effort, any job can help you acquire new tools or contacts for one or more of the three skill sets. Always look at the next position as a way to put more items in your “bag” and check them off your list. This does not mean neglecting your current responsibilities.

Loyalty to God and Family

Your greatest legacy will be your family and your service in the kingdom of God.

Success is Gauged by Self-Mastery

https://www.churchofjesuschrist.org/study/general-conference/1975/04/success-is-gauged-by-self-mastery?lang=eng#d

How Entrepreneurs Craft

• By the time an opportunity is investigated fully, it may no longer exist.
• Analysis can delay entry until it’s too late or kill ideas by identifying numerous problems.

1. Screen opportunities quickly to weed out unpromising ventures.

2. Analyze ideas parsimoniously. Focus on a few important issues. 

3. Integrate action and analysis. Don’t wait for all the answers, and be ready to change course.

• Entrepreneurs: 41% had no business plan at all. 26% had just a rudimentary, back-of-the-envelope type of plan. 5% worked up financial projections for investors. 28% wrote up a full-blown plan.
• Screen out unpromising ventures....In assessing the viability of a potential venture, therefore, each aspiring entrepreneur should consider three interacting factors: 

1. Objectives of the Venture.

2. Leverage Provided by External Change. Exploiting opportunities in a new or changing industry is generally easier than making waves in a mature industry.

3. Basis of Competition: Proprietary Assets Versus Hustle.

• Entrepreneurs should evaluate a potential new venture against what they’re looking for and the sacrifices they’re willing to make. Do they want to make a fortune, or will a small profit be sufficient? Do they seek public recognition? Is the stimulation of working with exciting technologies, customers, or colleagues important to them? Are they prepared to devote their lives to a business, or do they want to cash out quickly? Can they tolerate working in an industry that has questionable ethical standards? Or an industry where there is high uncertainty? What financial and career risks are they prepared to take and for how long?  
• Standard checklists or one-size-fits-all approaches don’t work for entrepreneurs.

...an approach that integrates action and analysis:

• Handling Analytical Tasks in Stages. Rather than resolve all issues at once, the entrepreneur does only enough research to justify the next action or investment.  
• Plugging Holes Quickly. As soon as any problems or risks show up, the entrepreneur begins looking for solutions... Analysis is an exercise in what to do next more than what not to do.
• Evangelical Investigation. Entrepreneurs often blur the line between research and selling. 
• Smart Arrogance. An entrepreneur’s willingness to act on sketchy plans and inconclusive data is often sustained by an almost arrogant self-confidence. 

SUMMARY

I like the concept of having a list of the items myself (or my partner) will need in three bags and knowing that the more items I have in each bag the more I improve my odds of becoming a successful entrepreneur.

Furthermore, I never realized how important Self-Mastery is until Da Vinci put it this way..."He who cannot establish dominion over himself will have no dominion over others.” One of my most important callings in life is to be a mother and I now realize all the ways I can improve my self-discipline.

Lastly, I have been so scared of the Entrepreneur's path that I probably would have fallen into the category of analyzing to delay entry until it’s too late or completely killing ideas by identifying numerous problems. 

I most definitely want to apply all that I have learned to both my personal and my professional life. I want to "use each position as a steppingstone." and "acquire new tools or contacts for one or more of the three skill sets. Always looking at the next position as a way to put more items in my “bag” and check them off my list." Whilst remembering not to neglect my current responsibilities.

Additionally, I will improve my self-discipline and try not to beat myself up too much for my weaknesses that cause me to fall short.
Finally, I will screen opportunities quickly to weed out unpromising ventures. Focus on a few important issues. And I will remember not to wait for all the answers, and be ready to change course.