How an entrepreneur decides what to do?

How an entrepreneur decides what to do?

For most people I’ve met, the answer to that question was very easy and mostly was along that line:

I love flowers and I want to open a flower shop!

A large publication called “The Entrepreneur” published this article a while ago
This is the typical thing people read when they are thinking about starting their own business. The article is full of general advice and examples of businesses which succeeded in their quest. It is easy to think that you could do that too. Of course you can, who’s there to tell you you can’t?

And even so I agree in many parts, starting a business is a race of time. You need motivation and a lot of energy, but without products or services, resources and enough money, you won’t make it.

If you don’t have any money, how are you going to survive?
If you don’t have any resources, services or products, what are you going to sell to make money?
If you don’t have the right motivation, how will you keep going?

Part of being an entrepreneur is understanding and reducing risk.

With that in mind the answers to our questions become much easier.
If you have great products or services and lots of motivation you’ll need less time/money.
If you have lots of motivation and lots of time/money, you can create your products and services as you go along.
If you have lots of time/money and great products and services you’ll need less motivation.

You’ll need to make it before you run out of time/money.

If your money allows you to keep going for 6 month and you need to spend most of your time developing your products or services, you’ll have less time developing your customers and the other way around. Of course motivation is a major driving force and can speed things up immensely. However if you run out of money your time is over.

So lets assume you are highly motivated, but you have a limited amount of time/money (probably the most common situation)  you’ll need good services or products for your customers. That’ll give you the time to set-up the business and to find customers. If you don’t have the right products or services you’ll need more time/money to establish that.

To take the example with the flower shop from above, you’ll not only need great flowers to sell, but you’ll also need to know a lot about it. As more experience you have in the flower business as easier it’ll be and as better your services and products will be and therefore you’ll need less time/money to get going. If you don’t have the experience then go and get it. Work in a flower shop for 6 to 12 month. Find out everything you can while having an income that supports you. Then when you’re ready, start your business.

Another way is to find out what you’re already good at. The reason you’re good at it is because you have been doing it successfully for quite a while and constantly improved your skill. So why not start your business in something you’re really good at?

This will give you more time to establish your business. You don’t need to worry about learning a new skill. You can concentrate on finding your clients while your services and/or products are top from day one.

I can recommend this book: So good they can’t ignore you from Cal Newport. It gives a lot of examples and explanations why skills trump passion every time.

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