| There's certainly no shortage of people wanting to | | | | and of itself, it does not guarantee success. I've met |
| start their own business, and even more so in today's | | | | many Entrepreneurs who bring the most incredible |
| economy. There have always been a certain group of | | | | energy, passion, and enthusiasm to their endeavors. |
| people that wanted to "go out on their own" and be | | | | They believe they can overcome any obstacle |
| their own boss. In good economic times or bad, this | | | | through the shear strength of their will. All impressive |
| group should be considered the Core Entrepreneur. | | | | beliefs, but these same Entrepreneurs didn't last long in |
| They have a certain passion and fire in their belly that | | | | business. |
| propels them forward, and for them, owning their own | | | | So what does make a business successful, and why |
| business is the only possible outcome--they simply | | | | do so many businesses fail in the first 12 months of |
| refuse to work for someone else. In fact, as the | | | | existence? While there certainly isn't one magical thing |
| saying goes, they work 80 hours per week to avoid a | | | | that you can do to guarantee that your business will |
| 40-hour per work job. | | | | succeed, there are many things you could do (or not |
| Interestingly, as the economy worsened, and as the | | | | do) to virtually ensure your business will fail. |
| social "contract" with large corporations disappeared, a | | | | The number one thing you can do to ensure that your |
| new class emerged of "reluctant" Entrepreneurs who | | | | business has a chance to succeed is to start with a |
| have been forced to conclude that they now want to | | | | solid strategic framework, or foundation. Many |
| own their own business. They might have snubbed | | | | would-be Entrepreneurs believe that I'm talking about a |
| their noses at it before, from the comfort and status | | | | business plan. Sadly, most Entrepreneurs do not have |
| of their prestigious corporate jobs, but now that they | | | | a written (let along well thought out) business plan. And |
| are unemployed with no remaining severance | | | | while I believe business plans are critically important, the |
| package, they have become more enthusiastic about | | | | strategic foundation I'm talking about here should |
| going out on their own and starting a business. | | | | happen BEFORE the business plan. In other words, this |
| Well guess what? Starting a new business is | | | | work needs to be done FIRST. |
| awesome! In fact, it's more than awesome. It could be | | | | So many Entrepreneurs get an exciting idea in their |
| considered one of the great adventures of a lifetime. | | | | head, and they immediately start executing against this |
| Perhaps a part of the American Dream. But just | | | | idea. They conclude that because they like their idea, |
| because it's awesome doesn't mean it's easy, and it | | | | that it must be a great idea, and that everyone will like |
| doesn't mean the business will succeed. Take it from | | | | it and pay for it. But they are skipping the most critical |
| me--someone who has "been there and done | | | | strategic steps in the process--steps that are tried and |
| that"--just because you want to be an Entrepreneur | | | | true and established as the best practices of the |
| and start your own business doesn't mean you should, | | | | biggest and most successful companies in the world. |
| and if you do, then there are certain rules that must be | | | | And that is, to evaluate the idea within an established |
| obeyed. | | | | framework that determines: |
| One of my favorite sayings is that "Just because you | | | | |
| want to be an Entrepreneur doesn't free you from the | | | | 1. Who is the Target Customer for this idea? |
| laws of business." You are subject to the same laws | | | | 2. What problem is being solved and what unmet need |
| of supply and demand, of economics and pricing, etc. | | | | is being addressed by this idea, specifically for the |
| as the big companies. It's funny (not in a laughing sort | | | | Target Customer? |
| of way), but I've met so many would-be or aspiring | | | | 3. Testing the idea as a concept with the Target |
| Entrepreneurs who believe that because they are so | | | | Customer to determine viability of the idea. |
| passionate about what they want to do, they simply | | | | For some, just identifying these 3 steps is enough to |
| cannot fail. Many of them have a framed print on their | | | | get them to change their thinking and get them heading |
| wall that usually depicts some inspiring image like a bald | | | | in the right direction. Others may need a bit more help |
| eagle, or a ship at sea, and the caption: "Belief fuels | | | | and guidance, and I'll write more about each specific |
| passion, and passion rarely fails." | | | | step later. Of course that are many other steps to do, |
| Well guess what? Passion does fail. Let me be very | | | | and this short article can't address them all, but the |
| clear--passion is a wonderful human emotion: it drives | | | | bottom line is that these steps form the foundation of |
| us, and fuels us, and has been the cause of many | | | | a strategic framework from which a successful |
| great accomplishments throughout history. But passion | | | | business can be developed that can minimize the risks |
| DOES NOT make a business successful. It can be a | | | | of failure. |
| great catalyst or enabler of business success, but in | | | | |