Lesson 3: Entrepreneurial Journey Flashcards
• The life of an entrepreneur can be great – you’re your own boss, you make the rules, you run the business. However, all of these are easier said than done. Entrepreneurship isn’t an easy path. Instead, it is often much more difficult than getting a regular job.
• At a corporation you can blame your boss, or perhaps the economy as a whole.
Be honest with yourself.
• There’s a lot of research, planning and general deep thought needed to succeed as an entrepreneur.
• Decisiveness is important to have, but you should have ample preparation before the big decisions need to be made.
Start thinking.
• Mentorship allows you to quantum leap straight to the head of the game more rapidly than if you tediously faced down every beginner’s hurdle. Avoid pitfalls, mistakes that could cost you your future, and rash decisions by having someone in your corner.
Find a mentor.
• Once your business idea is prepared and you’re ready to be an entrepreneur, the last thing you need to do is commit. If you truly want to succeed, put in 100 percent effort.
Commit
Is an act of being an entrepreneur, or “the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits”.
Entrepreneurship
Is the structure or conditions of economic life in a country, area, or period; also: an economic system.
Economy
Is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards.
Entrepreneur
Is the activity of making one’s living or making money by producing or buying and selling products.
Business
Is your exploration to discover if entrepreneurship is right for you. Every _ _ is unique; no two individuals will experience it in the same way.
Entrepreneurial Journey
What is your motivation for becoming an entrepreneur?
• For this stage, you need a creative, open, and innovative state of mind, also known as an entrepreneurial mindset.
Step 1: Inspiration
Do you have what it takes to be an entrepreneur?
• To plan for an entrepreneurial journey, you should first conduct some preliminary research regarding your venture idea. Your research must be honest and objective if it is to give you a clear picture of the venture.
• Also includes opening space in your life to the time and energy commitment needed to support your new venture.
Step 2: Preparation
What is the idea you plan to offer through your venture?
• For the entrepreneurial journey, this phase also include recognizing appropriate relationships and gathering needed resources.
• For many entrepreneurs, the opportunity to receive guidance from trusted advisors or mentors may provide valuable insights on how to manage the process. This step allows for reflection on your idea and intentions.
Step 3: Assessment
What resources and characteristics do you need to make this venture work?
• For an entrepreneurial journey, you might address cash management—management of cash inflows and outflows to support cash needs of the venture—to include bootstrapping.
• The idea includes many other options besides how to fund a new venture. In a trial run, you would offer your product or service for sale within a limited market on a test basis.
Step 4: Exploring Resources
What type of business structure and business model will your venture have?
• Building plan before starting the business provides you with knowledge and insights about your idea.
• This function as both a road map and as a checklist to track whether you are on course or need to make adjustments.
Step 5: Business Plan
In what direction will you take your venture? Where will you go for guidance?
• By nurturing an entrepreneurial mindset, you will be better prepared when opportunities, challenges, or obstacles surface.
• On your entrepreneurial journey, evaluating the experience or situation is a perfect opportunity for you to determine how realistic, overambitious, or shortsighted your dreams and goals for your venture may be.
Step 6: Navigation
