So you want to be an entrepreneur? That is great! But... are you prepared for all that an "entrepreneur" is meant to be and do? Well, before you panic, let me share with you a simple formula that will support your success. Note that I did not say will "guarantee" your success because, as with everything in life, it all depends on how well you apply the formula. What is this formula? Here it goes:
E = k + ex + r x ef + n.
Okay, you were never very good in maths or chemistry but actually the formula is almost self-explanatory. But let me go through it with you.
A successful enterprise (e) is the result of a number of elements interacting together. This means that we need to make sure that not only those elements are there but that they interact in the right way. So, let me explain the formula a bit more clearly. What is says is that enterprise is given by the sum of knowledge, experience, resources multiplied by the sum of effort and networking. Simple isn't it?
What it all mean is that if you want to build a successful enterprise you need to have first of all the right knowledge of the product/service you offer. You will also need to have a good knowledge of the market in which you are going to operate in, of who the competitors are and how they operate.
You also need to have sufficient experience or at least willingness to acquire that experience as you go along. That may not necessarily need to be direct experience of the service/product that you are going to promote; but it would need to be something that you can relate to the new venture you are about to launch. Lack of experience counts much for the failure of many new businesses.
Obviously you will need to have access to the right resources, whether people, finances, equipment, etc to enable you to perform the service or produce that product. Note that I said "access to" not that you necessarily need to have those resources yourself. In fact, for many early stage businesses and for some types of businesses outsourcing is far cost effective and preferable than having those resources in house.
Now all these elements need to be multiplied by the amount of effort that you are prepared to put into the new venture. U said effort and not time because time is a relative dimension. For some businesses, given their nature, it will take longer whist for some the time dimension may be shorter. But the amount of effort is a key element. Having said this I am not talking of piling hours and hours of work every week. I am talking of working smarter and more efficiently rather than harder and longer. And this may well mean adopting certain systems of operation, using outsourcing and so on.
Finally networking, which is crucial for all businesses but especially for new businesses, start ups, and even some smaller SMEs. The sad thing is that so few entrepreneur network and when they do they do it so inefficiently that is not worth the time! Yet, for many smaller, local businesses networking is the best and at times the only worthwhile, form of promotion and advertising.
So there you have it! That is the formula that will ensure that you are on the right track. The rest... well that is up to you.
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