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7 Critical Questions Before You Become an Entrepreneur

Original post from Startup Professionals Musing.

As a mentor to aspiring entrepreneurs, the most common question I get is, “I want to be an entrepreneur — how do I start?” The obvious answer is that you need an idea first, but I’ve come to realize that the process is really much more complex than that. Many people with great ideas never make it as entrepreneurs, and true entrepreneurs can make a business out of anything.

The first myth you have to get past is that having an idea will make you an entrepreneur. In fact, even implementing the idea into a solution doesn’t make you an entrepreneur. According to my definition and Wikipedia, an entrepreneur is someone who builds a new business. Based on my experience, creating the solution is usually the easy part of starting a successful business.

So before you quit your day job, tax all your friends and investors for money, or max out your credit cards to design and build a product, I recommend that you seriously contemplate the following more basic questions:

  1. Are you prepared to adopt the entrepreneur lifestyle? Starting a new business is not a job, but an adventure into the unknown, similar to Columbus setting out to find the New World. It’s a big step into a new lifestyle, like getting married after being single for many years. Yet startup founders are often lonely, since no one else can make their decisions.
  2. How strong is your passion for this opportunity? You have to enjoy working with people — partners, customers, investors and more — as well as products to start a business. You have to embrace making decisions and the responsibility of setting milestones, measuring progress and celebrating the victories and defeats.
  3. Are you confident and disciplined in facing tough challenges? Starting a business at home or on the Internet is hard work — not a get-rich-quick scheme. You will be operating outside of any proven realm, no mentor can give you the answer, and it won’t help to blame anyone else for missteps and environmental changes you can’t predict.
  4. How familiar are you with the contemplated business domain? Remember that the grass always look greener on the other side of the fence. It may make more sense to work for a similar startup before charging ahead on your own. The ultimate best teacher is failure, but a less painful one is getting related work experience and training.
  5. Which business model best suits your mentality? Some people love to deliver services, where personal acumen is tested every day. Others love technology and products, to be replicated and sold while you sleep. If something totally new is not your forte, you can always buy a franchise, acquire an existing business or be a consultant.
  6. Have you mapped out a complete plan? Few entrepreneurs can assimilate and hone a complete plan in their head. That’s why I believe the process of writing down your plan is more valuable than the result. Also, a written plan multiplies your ability to communicate to constituents, and facilitates parallel feedback. Money is not a substitute.
  7. What is your funding situation and alternatives? Fundraising is stressful and difficult, which is why 90 percent of successful entrepreneurs choose bootstrapping (self-funding). Too much money too early kills many startups, according to investors. There are always non-cash alternatives, such as recruiting partners with equity and bartering services.

After asking yourself these questions, and finding yourself still determined to be an entrepreneur, you will have already started. From there, it’s a simple matter of forging a trail to success, and conquering all the problems and challenges that are sure to surface. Starting a business is a marathon, so you have to make an overt decision to enjoy the journey as well as the destination.

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Helpful LinkedIn Tips to grow your network:

1) Visit your contacts’ connections and look for someone who could be a potential referral partner where you both would benefit from a business relationship.

2) Ask your first connection if they wouldn’t mind you using their name when connecting with that 2nd connection. Something like this is appropriate:

“Hello Sam!
I see you’re connected with FIRST AND LAST NAME. I was going to reach out to him, do you mind if I mention your name?
Thanks, and hope business is going well!
Your Name”

If your goal is to have 5,000 referral partners in 3 months and with a average 70% success rate you’d need to reach out to 7,142.86 prospects in 90 days. Sounds like a lot? Let’s break it down—that’s 79.37 contacts A DAY. This should take no more than 45 minutes (or less for some).

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