To be employed…in a collective mind of most people this means: to sign an employment contract with the employer for a definite or indefinite time period, no matter whether it is an employer in a private or a public sector (although it seems that the majority still prefers the public sector, assuming that in this way they are securing their material safety).
Besides indicated employment options, there is another one – TO BECOME AN ENTREPRENEUR.
To become an entrepreneur means simply to be able to create a workplace for yourself, according to your own wishes, abilities and personal aspirations. How? It all starts from an ENTREPRENEURIAL IDEA, which doesn't have to represent some kind of unattainable plan nor does it have to require demanding material investments nor enviable management skills. It can simply be a well designed offer of something (of a simple product or service), which can be achieved by investing modest means, but which is the result of considerate and thorough preparation.
Besides, we have been witnessing collapses of big projects where significant financial means were invested in, while on the other side, apart from fallen Goliaths, there are little Davids who start a business out of nothing and by determined and patient work, as well as by elaborating and upgrading their initial idea, achieve decent results.
Although we are aware of a prejudice, which seems to be dominating in collective minds in this area, that nobody has gotten wealthy by doing honest work, we will stick to exclusively ˝real values˝ in our review and describe a process of how to develop an entrepreneurial idea and what needs to be taken into account before its initiation and implementation.
There are three steps to a successful realization of an entrepreneurial idea:
1) evaluating own abilities
2) defining entrepreneurial idea
3) creating realization plan (a business plan)
Evaluating own abilities means defining if we have the necessary predispositions, personal as well as professional, for a successful start and maintaining of the designed project. We have to be aware of the fact that, despite initial enthusiasm, there will inevitably be obstacles, risks, pressures on our way to project implementation, as well as all kinds of possibly unpleasant surprises that we weren't able to predict in the beginning. But also – great pleasures.
Characteristics of a successful entrepreneur are: motivation, confidence in own abilities, optimism, possibility of positive thinking as well as emotional stability and balance, organizational competence, ability to plan, flexibility in decision-making, ability to build good human relations and communication skills. Besides that, one should be professionaly trained and competent for performing the designed business activity.
Defining entrepreneurial idea means to focus and carefully analyze all its constituents with the purpose of testing its feasibility.
Which product/service do we want to offer? Who do we plan to offer it to (who are potential users)? What new, innovative or interesting does that product/service offer, that would make it possible to withstand competition and survive on the market? Which resources (human, financial, equipment) are necessary for realization of the project? Who is our competition and what are their characteristics? What risks can endanger unhindered development of our entrepreneurial idea? … are just some of the questions whose answers need to be carefully analyzed. The result of such analysis has to be a clear picture and idea of what we are actually planning to do, defined as detailed as possible. That means that we don't want to ˝solve problems as we go˝, but try to foresee the maximum number of variables which can interfere with the project. In this sense, it is good and useful to speak with somebody who is already familiar with the subject matter and somebody we trust. It is even desirable that this person doesn't share our great enthusiasm, because with their help we'll be able to look at the above stated facts more objectively. Of course, all that shouldn't discourage us, but be a stimulation for a more secure appearance on the market.
Realization plan of the entrepreneurial idea (business plan) is next, only after we have established with rather great certainty that our idea is based on realistic assumptions, i.e. when we believe that there are no insurmountable obstacles.
This is when we start with more concrete setting of the business plan, in the sense of: what do we want accomplish (what are the goals – income) and what resources are needed (expenditures)? Thereby we analyze the market (of supplying and selling), we analyze necessary financing sources, we test economic impacts of the set business plan, i.e. we try to get an answer to the question: will it be worth for us to invest time, knowledge and money in this idea and how much time is needed until it will start being economically useful – in terms of realized profit?
Thereby it is important never to forget that nothing comes easily and nothing happens over night, and we will, as a little consolation, quote an Arabic wisdom: ˝All things are difficult until they become easy.˝
There are three possible epilogues after completion of above stated analyses and preparations:
1) postponing the realization of an entrepreneurial idea for a future time,
2) staying with the designed entrepreneurial idea, but having changed some critical parameters (in order to decrease potential risks), for the purpose of avoiding subsequent difficulties in doing business,
3) definite abandonment of entrepreneurial idea and the project
Our advice for the end: be persistent and believe in yourself. Because, as an African proverb says: ˝If you have a goal, you'll find a way to achieving it˝.
Posted on October the 30th, 2010
