Chapter 1: Your Great Adventure -
Exploring The Right Fit
Learning Objectives:
1.
2.
3.
4.
5.
6.
7.
Discover the right complementary entrepreneurial fit for
you.
Begin filling your Adventure Notebook with ideas and
information to build Business Plan.
Understand how to use text and access vast
entrepreneurship resources.
Review the three doorways to entrepreneurship.
Identify various entrepreneurial types.
Determine why today’s economic and technology climate
is an advantageous time to start a business.
Understand your financial and family situation.
Chapter 1: Your Great Adventure -
Exploring The Right Fit
Learning Objectives:
8.
9.
10.
11.
12.
Make bold assessment of your personal strengths and
weaknesses.
Brainstorm a clear picture of success in small business.
Investigate the practices of financially successful businesses in
your community. Evaluate those who did not succeed – what
contributed to their failure? For those who succeeded – what
contributed to their success?
Expand your knowledge of small business through
interviewing small-business owners.
Design your own entrepreneurial lifestyle to include your
realistic expectations of the time and energy you are
committed to devote to your vision as an entrepreneur.
Action Step 1: Adventure Notebook












Twelve-month calendar
Appointment calendar with reminders
List of priorities
All Action Steps with #5 in front
Idea list
“New eyes” list
List of possible team members
Articles and statistics
List of helpful websites
List of experts
List of potential customers
List of contacts for goods and services
Building Your Road Map
Welcome To Business Plan








Product
Distribution Network
Technology
Target Customers
Financing
Passion
Community Resources
Global Opportunities







Incredible Resources
Pricing
Internet
Customer Service
Location
Marketing
Competition
Do You Have What it Takes to Be an
Entrepreneur?
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Can you sell your ideas?
Are you organized?
Can you handle stress & pressure?
Are you a reasonable risk taker?
Are you creative & can you share
your creative excitement with
others?
Can you made lemonade out of
lemons & roll with the punches?
Do you dread routine days?
Are you self-confident?
Are you reliable & ready to work
really hard?
Are you willing to fight for what you
believe in?
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Are you able to make decision on
your own?
Are you comfortable working with
new people & new ideas?
Are you a self-starter?
When you lose, can you deal with it
and move on?
Can you control your emotions &
temper?
Do you have a need to achieve?
Can you laugh at yourself?
Are you disciplined?
Do you have lots of ideas & see
solutions to problems?
Can you live without perfection &
external recognition?
Web Link Starting Points










Fast Company www.fastcompany.com
Inc. www.inc.com
Entrepreneur www.entrepreneur.com
Sprouter www.sprouter.com
Ewing Marion Kauffman Foundation www.kauffman.org
Under30Ceo www.under30ceo.com
Small Business Administration www.sba.gov
National Federation of Independent Businesses www.nfib.com
Startup America Partnership www.s.co
Alltop www.alltop.com
Knocking At The Entrepreneurial Doors

Three Doorways to Entrepreneurship

Doorway 1 : Buying an ongoing business

Doorway 2 : Buying a franchise

Doorway 3 : Starting a new business
What Type of Entrepreneur
Do You Want to Be?

Lifestyle Entrepreneur



Empire Builder



Make a living
Satisfy personal needs
Balance sheet affluent
Buys but not does not easily sell
Serial Entrepreneur


Looking for the cash payout
Ready to move on to their next
company
Action Step 2: Why Do I Want to be an
Entrepreneur?






Review your current job situation
List reasons you want to be an entrepreneur
How do these reasons fit into your personal, family
financial and professional lifestyles?
How do these reasons fit with your social, spiritual
and ego needs?
List reasons you do not want to become an
entrepreneur
Look realistically at your lists and keep refining
them
Action Step 3: Review Your Current
Family and Financial Picture


Complete the Personal Financial Statement & Personal Budget
Consider the following:










Can I live on less? How much less?
What can I cut from my budget?
How long can I cut my budget before I feel deprived?
How long before my family feels deprived?
Which of my assets can I turn into cash?
What amount of my net worth am I willing to put at risk?
Discuss with family the time and money sacrifices involved
Meet with a financial planner and accountant to discuss issues
Businesses take time – be prepared to wait
Check out the following websites: LearnVest, Mint, Kiplingers
and Money
Action Step 4: Self-Assessment



Complete the questionnaires in Table 1.1 and 1.2
Access the Small Business Readiness Assessment Tool and
the University of Pennsylvania’s Authentic Happiness Site for
character and strength tests.
Answer the following questions:









What
What
What
What
What
What
What
What
What
are your personnel strengths?
skills have you acquired throughout the years?
are you good at doing?
makes you happiest?
type of businesses offer you the fulfillment you desire?
personality traits might hinder you in your business?
do you value?
are your financial dreams?
are your passions?
What Does It Take
To Be An Entrepreneur?

Four-question Test to Determine Entrepreneurial
Success:
1. Do you know the difference between what you want and what
you’re good at?
2. Do you know what drives you and what gives you satisfaction?
3. Do you know what your values and priorities are, what your
organization’s values and priorities are, and can you identify the
differences between the two?
4. Having measured the differences between what you want and
what you’re able to do, what drives you and what satisfies you,
and between your values and those of your organization, are you
able to overcome those differences?
Action Step 5: “Inc. Yourself”


Define success for yourself. Do you measure success in
dollars? How many?
What other ways do you measure success?











Being able to enjoy a certain lifestyle
Dealing with friendly customers who appreciate your service
Power, recognition and/or fame
Being able to live and work where you want
Providing employment and training for others
Being the best business in your area
Having time to enjoy your children and hobbies
Participating in teamwork and/or building a legacy
Early retirement
Making people’s lives safer and better
Helping others directly or indirectly
Action Step 5: “Inc. Yourself”








Let your imagination take over.
Where do you want to be in 5 or 10 years?
What do you want to be in 5 or 10 years?
What do you want – personally, socially, spiritually,
financially and as a lifestyle?
What are your material needs and wants?
You can predict your future.
Mesh the information with your imagination and go
for it!
Only you can make it happen.
10 Success Factors

Be Passionate

Maintain Focus

Work Hard

Enjoy the Journey

Trust your Gut
Instinct

Be Flexible but
Persistent

Rely on Your Team

Focus on Execution

Have Integrity

Give Back
Action Step 6: Survey Your Friends About
Business Success





Ask your colleagues about businesses they
consider successful
Discuss the signs that indicate business success
and the reasons behind success
Have a “devil’s advocate” group list
unsuccessful businesses and point out the
reasons for business failures
Begin to recognize success and failure factors
Stay sharply tuned to successful enterprises
Action Step 7: Interview Entrepreneurs


Interview at least three self-employed people
Make a list of open ended questions such as:











What were your first steps? How did you arrange financing?
If you had it to do over, what would you do differently?
What part does creativity play in your business?
What are your tangible and intangible rewards?
What was your best marketing technique?
What portion of sales to you spend on advertising?
Did you hire more employees than expected?
What makes your business unique?
How do you use social media?
Did you write a Business Plan? Do you wish you had?
Are gross profits what you expected? Would you do it again?
Think Points for Success












We are entrepreneurs. Work is fun. We seldom sleep.
Stay flexible.
Change is accelerating everywhere, and change provides you with
opportunities to follow your dreams.
To find the doorway into your own business, gather data and keep
asking questions. But make a decision!
Sales propel your business forward.
Get reckless on paper before you get reckless in the marketplace.
Brainstorm.
Draw mind maps.
Confirm your venture with numbers and words.
Write a Business Plan.
Follow your passions.
Leap! If you fall, get back up, recoup, and leap once more!