5 Avenues to Entrepreneurial Success
You have decided. You want be an entrepreneur. If you read my article: ‘So You Want To Be An Entrepreneur’, you have taken the red pill and you are ready to use the force and become the powerful Jedi Master of your life. Now the question looming is – What business is the right business to throw the force behind? What will be the right path for me? I have many years of experience in participating in startups and I have found ‘5 Avenues’ to explore to select the startup business that is right for you.
“Whether you think you can, or you think you can’t–you’re right.”
― Henry Ford
Avenue 1 – The first avenue to explore would be your current profession, trade or service industry. There are several questions that you can ask yourself to ascertain if this avenue will be where you choose to create your startup from. Here are a few questions to ask yourself: Do you love what you do now? Are there parts of or all of your current job, trade or service that excites you? Are there skills that you have in this industry that are amazing and others would pay to learn or use? Is the market large enough and will your business be in high demand? Are you solving anyone’s problem? Can you put it in a format that you can teach others from? Can you make a physical product? Can you make a living doing this full-time or part-time? If the answer to most of these questions is a resounding “YES,” then congrats you found your startup. May the force be with you! For the rest of you, move along to the next avenue.
Avenue 2 – You don’t want to start a business in your current occupation, no big deal, there are plenty of options left. The second avenue would be exploring a hobby that you love or a talent that you have. Family, friends or even a mean random stranger may have traumatized you in the past, telling you that you could never make any money doing it and they may have also said it was weird. Maybe you liked making hats for cats or miming. It doesn’t matter what it is. The world has opened up due to the internet, and there are tons of beautiful weirdos like you everywhere and the time has come to use your uniqueness to make a profit. The same questions apply to this avenue, if the answers are a resounding “Yes”, you are welcome. You can pursue your startup and enjoy your beautiful world of weirdness and rub it all the haters faces. The force is strong with this one!
If Avenue 1 and Avenue 2 don’t ring true to you, we have established that you hate your current job, you have little or no talent, and you are not wonderfully weird. That is ok; there are still more options available. Avenue 3 – The third avenue to explore could be a partnership. You may hold a piece of the puzzle, and another person completes it. You might have the funding, management, marketing or accounting expertise and the other person has the trade, skill or service, etc. The point is – both of you will have skin in the game, which reduces the risk associated with building a startup business dependent solely on talents and skills of your employees. It will still take work. Proper legal agreements need to be made and you still have to do the required work necessary to build a successful business. Communication will be key as well as a partnership is a relationship like no other. If you have all of that in place you can take out your light sabers and light them up, you and your partner are on your way to becoming Jedi Masters.
Avenue 4 – The fourth avenue is risky business, as it is entirely employee driven. This means that the success of your startup will rely heavily on the skills, commitment, and ability of other people who are being paid to build your business. The two biggest obstacles will be (1) ensuring that your vision of the company is correctly shared with them and (2) hiring the right people. I strongly recommend seeking professional assistance if you lack the expertise and experience in recruiting effectively, as this will be the foundation upon which you build your dream business. Do not be dismayed as most successful companies rely on their employees even though this path can be risky. If this type of business is built correctly your business can grow exponentially. The growth will far exceed a business that solely relies on your own physical and mental ability, because the right employees will ultimately become an extension of yourself. In this type of business, you are essentially duplicating yourself into all the specialized areas of your business. I salute you; you are on your way to becoming a Jedi leader in the rebellion.
Avenue 5 – The final avenue through which to explore to find your ideal startup business is to “Tap into the Sap”. This simply means that you research the current or future trends of business opportunities that are about to grow or are growing massively. This requires tremendous research in many different industry types, as well determining your interest, tolerance and commitment level to working in them. You will need to ensure that you have all the skills required to take an idea, develop it, plan, launch and grow it into a successful business or hire a company with an excellent track record like Official Startups to do it for you. I have personally gone into industries that I know nothing about and due to expert planning and an excellent go-to-market strategy I did, and continue to do, very well. This path takes you to ‘Mover & Shaker’ status, fearless in the pursuit of the next gold rush opportunity. This is an uber Jedi Master level.
Remember, “You do or do not, there is no try”, and that none of the 5 Avenues are better than the other, they all require proper planning, strategy, marketing and “HARDWORK“, but you can do it, I know you can!
Serial Entrepreneur/ ICO /Startup Specialist/ Business Strategist/ Wealth Coach
Official Startups & Beyond