Business

Young: Some help in how to assess your entrepreneurial dream

How many times have we sat at our desks, our tables or driven our cars and dreamed of creating an entrepreneurial venture from the germ of an idea?

We cross paths with people everyday who fantasize as we do about embarking on an entrepreneurial journey.

But, there is an everpresent hesitancy that arises due to, among  other factors, the inherent risks associated.

Yet it’s quite possible to eliminate some of the risks if one zealously engages in a sensible, strategic process when investigating a potential venture creation.

Such “process” creation should always begin with a search for the right venture idea, one that will allow you to source funding and establish a structure for you to exploit an  opportunity in the marketplace.

While that process may appear simple and straightforward, but there are some crucial elements within each step of the journey that do empower aspiring entrepreneurs to minimize risk and ultimately embrace a successful launch.

The world is full of ideas, virtually limitless. Thus, there are no lack of opportunities today as well.

An opportunity is simply an idea worth pursuing.  Entrepreneurial opportunities arise from social and technological change within our society.

With the changes we’re going through now, both socially and technologically in both magnitude and rate, are definitely greater than we might ever expect to see in our lifetimes.

So where is the next million dollar idea come opportunity hiding, waiting to be discovered? The answer is within you.

Remember my old dictums—an entrepreneur looks at the world the same as everyone else but thinks differently, an entrepreneur looks at the world and sees solutions instead of continuing problems.

Still, a great idea alone doesn’t logically guarantee success. An entrepreneur needs to be able to recognize when a concept has a realistic and potentially realizable chance to become something tangible and “hit it out of the park.”

So opportunity recognition is the mantra of clear choice for our entrepreneurial expedition.

How do you recognize this idea that you hope becomes an opportunity for you? What exactly does this little creature look like?

It does, in reality, have to do with analyzing both the product or service in relation to the market you hope it will serve and explore if they may intersect favourably.

Let me capsulize for you the following gospel: An idea is an opportunity when it is attractive, durable, timely and is anchored in a product or service that creates or adds value for its end user.

The most successful entrepreneurs are opportunity-focused. They start their journey into the entrepreneurial world with a focus on what the customer and the marketplace wants and needs, and never lose sight of those points.

So take the time to allow your enterpreneurial idea to explore the process outlined below:

Market demand

We are looking for a potential set of customers in the marketplace who may be currently underserved (such as our aging population) and who may be looking for a particular product or service to fill a specific need that they have. Such a product or service that adds value to people’s lives is the foundation of a successful entrepreneurial venture and will assist in the product or service selling itself.

Passion

Aways a Joel favourite, as my friends and colleagues will attest, but  being passionate about your new product or service increases your ability and enthusiasm to market it.  It also makes it easier to endure the tough times and testing moments of establishing and building your venture. Because you are passionate about your new dream venture, it becomes easier because it has meaning and purpose for you, and you are far more likely to persevere when others may stumble. Being passionate also means you will be more inclined to build your skills, expertise and understanding of the particular product or service you are intending to take to the market.

Skills

We all develop certain skills through the experiences of our life and our career/job paths.  Most people with then intend to match such skills with a market need to create their business opportunity. When launching an entrepreneurial venture, one can draw on a far broader range of skills and experiences to add value to their journey in the marketplace.

Resources

Acess to relevant resources can make the venture launch a reality and even contribute to providing the aspiring entrepreneur with a competitive advantage.

I believe that I have presented to you today a framework of the search,  in a practical action oriented approach, to finding your entrepreneurial opportunity.

Ideas you can put to the test can come from  friends, relatives, school, personal interests, part-time or full-time work, manufacturing directories, libraries, magazines, existing products or services.

Plus, I have a list in front of me with 50 tools for creating ideas that may be viewed at www.creatingminds.org/tools/tools_ideation.htm

If you have an entrepreneurial spirit lying dormant, exploring the content of this article today I am confident will inspire you to think, act and behave entrepreneurially in your investigation to find the entrepreneurial option best suited for you life.

Best of luck!

Joel Young is an entrepreneurial leadership coach, consultant and educator and founder of the Okanagan Valley Entrepreneurs Society.

eagleyoung@shaw.ca

joel@ovesociety.org

 

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