Questions Every Entrepreneur Should Answer Before Taking the Leap
Clarifying Goals: Where Do I Want to Go?
“An entrepreneur’s personal and business goals are inextricably linked.”
- What kind of enterprise do I need to build?
- What risks and sacrifices does such an enterprise demand?
- Can I accept those risks and sacrifices?
Setting Strategy: How Will I Get There?
“Ventures based on a good strategy can survive confusion and poor leadership, but sophisticated control systems and organizational structures cannot compensate for an unsound strategy.”
- Is the strategy well defined?
- Can the strategy generate sufficient profits and growth?
- Is the strategy sustainable?
- Are my goals for growth too conservative or too aggressive?
Executing the Strategy: Can I Do It?
“May be the hardest question to answer because it requires the most candid self-examination.”
- Do I have the right resources and relationships?
- How strong is the organization?
- Can I play my role?
Based on an article by Amar Bhide, HBR, Dec., 1996
Using this model won’t guarantee success, but it does offer a rational lens to view your entrepreneurial enterprise through – and one more bit of advice: Don’t consider your model in a vacuum. Seek out objective, experienced, and trusted advisers to help you find the gaps in your model. It’s the old adage, An Ounce of Prevention…