Questions Every Entrepreneur Should Answer Before Taking the Leap

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…

Michael Shapiro

 

The post Questions Every Entrepreneur Should Answer Before Taking the Leap appeared first on Peak Development.