So, let's go over the checklist:
1. Business Name
2. Awesome logo design
3. Business Card
4. Facebook "Like" page or Twitter account
Ok, you're DONE! You, my friend, are an ENTREPRENEUR!!!!
NOT!!!!!!!!!
Why on Earth do people think by simply completing the four steps above that makes them a business owner / entrepreneur? I really do not understand this madness.
Owning a business or becoming an entrepreneur is: a huge responsibility, a lot of research, hard work, persistence, creativity, positivity, leadership, initiative, and innovation. If this does not describe you, please reconsider going into business. This blog is not about discouraging anyone from pursuing their dreams of entrepreneurship. This blog should be a wake-up call to those that have never considered some of the things I'll mention below.
Let's talk about a little word called PASSION...
The reason I am writing this blog is because I had a meeting with a person (an idiot) today that had a decent idea, but he did not have any plan or research of how he would introduce his company to the market. However, he DID have steps 1-4 at the top of this blog covered completely. As I tried to give him any sort of business advice this man rejected 90% of anything that I told him with an excuse of why he didn't do that, or why my idea wouldn't work. It's ok, it was my fault for taking the meeting. I knew better than to waste my time just by reading his unprofessional email with grammatical errors. I took the meeting because I appreciated the fact that the guy had enough sense to seek me out, he had a cool idea, and seemed PASSIONATE. Big mistake! Today I learned to not care about how passionate the person is if they don't have the hard work and understanding of their business to back up their passion.
I don't care if you're passionate about something, venture capitalist don't care that your passionate about something, and your invisible customers darn sure don't care if you're passionate about something IF
you have not done the proper work to turn that passion into a feasible and attainable objective.
"The world is not short of ideas, the world is short of execution." - Professor George Abe, UCLA Anderson School of Management
There are MANY steps to cover before going into business; listed below are a few things to consider and a good starting list to gather your information.
(Think Strategically) *NOTE* Strategy should be innovative, not imitative, to create a sustainable competitive advantage. You should write or type out your answers; don't just answer it in your head. If you don't know what something means, look it up.
1. What is the opportunity for this business?
2. Can I create a business concept to exploit that opportunity?
3. What resources do I need to exploit and take advantage of the opportunity?
4. How do I assemble and manage the operation?
5. How do I exit the operation?
6. Do we have a Mission Statement?
7. Why do we exist?
8. What is the pain that our customer has?
9. What are we trying to accomplish?
10. What is the purpose of this company?
11. What is the fatal flaw that can take you out instantly?
12. Why would anyone partner with me?
13. What business are you in, really?
14. What are we really good at?
15. What does the market place look like?
16. Who are our customers?
17. What important benefits do we provide to our customers?
18. Are these benefits sustainable?
19. Where can this business be in 3-5 years?
20. Do I know how to read a lease properly?
21. What are the proper business licensees and permits required?
22. What are my threats, opportunities, weakness, and strengths?
23. What is the law of diffusion and innovation?
24. How can I define market segmentation?
25. What is my niche?
26. Have I completed a marketing mix?
This list can go on and on...... However, I will choose to stop here. I hope that this will enlighten and encourage some people to really step their knowledge up. This takes some time, intense focus, and a lot of dedication. Don't give up! Just know that every time you answer one of these questions you're giving yourself more of a chance to survive in the world of business. If you're not willing to do it, it's ok because your competition is.
Entrepreneurship is a team sport. Surround yourself with people that are much smarter than you are.
Thank you in advance for taking the time to educate yourself by reading this blog. Please feel free to share this blog with anyone that you think can use the information too
Very Respectfully,
George Ohan
www.signaturexavier.com
@georgeohan - Instagram
@LAfilmOhan - Twitter
www.youtube.com/ohangeorge
UCLA, Anderson School of Management, Entrepreneurship (2012)
The Los Angeles Film School, Entertainment Business (2013)
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