Upon closer examination, how can you truly know what you are best suited for and also explode the myths around business ownership? Some people imagine it to be an escape from a workplace they dislike while others dream of an enterprise they can nurture, lead and grow into something monetizable while filling a gap in the marketplace. • Is your business idea a lifestyle one or is it scalable? • Part-time or full-time? • Can you develop your business while working elsewhere? • How committed are you to dedicating significant time to growing it? • Consider the financials? Is there a “family” buy-in? Other resources? • How comfortable are you with risk?
Advances in technology have enabled many people to launch successful businesses without making a significant financial investment and grow them before leaving a full-time job. By starting small you can judge the viability of an endeavor and test the marketplace.
Other options include: • Franchise opportunities train and prepare you to open locations devoted to auto repair, dining establishments, financial services, and more. • Engage a business broker in matching you with one that is for sale and meets your requirements • Partner with a colleague whose skill set is complementary to yours
Another interesting approach is as an intrapreneur, an underutilized alternative. These are internal employees who use entrepreneurial skills and thinking to seek out initiatives that could benefit the organization financially. In such a position, you can develop and road test your business mettle and add qualifications to your resume while gaining the real time experience of advancing and implementing new ideas minus the financial risks of ownership.
To make your entrepreneurial dream a reality, begin here: • Informational interviewing– who’s doing what you would like to do and ask for some time to talk about their work • Job shadowing- see above • Research- is there a need for your business/product? • Credentials- what training or specific education does this role require