The Adventure of Entrepreneurship

The Adventure of Entrepreneurship

While on the path toward purpose, many options can take you in unlimited directions plus the potential you see that hasn’t been created yet. Remember hula hoops, pool noodles, Pac-Man, smile faces, pet rocks, Cabbage Patch dolls, and hundreds of other “must haves” that became the latest craze in growing up years?  Someone created them and brought those ideas to market and many more.  Why not you?

As you go through life, ideas may appear and you think “I could do that!”  From the result of extensive My Future Purpose research including interviews, surveys, and focus groups, six pathways to purpose have been identified that become a guide to explore limitless possibilities.  They include Advocacy, Good from Loss, Entrepreneurship, Volunteerism, Interests/Hobbies, and working with a Purpose-Driven Organization.

Entrepreneurship is about establishing a business, absorbing financial risk with a goal of bringing a new or unique product/service to market.

If you are thinking of launching a new business or non-profit, conduct sufficient and updated market research. Questions and tips from the Service Core of Retired Executives (SCORE)  have helped thousands of entrepreneurs launch their product or service. They are:

  • Research existing companies in your chosen industry. What makes yours unique?
  • Who are competitors and what differentiates yours?
  • Why do you want to start this business?
  • What are the demographics of potential users?
  • Start with a well-written business plan. There are templates online.
  • How will you fund this business? If you need to borrow money, how is your credit rating? Do you have family and friends who will help you?
  • Do you have means to sustain yourself financially for six months to a year before the business starts to pay you?
  • What is the structure of the business…partnership, S Corp, LLC, DBA. Learn the difference and what each entity entails.
  • Prepare yourself for possible setbacks.
  • Check to see if your business needs to be registered with the state or federal Government.
  • To protect you, your family, and your home, you may need business insurance. Think about it and investigate what is needed.
  • Are you going to run the business by yourself or build a team?
  • How will you brand and market your business?
  • What plan do you have in place to grow your business?

After you consider the details, talk with knowledgeable entrepreneurs, stay focused, and if your idea still holds passion and purpose for you, make it real and follow your bliss.