Welcome to Lesson #10 in the
Empowering Young Entrepreneurs Series.
Today we are going to consider an easy three step equation to success that I borrowed from John Williams, president and founder of LogoGarden.com. He writes, “Assuming the risk of establishing your own company can have a mind boggling return when it comes to career satisfaction [and to your lifestyle]. Your reward probably won’t be determined by just one brilliant idea that you cash in on, but instead by your desire to grow, your craving to build, and your aptitude to evolve. Those are the unwavering ingredients that determine the entrepreneurship spirit.”
These are the qualities that we need to instill in and model to our young entrepreneurs. The equation is simple:
1.) Passion + Drive
Passion + Drive will get you through the hard times which include mistakes, rejection and failure.
Talent isn’t the basis for starting a business, passion is. Without passion about what you are doing, the project is sure to fail; it is dead where it stands. Passion is what provides your business with the legs it needs to get up and running.
For example, are you an avid reader who loves real book? Or maybe it doesn’t matter to you if it’s a real book or an ebook. A used book store or online book trading company might be a perfect match for you. Or do you love cars and don’t own one yet, how about a car detailing business?
Some people are very passionate about money and the competitive fire that burns within them while trying to make it. No shame in that! These people make great opportunistic businesses. That means your passion is not for a particular business, but for any business that has a chance to be successful that will earn money. The passion of this type of entrepreneur is planting a tree, watering it, and watching it grow. It is about more than pursuing a trade that you are familiar with, in fact many entrepreneurs didn’t know much about their industry when they started, but they had the desire to learn about it, and even more importantly the drive to succeed at it.
2.) Organization + Vision
Organization + Vision keep your business on the right track.
There are always going to be risks involved with starting your own business. Once you have found your niche (your audience, your clients) is when you should begin visualizing your business and mapping out the goals which will serve as the foundation. Foundations can shift, and as your business begins taking shape, your goals may change, but don’t neglect this step’s importance. Without the foundation of goals your business may sink. Goals give your business the oxygen it will need to survive; they give it A FIGHTING CHANCE!
3.) Networking + Learning
Networking + Learning will give your business credibility.
Getting serious about making this happen? Now is the time to branch out and learn as much as much possible from other entrepreneurs who have a business similar to yours. Social media is a great way to do that. People who are on twitter and have Facebook pages are often easily accessible and very open to sharing their knowledge. Also, take advantage of all the free videos, teleseminars and other training available on the internet related either to your business or to the skills needed to start a business. There are some great entrepreneurial experts who create a lot of free content that you can take advantage of.
After learning as much as you can about the business you want to start, look in the mirror and ask yourself, “is this for me.” If it is, start writing your goals based on your burning desires, your dreams and the vision you have created for your life.
All that’s left is to get started.
