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Five questions to ponder before you begin your entrepreneurial journey Part-2

Miguel Guinard • Mar 02, 2020
Last week, I started a series of blogs based on five questions. You can read last week's blog and my answer and exploration into the first question: 

What innate ability did your favorite brand's founders/leaders possess? 

This week, I want to tackle my answer to this question: 

How did they prepare to jump into entrepreneurship?

2- Preparing for the jump by finding inspiration

Looking for inspiration can be hard because we usually like to find stories similar to ours. Our society has wired us to avoid any unnecessary pain, and we want to make sure that when we jump, we land on our feet. The problem with this thinking is that no one has a situation precisely like ours. The keyword here is "inspiration."

We can look at top brands like Apple or Amazon and marvel at the stories of their founders. Steve Jobs and Jeff Bezos have similar upbringings. Both were adopted, and both started their companies in a garage. Steve had Woz, and Jeff had his wife and parents. 
Steve Jobs had to sell his car, and Steve Wozniak had to sell his precious high-end calculator. They jumped into their dream with less than $2,000. 

Jeff Bezos left his great career and started his company out of his garage with his wife and $10,000. 

I won't go into too much detail about these two since their life is well documented online.

I also found inspiration in local business owners. Like many of the high profile brand founders, these local business owners had to jump as well. They may never achieve the world spotlight, nor would they want to, but I will forever be grateful for their story, inspiring me to jump.
Everyone prepares for the jump differently. In my research, I heard people make the following statements:

  • "I see a need in the market I can fulfill."
  • "I want to go on my own."
  • "I'm tired of working for the man."
  • "I lost my job, so I wanted to explore other options."
  • "I want the flexibility to work from anywhere."
  • "I have some savings I want to invest in a new company or franchise."
All these statements led to someone starting their entrepreneurial journey. 

I started my journey executing the following principles:

Seek advice from multiple counselors

"Without counsel, plans fail, but with many advisers, they succeed." Proverbs 15:22

Having advice from different trusted advisors is vital to get started. Our intuition and dreams are significant in our minds, but we must allow open criticism or input. 

I sought the advice of people with extensive experience in business and sales to help me clarify the path. Every Idea, no matter the potential, needs to be tested by the background of your "advisory board."

A business plan is essential 

"Someone's sitting on the shade today because someone planted a tree a long time ago." Warren Buffett.

If you have no experience in business, YOU NEED ADVISORS. Many Local organizations are at the service of entrepreneurs with an idea or business proposal and can help you write a business plan. Crafting a well thought out plan is instrumental for the future and success of your venture. 

If you are in Central Florida, The national entrepreneur center is one of the best in the country.  

If you need help navigating this step, send me a message. I would gladly connect you.

The support of your family is a must

The people that love and care for you will be encouraging, honest, and ask the hard questions.

If you are married, your spouse needs to bee 100% on board. In my business venture, my wife was so ready for me to begin, that she gave me the final push into the "free fall" of entrepreneurship.  

Taking a "leap of faith" is very exhilarating and, at the same time, scary. But if you take careful consideration of the advice from your trusted advisors and family, you will soar with less turbulence, and their support will help you when the flight gets tough. 

In summary:

  • Get advice from trusted experts and friends.
  • Have a business plan to show that you are serious about the venture.
  • Your immediate family needs to be 100% on board.
  • Get ready to soar.

Join me next week for my answer to the following question: Did they have Support from family and friends?

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