S E R V I C E S / E n t r e p r e n e u r C a t a l y s t – C o a c h
Thinking of giving up what you’re doing to become an entrepreneur?
If you’re in a good job and have a lot of financial commitments it can be a very difficult decision. So many factors involved, some confidential and deeply personal. It may even come down to finding an inner well of confidence or inspiration; to having a very open conversation with someone who can be the sounding board you need, and who can help boost your confidence. (Check out a few words from Alan in the box across)
Perhaps you’ve already identified a problem that needs solving and think you have a solution, but you’re wary of taking the leap because the idea doesn’t feel strong enough. Maybe you need to:
- tweak the product or service
- identify & recruit partners or team members
- test customers & get a Letter of Intent
- file patents
- develop the initial equity structure to ensure interests are aligned
At the same time, don’t let the perfect get in the way of the good.
Sometimes it’s better to move quickly with an 80%-developed idea than to keep tweaking and holding back.
Finding the right person to talk to isn’t easy. Lawyers will give you lawyer-type advice, accountants will give you the accounting view, and friends… friends will give you their particular angle (and hopefully be supportive no matter what you decide to do).
Why not talk things through with someone who’s embarked on many endeavours and businesses across the globe? Someone who’s had great success, yet has tasted failure, walking away from businesses & ideas along the way. Someone who knows the legal, financial, IP, investor, founder-related and other business issues, while getting the innovative, creative piece of the jigsaw, and also understanding the many personal issues that can arise. Someone who can help you reduce the risks and increase the likelihood of success.
Contact Alan for a free, confidential, no-commitment 15-minute consultation.
C O N S I D E R A T I O N S
Business
- The Idea/Plan – Is your current idea/business plan viable? Friends will tell you it’s great, but you need to have it properly interrogated. Maybe it needs to be tweaked or strengthened in places.
- Team – Have you the right people lined up to help you? If not, how can you identify them and recruit them? Are these co-founders or contractors or employees? How will they be incentivized? Avoid sowing the seeds of future strife or conflict.
- Funding – How can you fund the business and avoid cashflow calamities?
- Other – There are a myriad of other issues that will continue to evolve over time (e.g. regulation, competition, customers/target market, pricing, marketing strategy, patents, etc). For now, you need to be as sure as you can be that none of these will trip you up.
Personal
- Family – Will you be supported? Are the circumstances right?
- Finances – How long can you go without earning? What’s the minimum you need to earn & when? What can you invest in the business?
- Career – If/When to leave your job? How best to leverage your contacts & reputation?
- Work/Life Balance – How can you stay healthy & happy while giving enough energy & time to the business?
- Other – can this venture be run remotely? Do you need to relocate? What else do you need to consider?
* Leaping canyon photo provided by jigsawstocker on www.freepik.com