ENT 650 Week 4 Blog Assignment

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From Vision to Reality

You have an excited idea! Believe in its potential and you want to get it off the ground. The question is (I ask myself this too, a lot) how and when exactly to get started and be on the right foot? Research shows most people get hung up on the transition from vision to reality. It is obviously scary. I also heard from many entrepreneurs that they enjoyed working for themselves, that the beauty of being entrepreneur is challenging and taking risks. So, if you are ready, start some baby steps with strategic actions to make amazing progress quickly:

  1. Know what you can do on your own and within your network:

“Sweat equity is the best equity,” said Mark Cuban-a billionaire serial entrepreneur and on Shark Tank TV show. It makes sense for me to save and learn what to do rather than to pay someone else.

According to Steven Rogers, author of Entrepreneurial Finance, for his students and entrepreneurs that, passion and motivation for energy are not enough. They need to know the fundamental of finance that ultimately leads ideal wealth for themselves. The important key is learning all the fundamentals (finance, marketing, human resource…) to grow the company.

Who in your network can help you? Trusted personal connections, professional connections, and other resources are priceless. For example, share your idea and ask them questions such as “Do you think this idea has potential?”, “Would you buy this product or service at that price?” etc.

2. Describe your ideal customers:

As we learned in previous class about define and describe your ideal customers whom your business is targeting. Research the market. Who will buy your products or service? Be honest and specific as possible. If you know your customers, you can figure out where and how to reach them.

3. Start a Business plan and figure out your run way:

This is a vital step. It allows you to get real details into your core business before launching. How many resources must you have? Your run way is how many days, weeks, or months before business will be able to continue based on actual resources at hand.

It is good to be optimistic but, assume it will take twice as long and cost three times as much as you think.

4. Create milestones from little to big:

Where do you want business to be a year from now? It could be a simple milestone, like “I have five paid customers at the end of day 30.” By having little achievable milestones, you will be able to make steady progress while minimizing frustration.

Talk is always easier than to do what you say. Being an entrepreneur is not easy and can be overwhelming. Entrepreneur is a hero because he/she creates jobs for the people and helps give back to the society, said Steven Rogers. So, don’t give up!

 

Resources:

Rogers, Stevenson (2014). Entrepreneurial Finance, Third Edition: Finance and Business Strategies for the Serious Entrepreneur. McGraw-Hill Education.

https://www.bing.com/videos/search?q=entrepreneurial+finance+youtube+steven+rogers&&view=detail&mid=D18BAD3B6803989D0BACD18BAD3B6803989D0BAC&rvsmid=604628EE4E2A5C27A3B7604628EE4E2A5C27A3B7&FORM=VDQVAP

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7 thoughts on “ENT 650 Week 4 Blog Assignment

  1. I like the idea of having mini goals. All too often we only focus on the final destination and forget that to get there we need to succeed in the stops along the way. As you point out the ideal customer can be a big help. That person too has some things that will inspire and impress. And those things can small steps on the way to success. The key then is to send those little inspirations along the way vs. waiting until you feel it is perfect and the product is done.

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  2. Mary,
    I like your baby steps suggestion. You may have heard the expression “how do you eat an elephant?”, one bite at a time.

    Breaking it down into manageable parts is a good way not to get frustrated and overwhelmed when the business may not be going as planned. I really like the idea of mini goals. I often say we are all very busy looking up the mountain to see how far to the top when we should glance back from time to time to see how far we’ve come. Take this program for instance, many students maybe only had an idea or an interest in entrepreneurism when they first started. By the time they graduate they will have a business plan and a good foundation to pursue their idea.
    Cece

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  3. Another good post, thank you! Your list of ideas is great! I love the first point about reaching out to your network. You MUST have a strong business network! Networking and reaching out to those fellow business owners is a great way to find potential business partners and customers. Networking is key in a small business and entrepreneur life style. You can never have too many people rooting for you, right?

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    • You are right Christina. That why to be more visible out there and meet people in person are a part of building networking. Business attracts business. Sometime, having a beer at the bar can help make a sale :), this is real.

      Mary

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  4. I am also in agreement of having milestones of achievement. It’s much more difficult to lose your path if you can see stepping stones along the way. But not only do they guide our trajectory, these milestones give us key indicators as to our current level of success. I think that is extremely valuable because if you don’t know how you’re doing, you won’t be able to strategically react. Great article!

    Austin

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