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Evaluate The Pros and Cons of Various Entrepreneurial Careers To
Find the One That Fits
"Take time to weigh the pros and cons
of entrepreneurial careers BEFORE
you take that entrepreneurial step."
The Benefits Of Weighing Your Options Before You Take That
Entrepreneurial Step
Spending a moment to weigh the pros and cons of various
entrepreneurial careers gives you insight into which small business ideas will
work for you.
Though many small business ideas will appeal to you, you
must determine how well each potential business fits into the context of your
life as well as the context of the lives you plan to impact.
Right now you have many small business ideas competing for
your attention. By carefully weighing the pros and cons of various
entrepreneurial careers you will find the one that appeals to your
passion and your
lifestyle.
Use the following assessment to determine which small business
ideas will best fit you.
Finding The Right Fit - A Focus on
the Pros
STEP ONE: List each of your business ideas on a sheet of paper.
STEP TWO: Assess each of your small business ideas based on the
following entrepreneurial benefits.
Assign 10 to those small business ideas that perfectly fit your
life and your passion.
Assign 0 to those small business ideas that would cause havoc
in your life.
(10 = this business idea perfect fits my life. 0 = this
business idea would does not fit my life.)
____ Passion-led.
Taking your business from birth to reality is a lot of work. You
must pursue a business that piques your passion makes your heart do the
cha-cha. On a scale from 1 to 10, how passionate are you about those
small business ideas on your list?
____ Flexible.
Flexibility may be another top reason you are seeking to an
entrepreneurial path. When evaluating the pros and cons of the entrepreneurial
careers on your list, make sure that it can be designed to fit your
reality. On a scale from 1 to 10, how flexible are those small
business ideas on your list?
____
Customer-Focused.
Your business must be malleable enough to shape it into something
your customers crave. On a scale from 1 to 10, how easy would it be
to shape that small business idea into something your customers can get
excited about?
____ Opportunity-Focused.
When weighing all of the pros and cons of the entrepreneurial
careers on your list, make sure that you choose a business that will allow you
to find an unmet need – and fill it. On a scale from 1 to 10,
how easy will it be to shape your business idea to fill a market
need?
Finding The Right Fit - A Focus on the Cons
You must be realistic about which small business ideas will
- and which ideas will not - fit your passion and current life.
STEP THREE: Evaluate potential business based on the following
four risks involved in pursuing an entrepreneurial path.
Assign 10 to those business ideas that have risks you can
handle.
Assign 0 those whose risks you want to avoid at all
costs.
(10 = I can handle this risk. 0 = I want to avoid this at all
costs.)
____ Uncertainty.
Of all the pros and cons of entrepreneurial careers, the
level of uncertainty plays the strongest role in dictating which potential
business you should select. On a scale of 1 to 10, how much uncertainty
is inherent in this business?
____ Under-Funding.
Many businesses fail due to under-funding because entrepreneur
ran out of money as soon as the business open it’s doors.. Be as realistic
as possible about how far your start-up money will go. On a scale from 1 to
10, which of these small business ideas aligns better with your current
budget?
____ Competitive Reaction.
When examining the pros and cons of entrepreneurial careers, one of the
most-under considered cons is competitive reaction – just how other market
competitors will react when your brand new business shows up on the scene. On a
scale from 1 to 10, how much competitive pressure do you feel your small business
ideas will face?
____ Market Rejection.
Nothing
could be as devastating as investing your hard earned time and money into a
venture, only to find out no one is interested in what you have developed.
When customers reject your business, you must either:
• tweak your product, service, or approach to
into something customers will crave, or
• abandon your business idea
to find one that might be more market friendly.
On a scale from 1 to 10, how readily do you think customers will be
to spend money on your business?
Properly weigh the pros and
cons. Then focus on those ideas you can transform into a business that customers
will crave .
Step Four: Tally your score.
Focus on the top three small business ideas that will
realistically fit your life. Then comb your list to find the one. That one
business on your list that you can build make a difference.
- Choose the one business that will fit your life, make you
money, make your heart dance, and make customers crave you more than
chocolate.
- Mold it into something a niched cluster of people can fall in
love with.
- Build your business. Transform those small business into a
business that will drive your niched cluster absolutely crazy.
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