There was good attendance at our last entrepreneurial workshop (1.2) Binary Space in Bryan, TX.
The topic of the workshop was the four phases of entrepreneurship. Although, every startup business begins differently, every startup goes through these four phases. Every startup begins with an idea. Ideas for a business comes from many different sources. Inspiration for startups may be taken from other entrepreneurs, ideas may come out of a person's need or the entrepreneur may see a situation in which they can take advantage. It does not matter where an intrepreneur gets their inspiration, their startup begins with an idea.
After the entrepreneur has an idea for a business, they must do a lot of research. Every good idea is not marketable and a good idea without customers will die a quick death. I have heard it said, "A fair idea with customers is better than a great idea with no customers." The entrepreneur must decide if their idea is viable or not.
Once the idea has been vetted through a process of personal research and insight from experienced businessmen and trusted advisors, the entrepreneur begins developing a strategy. This strategy culminates in a Business Plan. Having a written business plan gives the entrepreneur and their team a roadmap, but it also gives potential investors the information they need to decide to invest in your idea or not.
When the strategy is in place, a launch date should be set. The launch of the business begins the action phase and the fun (or challenge) of starting a business begins.
Workshop 1.2 also discussed the life-cycle of organization. Businesses go through a cycle of start-growth-plateau-decline and death. The goal of the entrepreneur is to avoid the decline and death phases. Decline and death are unavoidable without adaptation and innovation. If the business owners are not aware, another business can set up around you and offer cheaper prices and/or a better product or service. Organizational death is not always avoidable, but it requires the diligence of the management team so that they can adapt or innovate.
Our next scheduled workshop (1.3) is scheduled for August 11, 2016 at Binary Space. The topic for the workshop discusses perhaps one of the most important topics of entrepreneurship that is discussed far too little--your market and customers.
Please leave a comment about this workshop or a question about entrepreneurship. Just click on "comment" above this article.
Thank you and hope to see you at the next workshop.