 |
Are you the rebel — mouthy and opinionated? Do you like
the thrill of change, always eager for the next new venture? Is your idea of security to
never be the victim of a corporation’s downsizing or reengineering? Are you a
fiercely independent risk-taker who can comfortably handle the uncertainty of being
responsible for your own paycheck?
Answering “yes” to all these questions put me squarely in the entrepreneurial
ring more than two decades ago, and I can honestly say I’ve never been happier. Or
richer. Or more in control of my life and career. |
|
|
|
I started with only $100 in seed money and my experience as a registered
nurse. After putting in long shifts at the hospital, I worked part-time from my home for
more than a year before my business gained enough momentum that I could quit my day job. I
continued to work from home until my business income reached $1.2 million.
Did I have a secret formula? No, I was going on passion, commitment and intuitive vision,
but I do have a formula now.
If you also answered “yes” to the questions above, and if you have a passion for
the thrill and independence of being an entrepreneur plus commitment to follow through on
that passion, this 7-part breakout formula will take you wherever you want to go.
One Part Research
First you have to know where you’re going, so research your chosen industry. Identify
types of businesses that match your passionate vision and aptitude. Explore areas that
show growth potential and, using your experience and insight, look for a need not
presently being filled.
Find a successful company similar to the one you envision owning, and study how it started
and how it grew. Learn as much as possible about the entrepreneur behind it. Devour books
and publications related to your business concept. Talk to other entrepreneurs to discover
their best practices.
One Part Vision
As an entrepreneur-in-training, you’ll need to build basic and advanced leadership
skills. A successful entrepreneur is a bold visionary, seeing what others cannot and
willing to follow that vision despite naysayers. Many entrepreneurs never finished
college, but that hasn’t stopped them from owning large companies like Dell Computer
and small companies like neighborhood restaurants and consulting firms. They relied
heavily on their visions, not on MBA programs.
Entrepreneurs handle ambiguity with ease. They get a thrill out of leading the way into
unfamiliar territory and thumb their noses at failure. Fearless pacesetters, they are
usually mystified to find they’re weak at operations and management.
That’s okay. Other people can manage for you, but you must be the guiding force that
inspires your managers and staff to follow your vision. You’ll shoulder
responsibility and hold yourself personally accountable for the outcome. As a leader you
have to focus on the big picture and trust others to focus on the details. People who do
it all are self-employed but not entrepreneurial.
Three Parts Action
You must also be an actor. You act and get things done by delegating, subcontracting and
leveraging other people’s talents. You’re innovative and unflaggingly
determined, willing to put in fast-moving 16-hour days to reap the rewards of
independence, creative freedom and unlimited financial gain.
Learn to be a marketing genius. Everything is marketing, from the way you say “good
morning” to the contacts you make on an airplane to making a sales call. You sell
ideas, products and services to potential purchasers by getting inside their minds and
creatively communicating benefits.
Above all you must grow your enterprise and make a profit. People who say, “I love it
so much I’d do it for free,” are not entrepreneurs—they’re volunteers.
Most entrepreneurs are willing to start small and grow slowly, but they fully expect to
make money. There is nothing noble about being poor or failing financially.
Two Parts Strategy
When you know where you’re going and have the courage to act, the only thing missing
is the strategy for getting you there – but this is no small thing. Jumping into
business without a strategic plan is like jumping in the ocean without knowing how to
swim.
 To create the strategic plan,
envision your enterprise exactly as you want it to be. Then write down your goals and
objectives for achieving that vision. For each goal, create a strategy and a target date
for achieving it.
Assess your strengths. You already possess knowledge, skills and experience your
enterprise will draw on. One of my strengths is that I’m persistent and go for it all
the way. List all your strengths that apply to your enterprise.
Then appraise your challenges. They might involve market penetration, profitability,
expertise, competition or location. Challenges change as your enterprise changes. My first
challenge was getting clients to recognize the need for a new type of consulting service.
When my company grew, a new challenge surfaced: my weakness as a manager. Without
addressing that weakness, I might have worked solo forever, never achieving the bigger
vision. That challenge led me to seek the right directors to support my vision. How will
your challenges impact your goals?
Finally, act like a CEO. Create an income and spending plan. Know where your money is
going, question every expenditure and keep the cash flow positive. That means taking in
more money than you pay out, plain and simple. Make a budget and stick to it.
A CEO gets things done through delegation, so create a framework of people who can help
you achieve your entrepreneurial vision. Even if you work solo, you can benefit from a
myriad of talented consultants, vendors and subcontractors. From day one I hired a
subcontractor to assist me with client projects, which worked so well that I put off
hiring my first employee for ten years. Eventually I recognized that to stretch toward a
bigger vision, I needed employees. Expect your framework to change as your vision grows,
but build it only as big as you need.
I always joke that I’m a working CEO, a style that makes things happen. But no
enterprise is unsinkable—even the Titanic sank its first time out. In 1990 I hit an
iceberg when my largest clients dissolved their law firm. Thankfully, through my vision,
strategic plan and framework, I had the necessary lifeboats in place. My business stayed
afloat and took a new course that changed my business forever.
After being an entrepreneur for more than two decades, I’m happier, more alive and
more constantly challenged than I ever imagined when I started out working in my
one-bedroom condo. Answering “yes” to some simple questions about myself made
all the difference. If you’re mouthy, opinionated, independent and your desire for
adventure leads you to entrepreneurship; I guarantee this tested formula will take you
wherever you want to go.
Copyright © 2006 Vickie Milazzo Institute, a division of Medical-Legal Consulting
Institute, Inc., Houston, Texas.
All Rights Reserved.
ABOUT THE AUTHOR:
Inc. Top 10 Entrepreneur Vickie L. Milazzo, RN, MSN, JD is the founder and president of
Vickie Milazzo Institute. She is credited by The New York Times with creating the legal nurse consulting profession in
1982. She is the recipient of the Nursing Excellence Award for Advancing the Profession
and the Stevie Award (business's Oscar) as Mentor of the Year. Vickie has revolutionized
the careers of thousands of RNs. She is the author of Inside Every Woman: Using the 10 Strengths You
Didn't Know You Had to Get the Career and Life You Want Now, coming March 2006 from
John Wiley & Sons, Inc. Order this top 5 Amazon.com bestseller now.
Do you know someone who would benefit from this article? We can
send your friend a strictly confidential, one-time email telling them about this article.
Your privacy and your friend's privacy is your business... no spam! Click here and tell a friend!
|
|
|
| Real-world, common sense strategies
for small and home based business success. Your issues... real answers. |
|
|
|
|
|
|
|
