When we met some Secret Academy members at our monthly meetup, many of them were aspiring entrepreneurs working on their first ventures and ideas. The most common theme of what they were struggling with was not the hard work, dedication, or lack of resources. To my surprise, it was that all of them (on their first ventures) were choosing projects that were highly complicated or very capital intensive.
While solving the world’s most complex problems is a task that someone needs to take on, it typically is not the best task to take on as your first project. Many entrepreneurs today look at their first venture as their big project, when in reality entrepreneurship is all about evolution, perspective, and adaptability. Here are three things you need to know to ensure success:
1. Your first project is typically a stepping-stone.
As I describe in #thirdcircletheory, the evolution of the mind encompasses entrepreneurship in due time, as it learns to become resourceful, rather than require resources. This process typically takes time, which is why people who take on too much at once often either never really gain traction or give up, as they are faced with too many obstacles.
A company like Ferrari which is grounded in heritage, history, and with decades of testing, is not a company you can reproduce in three years with a limited budget. The same can be said for incredible brands that many aspire to work against or go into competition with.
When you’re bootstrapped for cash or are still getting to know yourself, the best way to venture into entrepreneurship is to start with projects that require little capital and expose you to different aspects of a business. Gaining clients, sales, service, engineering, design and some of these kinds of small components are what make up a successful venture.
Despite SE being my first venture that was entrepreneurial by my definition, I was also a business owner with 7 and 8 figure businesses. I had also held a successful 10-year career in corporate America in a very high-level leadership position. My stepping-stones were a total of 20 years of learning.
Check back tomorrow for Rule 2! #SEBizLesson #smallbusiness #entrepreneur