I was recently asked how I overcame my fears of entrepreneurship back when I launched TechSoft Systems in 1983. I had a safe and steady job at Procter & Gamble at the time, and I was contemplating the unthinkable back when technology was a true unknown.
For me, knowledge is empowering (I am not an “Ignorance is Bliss” kind of man). So I sat down and hammered out a list of questions. I didn’t know the answers to all of these questions, but writing them down forced me to consider the risks rationally and strategically. The list of questions was something like this…
- Is the opportunity large enough to pursue? (Conversely, is it too large to pursue?)
- Do I have the Capacity, Capability and Capital to go into this venture? If I don’t, what do I have to do to get what’s missing?
- What is the return on investment, and how soon will I see it? If it doesn’t happen as soon as I had hoped, what are the risks associated?
- If I need to borrow money, what are the terms? If I am working with investors, can I live with their terms down the road?
- What is the sales cycle? (How long from pitch to cash?) Can I survive that cycle?
- How long will it take for me to be profitable?
- What are my human resource needs, and how will I find (and keep) the talented people necessary to be successful?
- How will I select the right suppliers and negotiate the best terms with them?
- What do I not know that I don’t know? (What am I missing?)
- Who in my life will cheer me on and hold me accountable to this vision when I doubt?
The economy was different in 1983 than it is today, but the questions are the same. If you are considering embarking on a business launch of your own, make sure you have thoughtfully considered these questions.
Then go out and re-S.H.A.P.E. your future™!
S.H.A.P.E. (Securing Higher Achievement and Personal Effectiveness)™
Clifford Bailey
CEO of TechSoft Systems