A friend asked me today about my views on what it takes to move from being a senior corporate executive to a first generation entrepreneur.
Based largely on my own experience in going this route, I listed the following as being very crucial for success:
- A lot of confidence in your abilities
- Huge amount of commitment to your goals
- A well thought through business plan built with a detailed SWOT analysis
- Clear positioning in terms of products, services you offer and the market segments that you wish to address
- Psychological strength to make changes and adapt to a new world
To first establish whether he was suited to the demands made on first time entrepreneurs, I suggested he see the interactive quizzes at The Wall Street Journal Centre for Entrepreneurs.
“Think through things carefully” I said “as the grass often looks greener on the other side”. I asked him to read a nice article by Dr.Paul Adams called “Don’t Succeed At Failure” which says that the success or failure of your business largely depends on you. Dr. Adams puts it bluntly:”Not understanding yourself can be fatal.”