Starting a business is obviously the first brave step for any entrepreneur. The key to that success lies in the ability to grow the business; generate revenue, employment and broad economic activity all while being ethical and fair in business practices.
Entrepreneurship has been described as the “capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Entrepreneurial spirit is characterized by innovation, and risk-taking, and is an essential part of a businesses’ ability to succeed in an ever-changing and competitive marketplace.
A person with an idea does not make an entrepreneur. You must possess the tools necessary to go along with the idea. Those tools include:
- Being fearless but respectful of the challenges you will face.
- Come to terms with what you can do and can’t do, then fill the gaps. You do not know the best way to do everything, heck actually most things. Assess the opportunity costs of having or not having the right people around you. As the visionary entrepreneur you will often try to fool yourself into thinking you have it all covered. Don’t.
- Control the overhead, but don’t be penny wise and pound foolish. Create a budget with projections and measure it frequently, adjusting for growth or any speed bumps that come along.
- Create a vision plan with guiding principles and specific virtues so anyone who joins your effort will quickly and easily be guided into what is most important and will integrate into your plan, thus rowing with you and not against or away from you.
- Assemble a group of advisors to keep you honest and when you have hit the right level bring on an integrator to help you focus and build your future. You are the Visionary and doing what you do best is a most important aspect to a long business life. Be practical, not every idea is a good one and you need to know from the beginning the point at which you can go no farther. At an early age time is on your side; don’t be desperate to be right.
If the entrepreneurial spirit is like a wild untamed horse within you, know that it will not be easy, but it will be a great ride. Here’s to a prosperous year!
About the TU Incubator Advisory Board
Tim Watkins has been a member of the TU Incubator Advisory Board since 2013. In his advisory board role Tim has been instrumental in helping to provide strategic direction, including the focus on edtech, and serving as an advocate for the incubator within the business community. He also provides expertise and mentoring to member companies to help facilitate their success.
About Renegade Communications
Renegade Communications was founded in 1988 on the principles of entrepreneurship and what was once a small communications firm is now a multi-faceted creative strategic advertising and marketing communications company, employing over fifty, focusing on building clients’ businesses. After many years of growing and learning Renegade applies the judgement, responsibility, initiative, economic and critical thinking skills, and sense of urgency necessary to create a dynamic and positive culture.