Posted by JuJuan Buford, Entrepreneur & Writer @JSBUFORD
I made the acquaintance of a young artist recently while wrapping up the evening at an eatery downtown Detroit. After a good thirty minutes of pleasantries, she asked me how do you know what kind of business you should start, and whether your should go into business?
I quickly scribbled the following, and took a moment to expound upon it.
Everything that follows are generalizations, as there will always be exceptions to the rule. However, the implications should still be deeply reflected upon. I firmly believe you don't try entrepreneurship. In other words there are sports that you play, like basketball, football, soccer, and baseball. You don't play boxing. You either do entrepreneurship or you don't.
I. If the venture your considering doesn't tap into a serious passion or strength, don't do it. As an entrepreneur you are going to need to tap into a well of uncommon strength, vision, endurance, and faith.
"Whatever you vividly imagine, ardently desire, sincerely believe, and enthusiastically act upon... must inevitably come to pass!" - Paul J. Meyer
Great quote right? Being an entrepreneur often times means, moving from failure to failure, and even when it appears and feels like an avalanche is upon you of inevitable doom, you must stay just as enthusiastic about the endeavor as when you began.
We tend to enjoy doing things we are good at. And even if we are not elite at a certain thing, if we're passionate about it, we'll be willing to put in the time to become elite. Either way, there's a price.
II. Is your target market responding or the universe conspiring in your favor? Being stubbornly committed (being able to think for yourself), and being dimwitted or living in another universe is two different things. It's easy to fall in love with an idea, and doddle on it the way a parent would a baby. In a parent's eyes, their baby is beautiful, even if it has a gargoyle snarl.
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In business, the market knows best. Yes, begin with the win in mind, but pay close attention to the feedback. Don't be afraid to ask friends what you're good at, before you introduce the venture. Finds ways to share a sample, or share your ideas with people in a preliminary manner to gather information regarding your strengths.
I can personally admit, I have fell into the trap of trying to be something I'm not on multiple occasions. Fortunately, I've come to terms with where my power lies. You'll feel better about yourself, if you forego the years of time and monies expended to learn the lesson the hard way. Try new things, but be acutely aware of the feedback, without taking it personal.
III. If money was not an issue? Don't fool yourself. Money, resources, growth, and personal satisfaction will always be in issue. Refer back to I.
IV. If you don't have a competitive advantage don't do it. People don't pay for mediocre. Correction. Yes, they do.
People don't pay top dollar for mediocre experiences: mediocre burgers, movies, theater, clothes, knowingly, most of the time. Expend your energies and resources in an area where you can and you are willing to be excellent.
JuJuan Buford is a Detroit native, a successful entrepreneur, activist, writer, and public speaker. Buford is dedicated to helping families, entrepreneurs, and business owners establish thriving enterprises, achieve financial independence, and build lives of satisfaction.
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