Be Open Minded and Willing to Change Direction

3d head and open doorOne of the key attributes of successful entrepreneurs is the ability to be flexible and make changes when necessary. Before launching a venture, you must ask yourself whether you are willing to change direction in the middle of a launch. Are you open to ways to modify your idea? In general how willing are you to change your ways in order to increase the chances for success?

A mindset focused on getting an idea to market takes a personality focused on practicality. If, instead, you are singularly focused on the idea itself, there is a chance the venture could fall victim to your own hubris and never make it to the market.

Be aware that an idea must evolve over time to cope with changing market conditions. What if someone comes to the market with a similar idea while you’re in development? Would this mean your idea is dead in the water, or do you have the adaptability to modify your venture and continue onward.

Its important to understand what you are willing to compromise. Are you starting a venture in order to solve a problem or are you starting a venture in order to be your own boss? You’ll be more likely to succeed if you are looking to solve a problem, not looking to “do something fun”.

If the idea of compromise doesn’t sit well with your personality, there are other less risky alternatives that could possibly bring your idea to market. Are you willing to work with a partner who can minimize the risk? While this hedges your risk profile, it may also limit your own upside, as the “outsider” is now the one taking on the risk.

Would it better suit your personality to try to sell the idea itself to an outside partner? Many entrepreneurs have been successful by convincing a current industry player that they should pursue the idea themselves and you, as a budding entrepreneur, can manage the idea for them.

This facet of entrepreneurship that involves less risk and relies heavily on an existing corporate structure is Intrapreneurship. Under the idea of intrapreneurship, you can create a new product or service within an existing company. The current corporate structure serves as a mechanism to incubate your idea and eventually introduce it to the market. This is a less risky method to launch your new venture. Intrapreneurship allows you to bring your idea to market with very little outside capital. The vendors and strategic relationships necessary for success are already in place under the idea of intrapreneurship. In addition, employees can be borrowed (or shared) from an existing venture.

Thumbs UpTry This: Take a look at your personality and think back to how often you’ve been willing to compromise on an idea or project. Is your mindset geared towards, “we need to get this done” or “I need to prove my idea is right”. Understanding the difference between the two mindsets will help you understand whether you have the right temperament to enter the high stakes world of entrepreneurship.

Thumbs DownAvoid This: Don’t enter into a venture just to be your own boss. Generally, this isn’t a good enough reason to take the risk associated with a new venture. Bear in mind, there are other entrepreneurs out there who are willing to risk everything to try to bring their idea to market, so ask yourself if your own mindset is as serious as theirs. 

About How To Launch

Entrepreneur's Guide to Starting New Ventures

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