There’s no doubt that entrepreneurship comes with challenges. It requires quite a bit of thought before you take the leap into starting your own business. Last Wednesday at Entrepreneurship 101, Nathan Monk, senior strategist for MaRS ICT Venture Services, provided four questions early-stage entrepreneurs should consider before jumping into the world of entrepreneurship. By addressing the questions before you start, you can help reduce the risk of failure down the road, as well as strengthen your business model to make it repeatable, scalable and competitive.
Before you start a business, think about which existing resources you can leverage and your own readiness for the journey:
The reasons are many and are often focused in the following areas:
According to Nate, “your business model is surrounded by threats.” However, there are several thought leaders in the entrepreneurial space (for example, Steve Blank, Eric Reiss and Ash Maurya) that have developed methodologies to better equip you to beat the odds. The models that are important to keep in mind are:
Companies no longer compete on a product or service, but a repeatable, scalable business model. There are several factors to think about as you seek to develop a solid business model:
There are many more questions to consider before you start a business and you can watch the <video> of Nathan’s lecture for more insights. Then ask yourself: are you ready to take the jump?
Register for Entrepreneurship 101: The next lecture is on Wednesday, October 22, 2014.
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