How Do I Be An Entrepreneur?

Forbes recently held a conference on this subject, and I hope the participants didn’t pay too much money to attend. Hopefully a few lightbulbs went off and attendees got some ideas. But, Michael Dell was asked the question in the title and his response was ‘It’s go experiment and do something”.
In deference to Michael Dell, it’s a little more complicated than experimenting and doing. Here are some of ideas that we advocate in our course A02:
1. Do your market research on your idea; this is a step that’s routinely ignored by many entrepreneurs, to their peril.
2. Find out if you’ve got a business that can support you and yours, rather than just a hobby. Most of the finding out is figuring out if there’s enough cash flow generated at likely volumes.
3. Find some partners if you need them, and test your ability to work together.
4. Watch the reaction of competitors (if any) to your launch, and adjust accordingly. This tenet is something that Mr. Dell might observe, even after all these years.
We call these steps ‘measured doing’, or ‘thinking doing’; don’t just go off and launch without doing the other steps

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