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What must an entrepreneur take into account before putting his own project in motion? (Part I)

What must an entrepreneur take into account before putting his own project in motion? (Part I)

Buenos Aires, Argentina, 10 de enero, 2017

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The most recognized entrepreneurship cases are always the successful ones or the ones that, after having reached certain glory, end up falling apart. What must an entrepreneur take into account before putting his own project in motion?

It isn’t easy to take the decision of initiating an entrepreneurship, no matter the amount of resources and raw materials at our disposal. Neither it is simple to make an introspective analysis to check if oneself is ready to undertake such an objective. This way, the first thing one has to ask oneself is: do I have the mental strength to deal with all that it takes to start a company, no matter if it results on a success or a failure?

In general, the public only knows of the cases that end up in success, of companies that got to multiply their value thousands of times over. This is what makes the young people to dream to be “the chosen ones”. And there is nothing wrong with dreaming, but… how do we help all the ones that have to face the reality of not reaching their objectives, which are, unfortunately, the most of them?

Does someone stop to think sometime how many failures exist for every story of success? Or, in the spirits of being more positive, how many cases transcend time never being publicly acknowledged, becoming PyMES that each day go out in the world and face their problems and challenges as any other traditional company?

In general, there are many ideas that get investors that, if after some time they have failled to show certain success, are left behind.

The objective of this posts to impulse all of the young people interested on undertaking such a big challenge as this one, to do so; but to, at the same time, warn them of all the thing they must understand and take into account at the moment of getting on with this idea.

Just like in the case of sports, business require a training process before going out in the field to play and compete having some chance to win.  This previous preparation is arranged right after defining the business target, always dealing with the assumption that there will be some competition and so, delineate a wise disposition of the available resources.

Once the idea is clear and you have the necessary conviction to start the project, you have to know there will always be setbacks at the beginning. In general, these are the result of matters one never took into account once on the planning stage and for letting go the imagination free of limits, but it is fundamental to take them on to be able to move forwards.

If you practice some sport, you know a game is a relatively short amount of time, but the amount of time you have dedicated to prepare yourself for it makes all the difference. Now, objectively thinking, who prefers to train than to play a game? Being able to be out in the field is everyone’s true wish, but to get up everyday at 6 in the morning to run laps and train is not. Nonetheless, what at the end makes the true difference is all of this previous process, for which the idea you need to project when choosing a sport is the training it will require, that is the real world. Having made that clear, now: you are welcome.

Following up the previous analogy, it is important to ensure there is no project that may result clear without having asked oneself which is the business target that may be the most demanding. Does the idea you are trying to make a market for something that comes to improve or substitute something that already exists, or does it pretend to create a new necessity, or does it come to complement one already covered in the market? And amongst that business target, how much would be the sure customer participation it may hope to aspire to?

You may never underestimate the already existing or new competition. You have to always think that there will always be someone out there with more resources at their disposal than you, whether they are actual competitors or potential ones. Later on, you will have to determine your expenses and have a more conservative cash-flow than the determined market participation.

The numbers must be made with the same logic as if your company is a person that is trying to rent a place without having a warrantor and has certain expenses with an expiration date, but their incomings are variable. At the same time, a person has no certainties of when there will be sales and, even less, charges.

Only a well-done and austere administration will allow your project to be successful, since if it isn’t done that way, you would be crossing half of the way of a suspension bridge. An infinity of good ideas don’t reach port for embarking on unwise administrative habits.

What I’ve mentioned before is not meant to deter new entrepreneurs but, on the contrary, to help them to be successful. Because there will never be a better position on the business world than working hard and with dedication on the field of their liking.

 

Author: Fernando De Micheli
General Director at Sidesys Argentina/ México / Dominican Republic

Fecha de Publicación
10 de enero de 2017

Etiquetas de Publicación
Entrepreneur, PYME

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