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June 25, 2008

What to Consider When Starting a Business

Murray Low
Director, The Entrepreneurship Program
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As I wrote in a previous post, our recent Lang Center survey showed that starting multiple businesses is an important predictor of entrepreneurial success.

One thing I encourage students to do when looking to start a business is that they must temper their idealism with a bit of realism. For instance, those who start businesses in search of autonomy may find themselves jumping through hoops for a host of customers, bankers, investors and employees. Challenge, excitement and creativity are surely part of the experience, but entrepreneurship is also a lot about slogging through the tough times.

Having a great business idea is a good start, but very few ideas are compelling strokes of original genius. Most initial business concepts go through significant revision as the idea moves into reality. And it is rare for a business to unfold according to plan.

However, that original idea will get students into the venturing corridor, where one opportunity leads to another. Those who start with the long-haul view of building something significant have the right mindset for dealing with the ups and downs of an entrepreneurial career.

Comments

by Zahra Stavis | June 26, 2008 at 10:50 PM

Starting a business online can help with striking on a successful formula. I've heard that it can be evident within the first 15 days of starting a dot com whether it will be a successful business. Likewise, it is easier to manipulate the formula until one strikes upon a successful one, and online businesses can be more cost effective.

by Judy Udeze | July 01, 2008 at 5:31 AM

This post is a very good sounding board for 'venture-shy' entrepreneurs who often fail on implementation after concieving that brilliant business idea due to lack of realism in their business planning. A lot of times, business people need plain guts, perseverance and restrategising to reflect or deviate from original path for basic survival and relevance.

by Andrew Arbenz '73 | July 13, 2008 at 10:08 AM

Good post!

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