Category Archives: success
Embracing Growth
We all need to grow in order to feel meaningful and achieve our full potential.
If you’re not growing and improving in some way, you will begin to feel that your life is lacking in purpose. In essence, a life without growth says to yourself and those around you: “I have nothing more to do here”. Of course this type of attitude can stand in the way of your happiness and productivity.
Have you ever started a worthwhile project or plan and felt a surge of energy and excitement? This is the natural state of growth. When you learn and experience new things that improve and add value to your life and the lives of others, you feel alive and empowered. One of the most effective ways to create a life of passion and meaning is to take steps toward reaching your potential. This includes learning more about yourself and your world; and creating a plan that helps you to move in the direction of your desires.
The process of striving for self-actualization never ends and it is not easy. It requires focus, determination and strength of character, all of which can be developed over time. It is a life-long undertaking and most of the benefits are derived from the journey not the destination.
Recognizing Opportunity in the Entrepreneurial Process
A few days ago, I sat with some investors to listen to a proposal presented by a business owner who wanted to sell his existing business. After listening to the presentation for 10 minutes, I realized that this venture would not provide the opportunity to generate profits and provide a solid return to any entrepreneurial team or investor.
At the heart of any entrepreneurial process is opportunity. Successful business people and investors know that a good idea is not necessarily a good opportunity. In fact, for every 100 ideas presented to investors in the form of a business plan or proposal, usually only 2 or 3 ever get funded. Over 80 percent of those rejections occur in the first few minutes; another 10 to 15 percent occur after investors have read the business plan and proposal carefully. Fewer than 10 percent attract enough attention to merit further consideration and investigation.
As an entrepreneur, it’s important to develop the ability to quickly evaluate whether serious potential exists in a business opportunity and decide how much time, effort and value to invest.
Here is a quick summary of what to initially look for when determining if a business venture is a good opportunity:
Market demand is a key ingredient in measuring opportunity
- Does market share and growth equal 20 percent of annual growth
- Is the customer reachable
Market structure and size
- is the market emerging or fragmented
- What is the revenue potential based on existing market share
Margin analysis helps differentiate an opportunity for an idea
- Capital requirement vs the competition
- Can we break even in 1 to 2 years?
Consider the underlying market demands as well as the value added properties of the product of service. Also up for careful scrutiny is whether the market size allows for a 20 percent or more growth potential; the economics of the business, solid gross margins (40 percent or more) and the free cash flow characteristics.
The business need not be operating perfectly. In fact, if there are some inconsistencies in existing service, some gaps in information and knowledge those can also be considered as potential to create opportunity and drive value. In the final analysis, there are many factors which when combined, will paint the total picture. But the basics as outlined above along with your professional experience and business acumen will help in bringing you to an appropriate conclusion.
Famous and Homeless
If you’ve ever thought about giving up on your dream, check out this article:
The article informs us quite clearly that the most important characteristic that separates those that have succeeded despite huge obstacles is persistence, determination and intense focus on a positive outcome.
As a friend once told me, most people go “through” things while others go “to” things. The difference of course is in your focus. Get clear about what you want to accomplish and where you want to go. Surround yourself with those that are moving in the direction of success. Model those that have already achieved success and arm yourself with the right set of tools that will help you get the job done.
