Entrepreneurial Leap – Finding the Right Business for You.
How to Find the Right Business for You – considering the Industry, Business Type, and Size of Business.
This is the second in a special series of episodes related to the Entrepreneurial Leap – focused on helping you determine if you have what it takes to become a successful entrepreneur. This content is inspired by the book “Entrepreneurial Leap” by Gino Wickman, and Henry Lopez’, host of The How of Business podcast, experiences as an entrepreneur and business coach.
The first episode in this series, episode 346, is focused on Confirming that you have what it takes to become a successful entrepreneur. This episode is focused on providing you a glimpse or vision of what your life could look like if you pursue your natural entrepreneurial abilities and traits. Because once you know what’s possible, are better able to choose where and how far you want to go. Specifically, this episode focuses on how you can begin to determine the right type of business for you, using these three main factors: Industry, Type of Business, and Size of Business.
Entrepreneurial Leap – Finding the Right Business for You:
If you have determined what you have what it takes to become an Entrepreneur, and you also understand the difference between being an entrepreneur and being self-employed, then the next challenge is to determine what type of business is best for you. And perhaps most important is to understand that it’s not all about the unicorns!
One of the reasons Henry Lopez started this podcast is that he wanted to help bridge the gap between the stories of unicorns like Apple and the outlier serial entrepreneurs like Steve Jobs, or Richard Branson, and how he could apply what they did to get better at operating his small micro businesses. Henry was often challenged with trying to translate what these business icons had achieved, to what he could learn and apply it to his small businesses.
To quote Jim Collins, author of the book “Good to Great”, “The greatest company in America we will never know, because it’s some $10 million company in middle America that doesn’t want to be known.”
This series of episodes are inspired by reading Gino Wickman’s book “Entreprenurial Leap”. Gino Wickman is the bestselling author of Traction and the creator of the Entrepreneur Operating System (EOS). Henry Lopez had the pleasure of interviewing Gino on this podcast, back on episode 339. On that episode they chatted about Gino’s journey and Entrepreneurial Leap. After that conversation with Gino, Henry was invited and accepted an opportunity to become an E-Leap Collaborator.
As an E-Leap Collaborator Henry Lopez is sharing Gino’s content about Entrepreneurship, along with Henry’s own experiences and knowledge, to help you decide if entrepreneurship is right for you—because success as an entrepreneur depends on far more than just a great idea and a some luck!
Now that you believe you possess the 6 Essential Traits to become a successful entrepreneur, it’s time for you to begin to decide what’s most important to you. Do you want to be the biggest, the best, the most recognized, or the most charitable company? Do you want to build a $10 million company or a billion-dollar enterprise?
There is no right or wrong answer – only the answer that is best for you. True entrepreneurs don’t just copy others – they don’t follow the herd or care much for what others think.
Three main factors will help you determine the business you ultimately choose to start and grow:
• Industry
• Type of Business (Service or Product, B2B or B2C, High-End or Low-Cost)
• Size of Business
As you determine what type of business is right for you, think about the type of people you like to work with, serve, help and be around. Knowing this will help you clarify the business that’s right for you, because you’ll be clearer about the type of customers and clients you will be serving. Now you have a head start in developing your Criteria for your potential business.
It’s critical to your success as an entrepreneur that you identify the right type of business for you. We are not all cut out to start and grow multi-billion-dollar world-wide conglomerates. And remember, there is no right answer here. Beginning to define your criteria, using the three factors of Industry, Type of Business and Size of Business, will help you narrow your focus in your search for the right business.
Resources:
- MyBiz Match
The purpose of the MyBiz Match tool is to summarize the business you’re drawn to and built for. It can help increase your odds of success by creating a customized statement of the industry, type and size of business that may be perfect for you.
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