Wise Wednesdays - The Four Pillars for Savvy Entrepreneurs

For the next four weeks I will highlight one key pillar in setting-up a thriving business.

Pillar #1: Know Your Gifts

i. Experience – Do you have sufficient experience in the field you want to start your business? This may seem obvious but there are quite a few people who overlook this. Yes, I know you believe your idea is the greatest and latest, but without hands-on experience in the industry your chances become very slim. I hate to break the news to you but smart entrepreneurs are great implementers -- not innovators. For every great product/service in the market place there are probably at least a dozen other people who had the same idea – except they failed to act on it. Whether you want to run a clothing boutique, a courier service, or a high tech IT business working for someone else helps you experience the challenges you will have ahead of time. You don’t have to be the best in your field but customers need to know you have enough skill and credibility to do the work.

ii. Talents – Just because you acquired the skill or experience in a field doesn’t mean you WANT TO DO IT. A talent is an innate aptitude that you have. Your shining star regardless of any training or experience. These are things that come naturally to you like my brother who is great at fixing things or me designing workshops. We all have them. If the business you want taps into your talents that’s a good sign.

iii. Traits - How you like to work i.e. whether you’re organized or more spontaneous; whether you look at detail or go for the big picture; whether you like working alone or with others. If you’re not careful you could start a business working from home only to find out you miss the interaction you get in an office (it plays a larger role than you think).

When you start a business you generally fall back on what comes naturally to you. This may or may not help your business. So take stock: Know thyself!

Stay tuned next week for Pillar # 2: Be Clear On Your Motives