• 2.1 Overview of the Entrepreneurial Journey
  • Introduction
  • 1.1 Entrepreneurship Today
  • 1.2 Entrepreneurial Vision and Goals
  • 1.3 The Entrepreneurial Mindset
  • Review Questions
  • Discussion Questions
  • Case Questions
  • Suggested Resources
  • 2.2 The Process of Becoming an Entrepreneur
  • 2.3 Entrepreneurial Pathways
  • 2.4 Frameworks to Inform Your Entrepreneurial Path
  • 3.1 Ethical and Legal Issues in Entrepreneurship
  • 3.2 Corporate Social Responsibility and Social Entrepreneurship
  • 3.3 Developing a Workplace Culture of Ethical Excellence and Accountability
  • 4.1 Tools for Creativity and Innovation
  • 4.2 Creativity, Innovation, and Invention: How They Differ
  • 4.3 Developing Ideas, Innovations, and Inventions
  • 5.1 Entrepreneurial Opportunity
  • 5.2 Researching Potential Business Opportunities
  • 5.3 Competitive Analysis
  • 6.1 Problem Solving to Find Entrepreneurial Solutions
  • 6.2 Creative Problem-Solving Process
  • 6.3 Design Thinking
  • 6.4 Lean Processes
  • 7.1 Clarifying Your Vision, Mission, and Goals
  • 7.2 Sharing Your Entrepreneurial Story
  • 7.3 Developing Pitches for Various Audiences and Goals
  • 7.4 Protecting Your Idea and Polishing the Pitch through Feedback
  • 7.5 Reality Check: Contests and Competitions
  • 8.1 Entrepreneurial Marketing and the Marketing Mix
  • 8.2 Market Research, Market Opportunity Recognition, and Target Market
  • 8.3 Marketing Techniques and Tools for Entrepreneurs
  • 8.4 Entrepreneurial Branding
  • 8.5 Marketing Strategy and the Marketing Plan
  • 8.6 Sales and Customer Service
  • 9.1 Overview of Entrepreneurial Finance and Accounting Strategies
  • 9.2 Special Funding Strategies
  • 9.3 Accounting Basics for Entrepreneurs
  • 9.4 Developing Startup Financial Statements and Projections
  • 10.1 Launching the Imperfect Business: Lean Startup
  • 10.2 Why Early Failure Can Lead to Success Later
  • 10.3 The Challenging Truth about Business Ownership
  • 10.4 Managing, Following, and Adjusting the Initial Plan
  • 10.5 Growth: Signs, Pains, and Cautions
  • 11.1 Avoiding the “Field of Dreams” Approach
  • 11.2 Designing the Business Model
  • 11.3 Conducting a Feasibility Analysis
  • 11.4 The Business Plan
  • 12.1 Building and Connecting to Networks
  • 12.2 Building the Entrepreneurial Dream Team
  • 12.3 Designing a Startup Operational Plan
  • 13.1 Business Structures: Overview of Legal and Tax Considerations
  • 13.2 Corporations
  • 13.3 Partnerships and Joint Ventures
  • 13.4 Limited Liability Companies
  • 13.5 Sole Proprietorships
  • 13.6 Additional Considerations: Capital Acquisition, Business Domicile, and Technology
  • 13.7 Mitigating and Managing Risks
  • 14.1 Types of Resources
  • 14.2 Using the PEST Framework to Assess Resource Needs
  • 14.3 Managing Resources over the Venture Life Cycle
  • 15.1 Launching Your Venture
  • 15.2 Making Difficult Business Decisions in Response to Challenges
  • 15.3 Seeking Help or Support
  • 15.4 Now What? Serving as a Mentor, Consultant, or Champion
  • 15.5 Reflections: Documenting the Journey
  • A | Suggested Resources

Learning Objectives

By the end of this section, you will be able to:

  • Explain the entrepreneurial journey to explore and discover entrepreneurship as a career choice
  • Identify the steps, decisions, and actions involved in the entrepreneurial journey
  • Recognize the rewards and risks of the steps in the entrepreneurial journey

Self-Employment as an Entrepreneurial Journey

When the economy and the job market are strong, the entrepreneur has a safety net that decreases the risks in creating a new venture , a startup company or organization that conducts business or is created to satisfy a need, and allows for a quick recovery if the venture is not successful. There are more new startups when there are high levels of confidence in both the venture’s success and the entrepreneur’s confidence in finding employment if the venture fails. People over 40 years of age account for most new startup activity, in part because of the continuing trend in which a business may choose not to hire an employee but instead hire an independent contractor , a person who provides work similar to an employee without being part of the payroll for the contracting business, and who is responsible for paying their own taxes and providing their own benefits. With previous knowledge and expertise, this group of entrepreneurs recognizes opportunities created by this move away from hiring full-time employees to more outsourcing to independent contractors. One contributor is the gig economy , which involves using temporary and often transitional positions hired on a case-by-case basis, rather than keeping a full staff of hired employees. Advantages for the employer include a decrease in cost of benefits and loyalties to specific employees. Advantages for the hired worker or independent contractor (sometimes called a freelancer ) include no long-term commitment and flexibility in accepting contracts. From an entrepreneurial perspective, the creation of websites that support the gig economy offers opportunities for independent ventures. Many people today are becoming small entrepreneurs. This process goes by a variety of names, such as the sharing economy , the gig economy, the peer economy , or the collaborative economy . Maybe it means driving for a company such as Lyft , Uber , or GrubHub , or perhaps offering services through TaskRabbit , UpWork , or LivePerson . The projected numbers of independent contractors and on-demand workers are stated as 42 percent for small businesses by the year 2020, a growth of 8 percent from current figures. 1 And a projection of greater than 50 percent of the workforce will be independent contractors by 2027 if this trend continues at the current pace. 2 In the “Freelancing in America: 2019” report, the sixth annual study by UpWork and Freelancers Union, 57 million United States citizens are estimated to freelance, with income approaching 5 percent of US gross domestic product (GDP) at nearly $1 trillion and earning a median rate of $28.00 an hour, representing an hourly income greater than 70 percent of workers in the overall US economy. 3 One report found that 94 percent of net job growth from 2005 to 2015 was in alternative work categories, with 60 percent due to independent contractors and contract company workers. 4

According to the US Bureau of Labor Statistics, the number of self-employed Americans is growing, with 9.6 million self-employed people at the end of 2016. That number is expected to grow to 10.3 million by 2026. 5 A more recent study by FreshBooks’ second annual “Self-Employment” report predicts that 27 million US employees will leave traditional work in favor of self-employment by 2020, tripling the current population of full-time self-employed professionals to 42 million. The main driver for this change in the workforce is a greater desire for control over one’s career with the ability to have greater control over working hours and acceptance of work. 6 , 7 Of course, self-employment is a broad category that includes small-business owners as well as entrepreneurial startups and freelance gig employees. Since 2016, there has been a downward slide in the number of employees working for self-employed businesses, which results from a variety of factors, including difficulties in finding qualified employees, qualified employees having more employment options, such as employment through the gig economy, outsourcing activities, and technology actions that decrease the need for employees, with entrepreneurial activity remaining steady. 8

Entrepreneurship around the World

In a 2017 Business Insider article, “America Needs Immigrant Entrepreneurs,” David Jolley writes that immigrants constitute 15 percent of the US workforce and 25 percent of the country’s workforce of entrepreneurs. 9 Forty percent of startups include at least one immigrant. Jolley’s article cites a study that identified immigrants as twice as likely to start a business as people born in the United States. In 2016, 40.2 percent of Fortune 500 companies were founded by at least one immigrant or a child of immigrant parents. Dinah Brin, writing for Forbes , stated in a 2018 article that immigrants form 25 percent of new US businesses and that new immigrant-owned firms generated 4 to 5 million jobs. 10

These statistics and other findings have prompted countries such as Canada to revise their immigration policies to attract more entrepreneurial-minded immigrants. A World Bank report from May 2018 ranked the United States 53rd out of 190 countries for ease in starting a business, with higher scores representing greater ease. 11 The same report ranks the United States eighth for ease of doing business. The difference in these rankings indicates that once a business is established, factors such as regulations, permits, access to credit, and infrastructure support the business owner’s ability to continue the business, but actually starting the business is more challenging. For any given country, ease in starting a business and the country’s interest in supporting entrepreneurial activity are crucial in both attracting entrepreneurial people and supporting their ability to open a business. Imposing restrictive regulations and processes on new ventures significantly decreases the number of new ventures.

According to a 2018/2019 report, the highest rate of entrepreneurial activity worldwide in 2018 was in Angola at 41 percent. 12 Angola’s low-income economy meant fewer employment opportunities, creating pressures to find other ways to earn an income. Guatemala and Chile reported 28 percent and 25 percent of entrepreneurial activity, respectively, with medium- and high-income economies. These percentages are quite high, considering that these economies offer employment opportunities in existing companies. In terms of innovation, India at 47 percent, and Luxembourg and Chile at 48 percent each, take the lead in offering new products and services not previously available. This entrepreneurial activity reflects the ease of starting a business. The Netherlands, Poland, and Sweden were reported as the easiest countries in which to start a new business, in part because many people in those countries view entrepreneurship as an attractive lifestyle. As you can see, both economic opportunities and a country’s specific support for entrepreneurial behavior contribute to the number of people who enter entrepreneurial activities.

From a gender perspective, there are currently over 11 million woman-owned businesses in the United States. This number includes both small business owners and entrepreneurs. Thirty years ago, there were only 4 million woman-owned businesses. 13 The number of woman-owned businesses has increased 45 percent between 2007 and 2016, five times faster than the national average, with 78 percent of new women-owned businesses started by women of color.

Starting Your Entrepreneurial Journey

How do you fit into this entrepreneurial journey? This chapter will help you to explore and discover your potential for entrepreneurship as a career choice. Think of this exploration and discovery experience as a way to map out a strategy to reach your goals or dreams. Let’s imagine that your dream vacation is a hiking trip to Glacier National Park in the US state of Montana. Just as hikers have different levels of experience, so do entrepreneurs. Just as your plan for a wilderness hike would involve many stages, your entrepreneurial journey involves multiple levels of self-discovery, exploration, experiences, and accomplishments on your way to success. For our purposes, the term entrepreneurial venture means any type of new business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For each story of entrepreneurial success that is shared—such as that of Facebook or Airbnb—there are even more lesser-known entrepreneurial success stories such as Zipline , a company that delivers medical supplies in Rwanda and Ghana by drone. These entrepreneurs faced the same dilemmas in pursuing their passion, or opportunities, which led them to their entrepreneurial destiny. They courageously stepped out of their comfort zones to explore the possibilities that lie ahead. What is the difference between entrepreneurs and you? The main difference is taking that first step. Many people have ideas that fit into the definition of an entrepreneurial idea but never take that first step. Just as the Chinese philosopher Lao Tzu suggests, every journey begins with a single step.

Are You Ready?

Taking the first step.

Go to Fire Nation’s website on taking the first step to learn more. Changing your mindset (your perception of yourself and your life situation) and encountering trigger events (significant external situations) can nudge you into taking the first step toward being an entrepreneur.

  • Is there a venture you’ve always thought you should start but never did?
  • Think about what factors are stopping you. Consider your mindset and how you might change your mindset so that your venture could become a reality.
  • What are some possible trigger events that could make the difference between starting your venture and waiting to start your venture?

Opening your future to the possibility of starting your own venture brings new and exciting experiences ( Figure 2.2 ). Every entrepreneur moves through several steps in considering the entrepreneurial journey. Once you understand this journey, the steps will help you define your path toward creating and starting your new venture. Each step of this process offers another level of understanding that prepares you for long-term success. How will you achieve this success? By taking one step at a time, exploring and learning, considering new ideas and expectations, and applying these experiences to achieve your personal outcome. Think of the entrepreneurial journey as a guide to knowing what is in store for you as you start your new venture.

One benefit of outlining a step-by-step process is the opportunity to explore different paths or behaviors that may lead to an entrepreneurial venture. Think again of your dream visit to Glacier National Park. How would you get there? What equipment would you need? What kinds of experiences would you expect to have? Think of the Glacier National Park journey as your entrepreneurial journey, a metaphor intended to help you as you create your career as an entrepreneur.

What makes someone ready or willing to choose entrepreneurship over becoming an employee of an established business or a small business owner? It takes confidence, courage, determination, resilience, and some know-how to select entrepreneurship as a career as well as the recognition of the opportunity. An entrepreneur is defined as someone who not only recognizes an opportunity but who also is willing to act on that opportunity. Both actions are required. We might identify an opportunity, but many people do not act on the idea. Confidence, courage, and willingness are necessary to take that first step, as well as remembering the following:

  • You are unique. Even if two similar people attempted to launch identical ventures, the results would likely not be the same. This is because each one of us has different ideas, approaches, available resources, and comfort levels, all of which influence the venture’s development and eventual success.
  • Although there are no hard and fast rules or theories of the best way to launch into entrepreneurship, we can gain wisdom from the lessons learned by experienced entrepreneurs.
  • Selecting an entrepreneurial career requires honesty, reflection, and a tendency to be action oriented. You will need to recognize your own strengths, limitations, and commitment as part of that honesty. Reflection is required for self-growth—seeking improvements in your own skills, interactions, and decision making—and commitment is required to maintain consistency in your willingness to make the new venture a top priority in your life. You will also need to understand that you cannot accomplish everything by yourself, and you may need to ask for help. It helps to be curious, open, and able to take calculated risks and to be resourceful and resilient when faced with challenges or obstacles.

Entrepreneurial Potential Self-Assessment

Take this quick Entrepreneurial Potential Self-Assessment to assess your potential to become an entrepreneur. After completing this self-assessment, what new information did you learn about yourself? Do you think your answers will change as you acquire more life experiences and education? Why or why not?

Optimizing Interest Areas

What are three areas that interest you? These could be hobbies, work activities, or entertainment activities. How would someone else describe your skills and interests, or what you are known for? Answering these questions provides insights into your strengths and interests. Next, what is one area that you are passionate about? What strengths could you bring to this passion to build your own business?

Keep an open mind in looking for an opportunity that fits your strengths and interests. If you decide to explore entrepreneurship, what would be your first step? What are your initial thoughts about being an entrepreneur? What would you review or search to find more information on your idea or area of interest? With whom would you first question or discuss this idea? Why?

The Entrepreneurial Journey as a Trip

The entrepreneurial journey is your exploration to discover if entrepreneurship is right for you. Every entrepreneurial journey is unique; no two individuals will experience it in the same way. Along the way, you will find opportunities and risks coupled with challenges and rewards. It’s useful to think about the entrepreneurial journey as an exciting trip or other adventure. Most of the preparations and steps involved with planning a trip are like those for starting a venture. Just as you would plan and prepare for a trip—starting with inspiration and leading up to finally traveling on the trip—you might follow similar steps to launch a venture. And just as you would prepare for any challenges that you might encounter on a trip—bad weather, lost luggage, or detours—so you should consider potential obstacles or barriers along your entrepreneurial journey ( Figure 2.3 ). Think of these difficulties as opportunities to learn more about the entrepreneurial process—and about yourself and how you manage challenges.

Developing a venture can be an exciting and active experience. It is also a lot of hard work, which can be equally rewarding and enjoyable. Here we present the entrepreneurial journey as seven specific steps, or experiences, which you will encounter along the road to becoming an entrepreneur. You’ll find more information about the entrepreneurial journey in other chapters in this book.

  • Step 1: Inspiration – What is your motivation for becoming an entrepreneur?
  • Step 2: Preparation – Do you have what it takes to be an entrepreneur?
  • Step 3: Assessment – What is the idea you plan to offer through your venture?
  • Step 4: Exploring Resources – What resources and characteristics do you need to make this venture work?
  • Step 5: Business Plan – What type of business structure and business model will your venture have?
  • Step 6: Navigation – In what direction will you take your venture? Where will you go for guidance?
  • Step 7: Launch – When and how will you launch your venture?

As you work through each step of the entrepreneurial journey you should prepare for significant aspects of this experience. You will meet with rewards and challenges, the consequences that result from the decisions made at various points along your journey. To visualize the steps of the entrepreneurial journey, imagine your possible hiking trip to Glacier National Park ( Table 2.1 ). Just as hikers have different levels of experience, so do entrepreneurs. Compare the following aspects of preparing for a hike with aspects of your entrepreneurial journey.

Step 1: Inspiration

When you think of being an entrepreneur, what is the inspiration for your venture? Just as you might have an inspiration for a hiking trip to Glacier National Park, you will have an inspiration behind the decision to become an entrepreneur. When you’re planning a trip to a new and exciting place, one thing you might do is to imagine what you will experience along the journey and on arriving at your destination ( Figure 2.4 ). This portion of the entrepreneurial journey includes imagining yourself as an entrepreneur or as part of an entrepreneurial team. For this stage, you need a creative, open, and innovative state of mind, also known as an entrepreneurial mindset , which is discussed in more detail in The Entrepreneurial Mindset and Creativity, Innovation, and Invention . Dream big about your potential future and opportunities ( Figure 2.5 ).

Step 2: Preparation

Just as when you are preparing for a trip, you need a plan ( Figure 2.6 ) to move forward on your entrepreneurial journey. Before your dream hiking trip, you might gather information about Glacier National Park from a trusted source, such as a good friend with travel experience, or you might conduct online research. Your friend’s feedback could be just the motivation you need to try this experience yourself. Or you might use your research to determine if the trip is possible. You will need to look at maps, either online or on paper. Either way, you might also consider travel and accommodation options, such as booking a flight and finding a place to stay. You might want to create benchmarks to align your journey with your available resources, such as the amount of time and the amount of money you have to spend on the trip. Benchmarking is a method of tracking target expectations with actionable results by comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment. Benchmarking can help design the trip to meet incremental goals and timelines. From both a travel plan and an entrepreneurial perspective, although benchmarking is used as a control mechanism, we know that situations can arise that require an alteration in the plan, causing the benchmarked items to also need adjustments.

Link to Learning

Which type of benchmarking will help you the most in beginning your entrepreneurial journey? Visit the American Society for Quality’s resource page on benchmarking for help.

To plan for an entrepreneurial journey, you should first conduct some preliminary research regarding your venture idea. Your research must be honest and objective if it is to give you a clear picture of the venture. Next, you might organize and prioritize your research and thoughts. For instance, you might see an idea like yours online or on television, and feel disappointed that someone stole your great idea or beat you to the punch. This is a common occurrence in entrepreneurship, but it should not discourage you. Instead, use that knowledge and energy to find an overlooked or different aspect of your original idea. The difference might even be the focus on a different target market , a specific group of consumers for whom you envision developing a product or service. Further, it is critical to maintain a fluid focus upon expanding the scope of a product or service to uniquely differentiate provisions of benefits apart from existing benefits or those offered by competitors. A focus on a different target market is exactly how the Jitterbug smartphone was created, because it targeted senior citizens. The Jitterbug smartphone offers a larger screen, larger buttons, and simpler features that make it easier for older people to make quick calls or send texts.

Preparation also includes opening space in your life to the time and energy commitment needed to support your new venture. Are the important people in your life willing to support the interest and passion you will need to dedicate the time, energy, and other resources to this new venture? Review the questions shown in ( Figure 2.7 ) to consider your answers to these questions. Preparation through research and other activities is discussed in more detail in Identifying Entrepreneurial Opportunity .

Step 3: Assessment

Now that you have decided where to go for your trip and have gathered information to prepare for it, the next action is to create and set your schedule. This action is simple but critical, because it involves connecting and coordinating information and resources that fit your lifestyle and needs. For example, you might schedule an early-morning Uber or Lyft to the airport and electronic delivery of your plane tickets to your smartphone. For the entrepreneurial journey, this phase might also include recognizing appropriate relationships and gathering needed resources. For many entrepreneurs, the opportunity to receive guidance from trusted advisors or mentors may provide valuable insights on how to manage the process. This step allows for reflection on your idea and intentions. After you’ve done your researching and gathering knowledge about your idea through the preparation step, is the idea still viable? Is the idea still interesting to you? With a better understanding of the industry, your idea, and your own interests that you gained in Step 2, is this idea something that you still want to explore? This step is discussed more fully in Problem Solving and Need Recognition Techniques with deeper coverage on the topic of opportunity recognition ( Figure 2.8 ).

Step 4: Exploring Resources

Regardless of where you might travel, you could not complete your trip without adequate resources such as available financing. There are many ways you might fund a hiking trip: savings, loan, pay-as-you-go, sponsorship (family or friends), or any combination of these options, to name a few. No matter how you finance your trip, it might help to have a balance of available credit and cash on hand to support your day-to-day expenses and any extracurricular activities or even unforeseen emergencies. As discussed in Entrepreneurial Finance and Accounting , the US Small Business Administration (SBA) provides funding opportunities.

This scenario is mirrored in the entrepreneurial journey. Just as you wouldn’t begin a trip without adequate resources, including access to cash, you wouldn’t begin your entrepreneurial journey without the necessary resources, including cash. The options between funding a trip and funding a new venture are similar, but they have different names. For example, on a trip, you might use the cash you have on hand, from savings or a personal loan. For an entrepreneurial journey, you might address cash management —management of cash inflows and outflows to support cash needs of the venture—to include bootstrapping , a funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows. (See Entrepreneurial Finance and Accounting for more information on bootstrapping.) Bootstrapping includes ideas like leasing instead of purchasing, borrowing resources, or trading unneeded resources for needed ones. Another example of cash management includes a business model that offers subscriptions rather than a payment received for an item purchased. Subscriptions provide the entrepreneur with cash up front, with the buyer receiving benefits throughout the year. Consider the example of Amazon. Amazon offers Prime with a yearly subscription service, as well as Subscribe & Save , Amazon Instant Video , Amazon Mom , and Amazon Web Services , all based on a subscription business model.

According to Entrepreneur.com, other potential subscription-based models include services or products geared to older consumers, with 8,000 people turning sixty-five every day. A similar idea offers services to college students. Both ideas would offer family members a subscription that sends monthly gifts or products to either the elderly person or college student. We also see this model offered to pet owners who pay a monthly subscription to receive treats and toys for the family dog. Looking back at Amazon, we see the company offering the ease of repeat purchases for frequently used products such as vitamins and air filters.

Entrepreneur In Action

Prospurly is a subscription-based company that uses Cratejoy ’s subscription platform to sell small-batch artisanal products for bath, body, and home, marketing a natural lifestyle focused on the happiness of living a simple and appreciated life. Conduct your own research on Prospurly and other subscription-based businesses. Read the article, “How I Built a Subscription Business That’s Made over 50k in 6 Months,” on Cratejoy for more information about this company and Prospurly’s move from ideation to profitability.

Other ideas for finding funding include applying for grant funding. The importance of cash and cash management requires in-depth coverage, which is presented in Entrepreneurial Finance and Accounting and Business Structure Options: Legal, Tax, and Risk Issues .

The idea of exploring resources includes many other options besides how to fund a new venture. In a trial run , you would offer your product or service for sale within a limited market on a test basis to evaluate what additional resources are needed to support the success of the venture ( Figure 2.9 ). Examples of places where a trial run fits well, depending on your product, include farmers markets, in-home sales, or through friends and family. The idea is to track the feedback you receive about your product or service. How do people react to the price, the quality of the product, the packaging? You can experiment by selecting one variable to adjust—changing the price, the packaging, the sales pitch, the presentation, or the quantity—to track reactions and make improvements based on this feedback. You may then decide to adjust other variables to gather more information, as well as considering what other resources are needed for the success of the new venture. Financing and ideas to preserve your financial stability are discussed more fully in Entrepreneurial Finance and Accounting .

Step 5: Business Plan

The ability to travel and visit new locations is a privilege and a great opportunity to gain exposure to new experiences and opportunities. In addition to the work involved in preparing for a trip, the act and process of traveling involves constant decision making to achieve your desired goals and outcomes. For instance, should you travel to one location in Glacier National Park and explore that area in depth? Or should you attempt to visit as many areas of the park as possible with your given resources and abilities?

The challenge at this step of your entrepreneurial journey is to remain focused on managing your resources to meet your goals and outcomes as you write your business plan for your new venture. You will need to focus on the skills, experience, and resources necessary for your venture, and the management and decision making required to ensure success and adjust your plan based on changes and new information. Just as you might find a location in Glacier National Park where you want to stay for a couple of nights, a deviation from your original business plan (discussed in Business Model and Plan ) will also require adjustments and changes based on new information and insights.

Be honest with yourself by running a reality check about your ability to manage a venture, especially from a personal-capacity perspective. For example, if you start a business, will it be a part-time or full-time venture? Will you start while in school? Or will you wait until after graduation? The timing of opening the venture can be the difference between success and failure. Consider the difference between hiking in Glacier National Park in the middle of winter, when the daytime temperature is thirteen degrees below zero, and hiking in the middle of summer, when the daytime temperature is seventy-nine degrees. The timing of your visit to the park is an important part of your enjoyment and success in reaching your destination. In planning for your trip, you would pay attention to your departure time to ensure enjoyment and success in your adventure. Similarly, as part of your business plan, you would also research the best time to open your venture.

Finally, during your travels, getting lost, overwhelmed, or sidetracked is always possible. If you get lost when traveling, you might refer to social navigation apps such as Google Maps , Waze , or HERE WeGo , to find turn-by-turn directions and information. Or you might refer to a weblink, a printed map, or a local expert or guide familiar with the area. The business plan is your map. You should identify decision points and milestones , significant key accomplishments, in your plan. Milestones could include points such as hitting your breakeven point , the point at which income from operations results in exactly enough revenue to cover costs. If the financial projections in your business plan are unattainable, what is your next move within the plan? If you don’t reach the milestones identified in your business plan, what alternative choices can you make to redirect your venture? The business plan, in its first draft, should inform you whether your venture has a chance at success. If there are negative areas, what can you change? Building this plan before starting the business provides you with knowledge and insights about your idea. Make any necessary changes to the plan to strengthen the possibility of success. Then when you open the venture, track whether the reality of the venture aligns with your business plan’s projections and expectations. The business plan functions as both a road map to help you see where you are going next in building your venture and as a checklist to track whether you are on course or need to make adjustments. When entrepreneurs get off track, they can check out self-help websites, speak with a business coach or counselor, or contact local agencies or organizations, including those affiliated with the federal SBA. Organizations that offer free (or low-cost) small business counseling, mentoring, and training, include:

  • SCORE (Service Corps of Retired Executives): https://www.score.org/
  • Small Business Development Center (SBDC): https://www.sba.gov/offices/headquarters/osbdc/resources
  • Women’s Business Center (WBC): https://www.sba.gov/local-assistance/find/?type=Women%27s%20Business%20Center&pageNumber=1
  • US Export Assistance Center: https://www.export.gov/welcome
  • Veterans Business Outreach Center (VBOC): https://veteransoutreachcenter.org/
  • Other organizations include locally organized support such as pop-up entrepreneurial schools like PopUp Business School (https://www.popupbusinessschool.co.uk/) and https://www.pbs.org/newshour/show/this-free-program-trains-people-how-to-start-a-business-but-without-debt

These and other resources will be discussed in more depth in Building Networks and Foundations . Look at the review questions and the discussion questions at the end of this section to prepare for creating your business plan. Business plans ( Figure 2.10 ) are discussed more fully in Business Model and Plan .

Step 6: Navigation

Once you’ve completed your trip, reflect on the experiences you had. No matter how well you feel you have planned, there is no way you can prepare for all of the potential challenges, changes, and obstacles that may occur: missed or changed flights, poor weather, an unexpected illness, a trail or road closed for repairs, or sudden good fortune. What parts of the trip went well? If you ran into a problem, how did you handle it? Was the problem something you could have anticipated and planned for? Or was it unexpected? What did you learn from the experience? If you were planning a trip to another national park, what would you do differently in your planning stage? Just as seasoned travelers adjust to their circumstances and learn from their experiences, so should you, as an entrepreneur, learn to adjust by meeting and managing challenges head on.

After completing your business plan, you will probably need to adjust your plan ( Figure 2.11 ). You might decide that you will not have enough resources to survive the time until your venture reaches the breakeven point, or you might determine that the location you selected is no longer available. There are multiple variables that require further exploration and research.

By nurturing an entrepreneurial mindset , you will be better prepared when opportunities, challenges, or obstacles surface. Although you won’t be able to predict or plan for every potential scenario along the entrepreneurial journey, an entrepreneurial mindset helps you to be resourceful when opportunities, challenges, or disappointments occur. By unpacking, or by taking an inventory of your available resources, you can also get a better picture of what you may need to unload, retain, or discard, or even if a new direction is the best course of action. On your entrepreneurial journey, evaluating the experience or situation is a perfect opportunity for you to determine how realistic, overambitious, or shortsighted your dreams and goals for your venture may be. This chapter will explore your vision for your future and your venture. Does your vision include a level of flexibility when you discover new information that supports exploring a new area?

Step 7: Launch

The actual launch is the exciting event when you open your business. By this point, you have made improvements to your product through feedback received in your trial run; you’ve identified the value or benefits provided by your product; you’ve identified your target market; and you’ve identified the location of your launch, whether it is a geographical location or an Internet location.

Inc . magazine provides an analysis of the best locations to launch a new venture, with Austin, Texas, taking the lead (see “Surge Cities: These Are the 50 Best Places in America for Starting a Business,” in Suggested Resources ). Consider your target market and the resources necessary to support your venture when choosing the location for your launch. Advice from within the entrepreneurial world suggests that sometimes the launch should take place “under the radar,” meaning in a location where you can make mistakes, fine-tune your business model and offerings, and even become successful without competitors noticing that you have created a disruption within the industry. (You will learn more about this in Launch for Growth to Success ).

Even as you are launching your venture, many variables will require your attention, just as we covered in Step 7. Navigating through these variables as your venture grows requires constant attention as new potential opportunities arise.

Sixto Cancel and Think of Us

Sixto Cancel successfully faced the harsh challenges of aging out of the foster-care system without adult support or guidance. He imagined a better foster-care system for young people then cofounded the firm Think of Us. Think of Us is a platform that helps young people in foster care build their own personalized digital advisory board of supportive adults who act as a virtual life-coaching group. The adults guide the young people through the foster-care system and ensure that they are able to become independent when they leave the system at age eighteen. For more information about this venture, visit www.thinkof-us.org.

  • 1 David Pridham. “Entrepreneurs: Here’s Good News for 2018.” Forbes . 2018. https://www.forbes.com/sites/davidpridham/2018/01/10/entrepreneurs-heres-good-news-for-2018/#660f5ebd6659
  • 2 UpWork and Freelancers Union. “Freelancers Predicted to Become the U.S. Workforce Majority within a Decade, with Nearly 50% of Millennial Workers Already Freelancing, annual ‘Freelancing in America’ Study Finds.” UpWork . October 17, 2017. https://www.upwork.com/press/2017/10/17/freelancing-in-america-2017/
  • 3 UpWork. “Sixth Annual ‘Freelancing in America’ Study Finds That More People Than Ever See Freelancing as a Long-Term Career Path.” UpWork . October 3, 2019. https://www.upwork.com/press/2019/10/03/freelancing-in-america-2019/
  • 4 David Pridham. “Entrepreneurs: Here’s Good News for 2018.” Forbes . 2018. https://www.forbes.com/sites/davidpridham/2018/01/10/entrepreneurs-heres-good-news-for-2018/#660f5ebd6659; Lawrence F. Katz and Alan B. Krueger. “The Rise and Nature of Alternative Work Arrangements in the United States, 1995–2015.” 2016. https://scholar.harvard.edu/files/katz_krueger_cws_final_nov2018.pdf.
  • 5 Elka Torpey and Brian Roberts. “Small-Business Options: Occupational Outlook for Self-Employed Workers.” US Bureau of Labor Statistics . May 2018. https://www.bls.gov/careeroutlook/2018/article/self-employment.htm
  • 6 Carly Moulton and Dave Cosgrave. “Second Annual Self-Employment Report.” FreshBooks . 2017. https://www.freshbooks.com/wp-content/uploads/2018/04/2018selfemploymentreport.pdf
  • 7 OECD Data. “Self-employment Rate.” OECD.org . n.d. https://data.oecd.org/emp/self-employment-rate.htm.
  • 8 Arnobio Molrelix. “The Biggest Reason the U.S. Needs Small Businesses to Thrive Has Nothing to Do with Taxes or the Economy.” Inc ., Dec. 20, 2018. https://www.inc.com/arnobio-morelix/inc-entrepreneurship-index-2018-q3.html
  • 9 David Jolley. “America Needs Immigrant Entrepreneurs.” Business Insider . September 5, 2017. https://www.businessinsider.com/america-needs-immigrant-entrepreneurs-2017-9
  • 10 Dinah Wisenberg Brin. “Immigrants Form 25% of New U.S. Businesses, Driving Entrepreneurship in ‘Gateway’ States.” Forbes . July 31, 2018. https://www.forbes.com/sites/dinahwisenberg/2018/07/31/immigrant-entrepreneurs-form-25-of-new-u-s-business-researchers/#10ee8099713b
  • 11 “Ease of Doing Business Rankings.” Doing Business . May 2019. http://www.doingbusiness.org/en/rankings
  • 12 Niels Bosma and Donna Kelley. “Global Entrepreneurship Monitor 2018/2019 Global Report.” GEM Consortium . January 21, 2019. https://www.gemconsortium.org/report/50213
  • 13 Gary Stockton. “Statistics and Obstacles Facing Women Entrepreneurs.” Experian . January 29, 2018. http://www.experian.com/blogs/small-business-matters/2018/01/29/statistics-and-obstacles-facing-women-entrepreneurs/

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4 Entrepreneur Success Stories to Learn From

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  • 20 Jan 2022

Entrepreneurship is a risky but potentially rewarding endeavor. According to the online course Entrepreneurship Essentials , 50 percent of startups last five years, and just 25 percent survive 15.

“For every Amazon.com or Uber, there are scores of companies few can remember,” says Harvard Business School Professor William Sahlman in Entrepreneurship Essentials.

So, what separates successful ventures from those that fail?

“When a company succeeds, it’s because it has discovered and made the right moves along the way,” Sahlman says. “It has found out how to create and capture customer value.”

If you’re exploring entrepreneurship or in the early stages of launching a venture, it’s important to learn from others to avoid common pitfalls and discover which decisions impacted a company’s survival. Here are four stories of successful entrepreneurs to inspire your entrepreneurial journey.

Access your free e-book today.

4 Successful Entrepreneur Stories

1. adi dassler of adidas.

Some of today’s biggest brands started with humble beginnings, and no one embodies this better than Adidas founder Adolf “Adi” Dassler.

Dassler’s shoemaking career began in his mother’s washroom in a small town in Bavaria, Germany. It was there that Dassler began designing and cobbling shoes and decided he wanted to make the best possible sports shoe for athletes.

While there were plenty of shoemakers at the time, Dassler was committed to standing out in the market by gathering feedback from athletes about what they looked for in a shoe, what pain points could be improved on, and how they felt about his early models.

This feedback allowed Dassler to craft an athletic shoe that was highly valued by his customers and gave him legitimacy when he registered “Adi Dassler Adidas Sportschuhfabrik” in 1949 at 49 years old. It was that same year the first shoe with the soon-to-become-signature Adidas three stripes was registered.

Dassler’s vision to create the best shoe for athletes proved itself in 1954 when the German national football team won the World Cup final against the Hungarians—while wearing the new model of Adidas cleats.

“Their unbelievable victory would be heard around the world for decades to come,” Adidas states on its website , “and it made Adidas and its founder a household name on football pitches everywhere.”

Since then, Adidas has grown into an international brand known for high-quality athleticwear. Dassler’s story sheds light on the importance of listening to target customers about their dreams, needs, and pain points.

“Adi Dassler’s secret to success had an additional personal ingredient: He met with athletes, listened carefully to what they said, and constantly observed what can be improved or even invented to support their needs,” reads Adidas’s website . “The best of the best trusted Adidas and its founder from the beginning.”

Related: 5 Steps to Validate Your Business Idea

2. Whitney Wolfe Herd of Bumble

After leaving dating app company Tinder and an abusive relationship in 2014, Whitney Wolfe Herd was inspired to create an empowering dating experience for women.

“For all the advances women had been making in workplaces and corridors of power, the gender dynamics of dating and romance still seemed so outdated,” Wolfe Herd writes on Bumble’s website . “I thought, ‘What if I could flip that on its head? What if women made the first move and sent the first message?’”

Wolfe Herd, along with dating app Badoo co-founder Andrey Andreev and former Tinder employees Chris Gulzcynski and Sarah Mick, designed a dating app that requires women to make the first move in heterosexual matches.

The brand took off—largely on college campuses—and the app reached 100,000 downloads in its first month.

As its user base grows, Wolfe Herd remains a strong advocate for gender equality and sexual harassment prevention, building in-app features that block hate speech and blur inappropriate images. Wolfe Herd and her team also lobbied the state of Texas—where the company is headquartered—to pass a law prohibiting the sending of unsolicited lewd photos, which passed in 2019 .

“I’m more dedicated than ever to helping advance gender equality—and putting an end to the misogyny that still plagues society,” Wolfe Herd writes in a letter to Bumble users . She later adds, “I want nothing more than for your connections to be both meaningful and healthy.”

Wolfe Herd’s story serves as a reminder to use your own life for business inspiration and use a cause you care about to differentiate your product and brand in a saturated market.

Related: How to Identify an Underserved Need in the Market

3. Melanie Perkins of Canva

In 2007, Melanie Perkins was working a part-time job while studying in Perth, Australia, teaching students how to use desktop design software. The software was expensive, complex, and required a semester’s worth of instruction to learn how to use, prompting Perkins to ask, “Is there a way this could be simpler and less expensive?”

Perkins’s goal to create an affordable, simple, online design tool was originally turned down by over 100 investors—it wasn’t until three years into her pitching process that Canva received its first investment.

Perkins credits this investment to a shift in her pitching strategy: She began leading with the relatable problem Canva aims to solve.

“A lot of people can relate to going into something like Photoshop and being completely overwhelmed," Perkins said in an interview for Inc . "It's important to tell the story, because if your audience doesn't understand the problem, they won't understand the solution."

Today, 60 million customers use Canva to create designs across 190 countries.

Perkins’s story reflects the importance of effectively communicating the value of a business idea , as well as the tenacity and resilience required for entrepreneurial success.

Related: How to Effectively Pitch a Business Idea

4. Neil Blumenthal, Dave Gilboa, Andy Hunt, and Jeff Raider of Warby Parker

One example mentioned in Entrepreneurship Essentials is that of innovative online eyewear company Warby Parker. In 2008, Wharton MBA student Blumenthal lost his prescription eyeglasses. He was reluctant to purchase a new pair because they were so expensive. He also didn’t want to visit an eyeglass store.

The idea came to him in the middle of the night, and he emailed three friends—Gilboa, Hunt, and Raider—immediately: Why not start an online company to sell prescription glasses at an affordable price?

They set to work, and Warby Parker was poised to launch just after the four founders graduated with their MBA degrees in the spring of 2010—that is, until GQ reached out to Blumenthal about writing an article to be published on February 15 of that year. The founders sped up their process and launched Warby Parker’s website the same day the article was printed .

The article called Warby Parker “the Netflix of eyewear,” driving interested customers to the new site in droves. The founders’ one mistake was forgetting to add a “sold out” functionality to the website. The waitlist for Warby Parker eyewear grew to 20,000 people, and the company hit its first-year sales target in three weeks.

"It was this moment of panic but also a great opportunity for us to provide awesome customer service and write personalized emails to apologize and explain," Blumenthal says in an interview for Inc . "That really set the tone for how we would run customer service."

A few things set Warby Parker apart from the eyewear market at the time:

  • Its online model : A new way of delivering the product helped it break into a stagnant industry
  • Its affordable prices : A pair of Warby Parker frames with prescription lenses cost $95—much less expensive than other brands at the time
  • Its home try-on program : This enabled customers to try on five pairs of glasses and send back the pairs they didn’t want to purchase.
  • Its commitment to giving back : For every pair of glasses purchased, Warby Parker donated a pair to someone in need

Warby Parker donated its millionth pair of glasses in 2019 and continues to be an example of innovation in an existing market.

Which HBS Online Entrepreneurship and Innovation Course is Right for You? | Download Your Free Flowchart

Why Learn from Case Studies?

Reading about the trials, tribulations, decisions, and successes of other entrepreneurs is an effective way to gain insight into what your experience could be like. What common threads do you notice in the aforementioned examples? What characteristics do these successful entrepreneurs share ? Use their experiences as blueprints to inform your strategic approach and in-the-moment decision-making.

When building your entrepreneurial skills, seek out courses that incorporate case studies into their teaching method , such as Entrepreneurship Essentials. Not only can you imagine yourself in their situations, but you can take their wisdom with you on your entrepreneurial journey.

Are you interested in honing your entrepreneurial skills and innovation toolkit? Explore our four-week Entrepreneurship Essentials course and other online entrepreneurship and innovation courses to learn to speak the language of the startup world.

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More From Forbes

What is the value of curiosity for entrepreneurs.

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By Rieva Lesonsky

Curiosity can be the spark that drives us to ask questions that challenge the status quo.

When we hear the word “curiosity,” our next thought is usually “killed the cat,” which makes curiosity something to be afraid of. Instead, Michael Gerber, author of the iconic book The E-Myth , says, “Entrepreneurship requires an unvanquished spirit of curiosity.”

I agree with Gerber and have always considered curiosity an essential trait of entrepreneurship. Tate Hackert, president and co-founder of ZayZoon , a financial empowerment platform for small HR departments, considers curiosity the spark that drives us to ask questions that challenge the status quo and push the boundaries of complacency.

Hackert believes his curiosity empowered him to pursue his passions, challenge conventional thinking, and pave a path to success. I talked to Hackert about the power of curiosity.

The value of curiosity for entrepreneurs

How curiosity can impact the entrepreneurial journey.

Rieva Lesonsky: How has maintaining a sense of curiosity played a pivotal role in your entrepreneurial journey, and what impact has it had on your success?

Tate Hackert: Curiosity is everything. Curiosity is the driver behind good conversation, uncovering problems, and having a growth mindset. All three of those qualities are vital to entrepreneurship. Combining curiosity with action is a potent mixture that leads to success. My career has been built on those three qualities.

Lesonsky: Can you share a specific instance where curiosity led you to a groundbreaking idea or solution that significantly contributed to the success of your business?

Hackert: In 2022, I went on a 75-day, 21-state RV tour. We wrapped an RV in ZayZoon branding and called it the “Payday, Are We There Yet?!” tour. I and more than 40 team members who joined during various parts of the trip interacted with thousands of ZayZoon customers and clients.

At the time, we were going through our first bout of unprecedented growth, almost quadrupling within a year. I wanted to make sure the team was well-connected to the mission at hand. And the best way to discover problems that need to be solved is through knowing your customers. Getting boots on the ground, curious.

Unlocking your creativity in business

Lesonsky: You believe introspection contributes to unlocking creative potential. Yet, introspection appears to be the opposite of curiosity. How do you make that work?

Hackert: I don’t think all curiosity has to be external. You don’t always need to be posing your questions to someone. Much of the time, curiosity can be an introspective exercise. Curiosity is about pulling on the threads that present themselves and troubleshooting your way toward a successful outcome.

An example could be something as simple as readjusting your cold email outreach. Ask yourself questions like, “If I were receiving 300 emails per day, what would I want to receive?” After trying 10 and getting feedback, what other things can you do? A perpetual A/B test is akin to the growth mindset exhibited through curiosity.

Lesonsky: “Analogical thinking” is often cited as a powerful tool for innovation. Can you explain that and how it helps you unlock your creativity?

Hackert: This is my absolute favorite thing to reference. As a creative, I’ve always assumed everyone had similar abilities to connect the dots, speak through metaphors, and draw conclusions from seemingly unrelated topics.

I actually think curiosity helps you unlock this way of thinking. It’s the ability to view the problem at hand from different angles. The truth is, though, this is a difficult skill. If you have this skill, you need to work hard at storytelling. You need to help connect the dots for your audience.

If you don’t have this skill, you need to get it by exposing yourself to different situations and having conversations with people with varying life experiences.

More articles from AllBusiness :

  • The Best Ways to Increase Traffic to Your Website: 25 Expert Tips
  • How to Use AI for Business Growth in 2024

Cultivating creativity in the workplace

Lesonsky: How do business owners cultivate and encourage a culture of curiosity within their teams, and why is it essential for the collective creative potential of the group?

Hackert: Leading by example is absolutely necessary. Curiosity exists at all levels, but the most tangible form of curiosity is in the weeds—so go there. Take customer calls, show interest in the small details, hop in an RV for 75 days, and drive across the country to meet your customers.

Reinforce curiosity with the question, “Why?” When someone is presenting, make them go a layer deeper. Ask questions that require them to pull on an additional thread and not just settle for surface details. Data is notorious for telling the story you want it to tell. Make sure you’re asking deeper questions in an attempt to destroy any biases you might have.

Running a business with a curiosity-driven mindset

Lesonsky: How does adopting a beginner’s mindset contribute to the ability to navigate challenges and discover new opportunities?

Hackert: When you adopt a beginner’s mindset, you, in theory, remove much of your ego and bias from the process. You recognize you’re coming from a place of knowing nothing. This makes learning incredibly easy because every bit of new knowledge you gain is something you’ll double and then triple click on. You’ll ask the question, “Why?” over and over again. That’s what surfaces the opportunities.

If you go in with the mindset that you know everything, you’re automatically putting blinders on to new information. This is why experts can be dangerous in the early stages of a business, because when going from zero to one, you need to be flexible in your thoughts to move forward. Experts typically come with playbooks, which don’t always work super well when finding a product-market fit.

Lesonsky: In the fast-paced world of entrepreneurship, how can business owners balance the need for quick decision-making with the patience required for curiosity and introspection to flourish?

Hackert: Curiosity doesn’t need to equate to a bunch of upfront discovery work. Curiosity, in its best form, moves at the same pace as whatever new problem you’re solving. Use curiosity in real time to pull on threads and make small pivots. If you approach curiosity as a stand-alone activity, you’ll find yourself in analysis paralysis and a continual state of planning versus building.

In business, most curiosity takes the form of “market research.” Surveys, client calls, and consulting services. Unfortunately, in practice, these tend to be more “check-the-box” activities that end up making a beautiful paperweight.

Lesonsky: For aspiring entrepreneurs, how would you advise them to cultivate and maintain a curiosity-driven mindset?

Hackert: Have a ton of intent in your interactions. Curiosity doesn’t come by way of check-the-box activities like “customer discovery.” Curiosity is having an insatiable thirst for knowledge that takes you down multiple rabbit holes in a search for an answer (or more information). Embrace asking, “Why?”

About the Author

Rieva Lesonsky is CEO of GrowBiz Media and SmallBusinessCurrents.com and has been covering small businesses and entrepreneurship for over 30 years. Get more insights about business trends by signing up for her free Currents newsletter .

RELATED: 5 Practices That Will Help You Become More Creative in Business

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Embark on a successful presentation project with 100% editable journey slides and journey templates for PowerPoint & Google Slides presentations. These journey templates for presentations are the perfect visual aids for showcasing progress, workflow, and business goals. From project planning to customer journey maps and product roadmaps, our journey slide templates offer a clear and concise representation of your journey toward achieving your desired outcome.

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Many roadmap presentations depict business and marketing journey concepts, such as a Customer Journey Map Template or product journey map concepts. The benefit of using journey roadmap templates when designing presentations is to focus on a path leading toward an outcome, rather than losing time in design decisions.

With customizable and editable journey slide layouts, you can tailor the presentation templates to suit your specific business needs. Engage your audience with exciting graphics and design, and take control of your journey with these journey PowerPoint templates & presentation slides in this section. Optimize your workflow, create achievable milestones, and easily reach your destination.

The Journey PowerPoint templates in this section, are more than just presentation templates; they are tools for success. These journey PPT templates illustrate your journey and help you plan, organize, and achieve your goals.

Using high-quality graphics and design elements will also ensure that your presentation stands out and makes a lasting impression on your audience. So, our Journey PowerPoint Templates are the perfect solution for your business needs, whether you’re presenting your project progress, a customer journey map, or a product roadmap.

Our Journey PowerPoint Templates are the tool for professionally presenting your business journey. Whether you’re showcasing progress, outlining plans, or mapping out a roadmap, these templates are designed to help you achieve your desired outcome.

With their customizable and editable layouts, you can easily incorporate your business information, ensuring that your presentation is informative and compelling. High-quality graphics and design elements will also help you engage your audience, making it easier to convey your message and make a lasting impression.

So, whether you are presenting to stakeholders, customers, or colleagues, our Journey PowerPoint Templates are the perfect way to showcase your business journey. With these templates, you can take control of your journey, stay on course, and confidently reach your destination.

In addition, our Journey PowerPoint Templates come with easy-to-follow instructions, making it simple for anyone to create a professional and impactful presentation. With the ability to illustrate critical milestones, goals, and processes, these templates provide a clear visual representation of your journey.

The use of a timeline format makes it easy to follow your progress, and the ability to add images, charts, and graphs will further enhance your presentation and help you communicate your message effectively. These templates are suitable for many businesses and industries, making them a versatile and valuable tool for any presenter.

What is a Journey Slide Template?

A Journey Slide Template is a pre-designed presentation slide that you can use to illustrate your business journey or process. It helps you present key milestones, goals, and processes.

It also allows you to use a Journey Slide Template that makes it easier to present complex information in a clear, visually appealing, and easy-to-follow manner.

What are the benefits of using the Journey Slide Template?

There are several benefits to using a Journey Slide Template for presentations, including:

  • It is easy to create a professional-looking presentation without spending time creating the slides from scratch without hassle when using our Journey Slide Template.
  • Using a Journey Slide Template saves time by providing a ready-made framework that can be customized as needed, reducing the time and effort required to create a presentation from scratch.
  • Our Journey Slide Template provides a visual representation that makes your presentation engaging.
  • Improve clarity: This template helps your audience understand business journeys without hassle.
  • Consistency: Journey Slide Templates provide a consistent design and format that can help to create a cohesive presentation.

Can I use the Journey Slide Template for commercial purposes?

Whether or not you can use the Journey Slide Template for commercial purposes depends on the terms of use of the template you want to use. Some Journey Slide Templates may be free and used for commercial purposes, while others may restrict commercial use.

SlideModel’s Journey Slide Templates are 100% ready for commercial use.

How do you show the Journey in a presentation?

To show a journey in a presentation, you would use the Journey Slide Template to create a timeline format, adding key milestones, goals, and processes along the way. You may also incorporate images, charts, and graphs to help illustrate your journey and make it more engaging for your audience.

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From Dentist to Entrepreneur: Sanjana Harlalka's Journey of Innovation and Impact

11 March 2024

Follow Sanjana Harlalka's inspiring journey from dentist to entrepreneur, driven by the challenges of the COVID-19 pandemic. Discover her passion for innovation in healthcare, from winning hackathons to founding a startup aimed at improving women's safety.

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Driven by the passion for innovation and desire to make a positive impact to society, Sanjana Harlalka, a dentist hailing from India, has embarked on a remarkable journey into the world of entrepreneurship. Her path to entrepreneurship began with the challenges posed by the COVID-19 pandemic, which led her university to adopt online training and programs focused on fostering innovation.  

Innovation became the central theme of Sanjana's university, with a particular emphasis on the healthcare sector due to the pandemic's impact and the shortcomings of India's healthcare infrastructure. Eager to explore this newfound avenue, Sanjana participated in a hackathon, an intense competition where she proposed a novel solution—a modified dental mouth block device. This initial attempt into innovation ignited her passion for problem-solving and product development. Sanjana's innovative solution garnered recognition, winning several competitions and providing her with seed funding to develop a prototype. Collaborating with engineers, she transformed her concept into a tangible product, culminating in a patent application with the Indian Patent Office. This experience marked her entry into the world of entrepreneurship, where she discovered her ability for building something from scratch. 

Furthering her entrepreneurial journey, Sanjana joined a four-month training program with the Manipal Incubator, a collaboration between her university and the Government of India Startup Services. Immersed in the intricacies of the startup ecosystem, she improved her skills in ideation and product development, collaborating virtually with students worldwide. Together, they delved into social entrepreneurship, founding a company aimed at improving women's safety at night. 

Then, Sanjana joined the Global Business School for Health, determined to explore the intersection of business and healthcare. Recognizing the potential for post-pandemic innovation in healthcare, she embarked on a dual path, balancing her social venture with a personal interest in healthcare innovation. Through a business project module, she aims to develop a medical device and bring it to market, aligning with her vision of creating meaningful change. 

Looking ahead, Sanjana is committed to realizing her entrepreneurial aspirations. With a focus on social impact and healthcare innovation, she seeks to mold her ideas into tangible solutions that address global challenges.  

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2.1: Overview of the Enterpreneurial Journey

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  • Michael Laverty and Chris Littel et al.

Learning Objectives

By the end of this section, you will be able to:

  • Explain the entrepreneurial journey to explore and discover entrepreneurship as a career choice
  • Identify the steps, decisions, and actions involved in the entrepreneurial journey
  • Recognize the rewards and risks of the steps in the entrepreneurial journey

Self-Employment as an Entrepreneurial Journey

When the economy and the job market are strong, the entrepreneur has a safety net that decreases the risks in creating a new venture , a startup company or organization that conducts business or is created to satisfy a need, and allows for a quick recovery if the venture is not successful. There are more new startups when there are high levels of confidence in both the venture’s success and the entrepreneur’s confidence in finding employment if the venture fails. People over 40 years of age account for most new startup activity, in part because of the continuing trend in which a business may choose not to hire an employee but instead hire an independent contractor , a person who provides work similar to an employee without being part of the payroll for the contracting business, and who is responsible for paying their own taxes and providing their own benefits. With previous knowledge and expertise, this group of entrepreneurs recognizes opportunities created by this move away from hiring full-time employees to more outsourcing to independent contractors. One contributor is the gig economy, which involves using temporary and often transitional positions hired on a case-by-case basis, rather than keeping a full staff of hired employees. Advantages for the employer include a decrease in cost of benefits and loyalties to specific employees. Advantages for the hired worker or independent contractor (sometimes called a freelancer) include no long-term commitment and flexibility in accepting contracts. From an entrepreneurial perspective, the creation of websites that support the gig economy offers opportunities for independent ventures. Many people today are becoming small entrepreneurs. This process goes by a variety of names, such as the sharing economy, the gig economy, the peer economy, or the collaborative economy. Maybe it means driving for a company such as Lyft, Uber, or GrubHub, or perhaps offering services through TaskRabbit, UpWork, or LivePerson. The projected numbers of independent contractors and on-demand workers are stated as 42 percent for small businesses by the year 2020, a growth of 8 percent from current figures. 1 And a projection of greater than 50 percent of the workforce will be independent contractors by 2027 if this trend continues at the current pace. 2 In the “Freelancing in America: 2019” report, the sixth annual study by UpWork and Freelancers Union, 57 million United States citizens are estimated to freelance, with income approaching 5 percent of US gross domestic product (GDP) at nearly $1 trillion and earning a median rate of $28.00 an hour, representing a hourly income greater than 70 percent of workers in the overall US economy. 3 One report found that 94 percent of net job growth from 2005 to 2015 was in alternative work categories, with 60 percent due to independent contractors and contract company workers. 4

According to the US Bureau of Labor Statistics, the number of self-employed Americans is growing, with 9.6 million self-employed people at the end of 2016. That number is expected to grow to 10.3 million by 2026. 5 A more recent study by FreshBooks’ second annual “Self-Employment” report predicts that 27 million US employees will leave traditional work in favor of self-employment by 2020, tripling the current population of full-time self-employed professionals to 42 million. The main driver for this change in the workforce is a greater desire for control over one’s career with the ability to have greater control over working hours and acceptance of work. 6 , 7 Of course, self-employment is a broad category that includes small-business owners as well as entrepreneurial startups and freelance gig employees. Since 2016, there has been a downward slide in the number of employees working for self-employed businesses, which results from a variety of factors, including difficulties in finding qualified employees, qualified employees having more employment options, such as employment through the gig economy, outsourcing activities, and technology actions that decrease the need for employees, with entrepreneurial activity remaining steady. 8

Entrepreneurship around the World

In a 2017 Business Insider article, “America Needs Immigrant Entrepreneurs,” David Jolley writes that immigrants constitute 15 percent of the US workforce and 25 percent of the country’s workforce of entrepreneurs. 9 Forty percent of startups include at least one immigrant. Jolley’s article cites a study that identified immigrants as twice as likely to start a business as native-born Americans. In 2016, 40.2 percent of Fortune 500 companies were founded by at least one immigrant or a child of immigrant parents. Dinah Brin, writing for Forbes , stated in a 2018 article that immigrants form 25 percent of new US businesses and that new immigrant-owned firms generated 4 to 5 million jobs. 10

These statistics and other findings have prompted countries such as Canada to revise their immigration policies to attract more entrepreneurial-minded immigrants. A World Bank report from May 2018 ranked the United States 53rd out of 190 countries for ease in starting a business, with higher scores representing greater ease. 11 The same report ranks the United States eighth for ease of doing business. The difference in these rankings indicates that once a business is established, factors such as regulations, permits, access to credit, and infrastructure support the business owner’s ability to continue the business, but actually starting the business is more challenging. For any given country, ease in starting a business and the country’s interest in supporting entrepreneurial activity are crucial in both attracting entrepreneurial people and supporting their ability to open a business. Imposing restrictive regulations and processes on new ventures significantly decreases the number of new ventures.

According to a 2018/2019 report, the highest rate of entrepreneurial activity worldwide in 2018 was in Angola at 41 percent. 12 Angola’s low-income economy meant fewer employment opportunities, creating pressures to find other ways to earn an income. Guatemala and Chile reported 28 percent and 25 percent of entrepreneurial activity, respectively, with medium- and high-income economies. These percentages are quite high, considering that these economies offer employment opportunities in existing companies. In terms of innovation, India at 47 percent, and Luxembourg and Chile at 48 percent each, take the lead in offering new products and services not previously available. This entrepreneurial activity reflects the ease of starting a business. The Netherlands, Poland, and Sweden were reported as the easiest countries in which to start a new business, in part because many people in those countries view entrepreneurship as an attractive lifestyle. As you can see, both economic opportunities and a country’s specific support for entrepreneurial behavior contribute to the number of people who enter entrepreneurial activities.

From a gender perspective, there are currently over 11 million woman-owned businesses in the United States. This number includes both small business owners and entrepreneurs. Thirty years ago, there were only 4 million woman-owned businesses. 13 The number of woman-owned businesses has increased 45 percent between 2007 and 2016, five times faster than the national average, with 78 percent of new women-owned businesses started by women of color.

Starting Your Entrepreneurial Journey

How do you fit into this entrepreneurial journey? This chapter will help you to explore and discover your potential for entrepreneurship as a career choice. Think of this exploration and discovery experience as a way to map out a strategy to reach your goals or dreams. Let’s imagine that your dream vacation is a hiking trip to Glacier National Park in the US state of Montana. Just as hikers have different levels of experience, so do entrepreneurs. Just as your plan for a wilderness hike would involve many stages, your entrepreneurial journey involves multiple levels of self-discovery, exploration, experiences, and accomplishments on your way to success. For our purposes, the term entrepreneurial venture means any type of new business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established. For each story of entrepreneurial success that is shared—such as that of Facebook or Airbnb—there are even more lesser-known entrepreneurial success stories such as Zipline, a company that delivers medical supplies in Rwanda and Ghana by drone. These entrepreneurs faced the same dilemmas in pursuing their passion, or opportunities, which led them to their entrepreneurial destiny. They courageously stepped out of their comfort zones to explore the possibilities that lie ahead. What is the difference between entrepreneurs and you? The main difference is taking that first step. Many people have ideas that fit into the definition of an entrepreneurial idea but never take that first step. Just as the Chinese philosopher Lao Tzu suggests, every journey begins with a single step.

ARE YOU READY?

Taking the first step.

Go to Fire Nation’s website on taking the first step to learn more. Changing your mindset (your perception of yourself and your life situation) and encountering trigger events (significant external situations) can nudge you into taking the first step toward being an entrepreneur.

  • Is there a venture you’ve always thought you should start but never did?
  • Think about what factors are stopping you. Consider your mindset and how you might change your mindset so that your venture could become a reality.
  • What are some possible trigger events that could make the difference between starting your venture and waiting to start your venture?

Opening your future to the possibility of starting your own venture brings new and exciting experiences ( Figure 2.2 ). Every entrepreneur moves through several steps in considering the entrepreneurial journey. Once you understand this journey, the steps will help you define your path toward creating and starting your new venture. Each step of this process offers another level of understanding that prepares you for long-term success. How will you achieve this success? By taking one step at a time, exploring and learning, considering new ideas and expectations, and applying these experiences to achieve your personal outcome. Think of the entrepreneurial journey as a guide to knowing what is in store for you as you start your new venture.

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One benefit of outlining a step-by-step process is the opportunity to explore different paths or behaviors that may lead to an entrepreneurial venture. Think again of your dream visit to Glacier National Park. How would you get there? What equipment would you need? What kinds of experiences would you expect to have? Think of the Glacier National Park journey as your entrepreneurial journey, a metaphor intended to help you as you create your career as an entrepreneur.

What makes someone ready or willing to choose entrepreneurship over becoming an employee of an established business or a small business owner? It takes confidence, courage, determination, resilience, and some know-how to select entrepreneurship as a career as well as the recognition of the opportunity. An entrepreneur is defined as someone who not only recognizes an opportunity but who also is willing to act on that opportunity. Both actions are required. We might identify an opportunity, but many people do not act on the idea. Confidence, courage, and willingness are necessary to take that first step, as well as remembering the following:

  • You are unique. Even if two similar people attempted to launch identical ventures, the results would likely not be the same. This is because each one of us has different ideas, approaches, available resources, and comfort levels, all of which influence the venture’s development and eventual success.
  • Although there are no hard and fast rules or theories of the best way to launch into entrepreneurship, we can gain wisdom from the lessons learned by experienced entrepreneurs.
  • Selecting an entrepreneurial career requires honesty, reflection, and a tendency to be action oriented. You will need to recognize your own strengths, limitations, and commitment as part of that honesty. Reflection is required for self-growth—seeking improvements in your own skills, interactions, and decision making—and commitment is required to maintain consistency in your willingness to make the new venture a top priority in your life. You will also need to understand that you cannot accomplish everything by yourself, and you may need to ask for help. It helps to be curious, open, and able to take calculated risks and to be resourceful and resilient when faced with challenges or obstacles.

Entrepreneurial Potential Self-Assessment

Take this quick Entrepreneurial Potential Self-Assessment to assess your potential to become an entrepreneur. After completing this self-assessment, what new information did you learn about yourself? Do you think your answers will change as you acquire more life experiences and education? Why or why not?

Optimizing Interest Areas

What are three areas that interest you? These could be hobbies, work activities, or entertainment activities. How would someone else describe your skills and interests, or what you are known for? Answering these questions provides insights into your strengths and interests. Next, what is one area that you are passionate about? What strengths could you bring to this passion to build your own business?

Keep an open mind in looking for an opportunity that fits your strengths and interests. If you decide to explore entrepreneurship, what would be your first step? What are your initial thoughts about being an entrepreneur? What would you review or search to find more information on your idea or area of interest? With whom would you first question or discuss this idea? Why?

The Entrepreneurial Journey as a Trip

The entrepreneurial journey is your exploration to discover if entrepreneurship is right for you. Every entrepreneurial journey is unique; no two individuals will experience it in the same way. Along the way, you will find opportunities and risks coupled with challenges and rewards. It’s useful to think about the entrepreneurial journey as an exciting trip or other adventure. Most of the preparations and steps involved with planning a trip are like those for starting a venture. Just as you would plan and prepare for a trip—starting with inspiration and leading up to finally traveling on the trip—you might follow similar steps to launch a venture. And just as you would prepare for any challenges that you might encounter on a trip—bad weather, lost luggage, or detours—so you should consider potential obstacles or barriers along your entrepreneurial journey ( Figure 2.3 ). Think of these difficulties as opportunities to learn more about the entrepreneurial process—and about yourself and how you manage challenges.

2.1.3.jpeg

Developing a venture can be an exciting and active experience. It is also a lot of hard work, which can be equally rewarding and enjoyable. Here we present the entrepreneurial journey as seven specific steps, or experiences, which you will encounter along the road to becoming an entrepreneur. You’ll find more information about the entrepreneurial journey in other chapters in this book.

  • Step 1: Inspiration – What is your motivation for becoming an entrepreneur?
  • Step 2: Preparation – Do you have what it takes to be an entrepreneur?
  • Step 3: Assessment – What is the idea you plan to offer through your venture?
  • Step 4: Exploring Resources – What resources and characteristics do you need to make this venture work?
  • Step 5: Business Plan – What type of business structure and business model will your venture have?
  • Step 6: Navigation – In what direction will you take your venture? Where will you go for guidance?
  • Step 7: Launch – When and how will you launch your venture?

As you work through each step of the entrepreneurial journey you should prepare for significant aspects of this experience. You will meet with rewards and challenges, the consequences that result from the decisions made at various points along your journey. To visualize the steps of the entrepreneurial journey, imagine your possible hiking trip to Glacier National Park ( Table 2.1 ). Just as hikers have different levels of experience, so do entrepreneurs. Compare the following aspects of preparing for a hike with aspects of your entrepreneurial journey.

Step 1: Inspiration

When you think of being an entrepreneur, what is the inspiration for your venture? Just as you might have an inspiration for a hiking trip to Glacier National Park, you will have an inspiration behind the decision to become an entrepreneur. When you’re planning a trip to a new and exciting place, one thing you might do is to imagine what you will experience along the journey and on arriving at your destination ( Figure 2.4 ). This portion of the entrepreneurial journey includes imagining yourself as an entrepreneur or as part of an entrepreneurial team. For this stage, you need a creative, open, and innovative state of mind, also known as an entrepreneurial mindset, which is discussed in more detail in The Entrepreneurial Mindset and Creativity, Innovation, and Invention . Dream big about your potential future and opportunities ( Figure 2.5 ).

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Step 2: Preparation

Just as when you are preparing for a trip, you need a plan ( Figure 2.6 ) to move forward on your entrepreneurial journey. Before your dream hiking trip, you might gather information about Glacier National Park from a trusted source, such as a good friend with travel experience, or you might conduct online research. Your friend’s feedback could be just the motivation you need to try this experience yourself. Or you might use your research to determine if the trip is possible. You will need to look at maps, either online or on paper. Either way, you might also consider travel and accommodation options, such as booking a flight and finding a place to stay. You might want to create benchmarks to align your journey with your available resources, such as the amount of time and the amount of money you have to spend on the trip. Benchmarking is a method of tracking target expectations with actionable results by comparing one’s own company’s performance with an industry average, a leader within the industry, or a market segment. Benchmarking can help design the trip to meet incremental goals and timelines. From both a travel plan and an entrepreneurial perspective, although benchmarking is used as a control mechanism, we know that situations can arise that require an alteration in the plan, causing the benchmarked items to also need adjustments.

2.1.5.jpeg

LINK TO LEARNING

Which type of benchmarking will help you the most in beginning your entrepreneurial journey? Visit the American Society for Quality’s resource page on benchmarking for help.

To plan for an entrepreneurial journey, you should first conduct some preliminary research regarding your venture idea. Your research must be honest and objective if it is to give you a clear picture of the venture. Next, you might organize and prioritize your research and thoughts. For instance, you might see an idea like yours online or on television, and feel disappointed that someone stole your great idea or beat you to the punch. This is a common occurrence in entrepreneurship, but it should not discourage you. Instead, use that knowledge and energy to find an overlooked or different aspect of your original idea. The difference might even be the focus on a different target market , a specific group of consumers for whom you envision developing a product or service. Further, it is critical to maintain a fluid focus upon expanding the scope of a product or service to uniquely differentiate provisions of benefits apart from existing benefits or those offered by competitors. A focus on a different target market is exactly how the Jitterbug smartphone was created, because it targeted senior citizens. The Jitterbug smartphone offers a larger screen, larger buttons, and simpler features that make it easier for older people to make quick calls or send texts.

Preparation also includes opening space in your life to the time and energy commitment needed to support your new venture. Are the important people in your life willing to support the interest and passion you will need to dedicate the time, energy, and other resources to this new venture? Review the questions shown in ( Figure 2.7 ) to consider your answers to these questions. Preparation through research and other activities is discussed in more detail in Identifying Entrepreneurial Opportunity .

2.1.6.jpeg

Step 3: Assessment

Now that you have decided where to go for your trip and have gathered information to prepare for it, the next action is to create and set your schedule. This action is simple but critical, because it involves connecting and coordinating information and resources that fit your lifestyle and needs. For example, you might schedule an early-morning Uber or Lyft to the airport and electronic delivery of your plane tickets to your smartphone. For the entrepreneurial journey, this phase might also include recognizing appropriate relationships and gathering needed resources. For many entrepreneurs, the opportunity to receive guidance from trusted advisors or mentors may provide valuable insights on how to manage the process. This step allows for reflection on your idea and intentions. After you’ve done your researching and gathering knowledge about your idea through the preparation step, is the idea still viable? Is the idea still interesting to you? With a better understanding of the industry, your idea, and your own interests that you gained in Step 2, is this idea something that you still want to explore? This step is discussed more fully in Problem Solving and Need Recognition Techniques with deeper coverage on the topic of opportunity recognition ( Figure 2.8 ).

2.1.7.jpeg

Step 4: Exploring Resources

Regardless of where you might travel, you could not complete your trip without adequate resources such as available financing. There are many ways you might fund a hiking trip: savings, loan, pay-as-you-go, sponsorship (family or friends), or any combination of these options, to name a few. No matter how you finance your trip, it might help to have a balance of available credit and cash on hand to support your day-to-day expenses and any extracurricular activities or even unforeseen emergencies. As discussed in Entrepreneurial Finance and Accounting , the US Small Business Administration (SBA) provides funding opportunities.

This scenario is mirrored in the entrepreneurial journey. Just as you wouldn’t begin a trip without adequate resources, including access to cash, you wouldn’t begin your entrepreneurial journey without the necessary resources, including cash. The options between funding a trip and funding a new venture are similar, but they have different names. For example, on a trip, you might use the cash you have on hand, from savings or a personal loan. For an entrepreneurial journey, you might address cash management —management of cash inflows and outflows to support cash needs of the venture—to include bootstrapping , a funding strategy that seeks to optimize use of personal funds and other creative strategies (such as bartering) to minimize cash outflows. (See Entrepreneurial Finance and Accounting for more information on bootstrapping.) Bootstrapping includes ideas like leasing instead of purchasing, borrowing resources, or trading unneeded resources for needed ones. Another example of cash management includes a business model that offers subscriptions rather than a payment received for an item purchased. Subscriptions provide the entrepreneur with cash up front, with the buyer receiving benefits throughout the year. Consider the example of Amazon. Amazon offers Prime with a yearly subscription service, as well as Subscribe & Save, Amazon Instant Video, Amazon Mom, and Amazon Web Services, all based on a subscription business model.

According to Entrepreneur.com, other potential subscription-based models include services or products geared to older consumers, with 8,000 people turning sixty-five every day. A similar idea offers services to college students. Both ideas would offer family members a subscription that sends monthly gifts or products to either the elderly person or college student. We also see this model offered to pet owners who pay a monthly subscription to receive treats and toys for the family dog. Looking back at Amazon, we see the company offering the ease of repeat purchases for frequently used products such as vitamins and air filters.

ENTREPRENEUR IN ACTION

Prospurly is a subscription-based company that uses Cratejoy’s subscription platform to sell small-batch artisanal products for bath, body, and home, marketing a natural lifestyle focused on the happiness of living a simple and appreciated life. Conduct your own research on Prospurly and other subscription-based businesses. Read the article, “How I Built a Subscription Business That’s Made over 50k in 6 Months,” on Cratejoy for more information about this company and Prospurly’s move from ideation to profitability.

Other ideas for finding funding include applying for grant funding. The importance of cash and cash management requires in-depth coverage, which is presented in Entrepreneurial Finance and Accounting and Business Structure Options: Legal, Tax, and Risk Issues .

The idea of exploring resources includes many other options besides how to fund a new venture. In a trial run, you would offer your product or service for sale within a limited market on a test basis to evaluate what additional resources are needed to support the success of the venture ( Figure 2.9 ). Examples of places where a trial run fits well, depending on your product, include farmers markets, in-home sales, or through friends and family. The idea is to track the feedback you receive about your product or service. How do people react to the price, the quality of the product, the packaging? You can experiment by selecting one variable to adjust—changing the price, the packaging, the sales pitch, the presentation, or the quantity—to track reactions and make improvements based on this feedback. You may then decide to adjust other variables to gather more information, as well as considering what other resources are needed for the success of the new venture. Financing and ideas to preserve your financial stability are discussed more fully in Entrepreneurial Finance and Accounting .

2.1.8.jpeg

Step 5: Business Plan

The ability to travel and visit new locations is a privilege and a great opportunity to gain exposure to new experiences and opportunities. In addition to the work involved in preparing for a trip, the act and process of traveling involves constant decision making to achieve your desired goals and outcomes. For instance, should you travel to one location in Glacier National Park and explore that area in depth? Or should you attempt to visit as many areas of the park as possible with your given resources and abilities?

The challenge at this step of your entrepreneurial journey is to remain focused on managing your resources to meet your goals and outcomes as you write your business plan for your new venture. You will need to focus on the skills, experience, and resources necessary for your venture, and the management and decision making required to ensure success and adjust your plan based on changes and new information. Just as you might find a location in Glacier National Park where you want to stay for a couple of nights, a deviation from your original business plan (discussed in Business Model and Plan ) will also require adjustments and changes based on new information and insights.

Be honest with yourself by running a reality check about your ability to manage a venture, especially from a personal-capacity perspective. For example, if you start a business, will it be a part-time or full-time venture? Will you start while in school? Or will you wait until after graduation? The timing of opening the venture can be the difference between success and failure. Consider the difference between hiking in Glacier National Park in the middle of winter, when the daytime temperature is thirteen degrees below zero, and hiking in the middle of summer, when the daytime temperature is seventy-nine degrees. The timing of your visit to the park is an important part of your enjoyment and success in reaching your destination. In planning for your trip, you would pay attention to your departure time to ensure enjoyment and success in your adventure. Similarly, as part of your business plan, you would also research the best time to open your venture.

Finally, during your travels, getting lost, overwhelmed, or sidetracked is always possible. If you get lost when traveling, you might refer to social navigation apps such as Google Maps, Waze, or HERE WeGo, to find turn-by-turn directions and information. Or you might refer to a weblink, a printed map, or a local expert or guide familiar with the area. The business plan is your map. You should identify decision points and milestones , significant key accomplishments, in your plan. Milestones could include points such as hitting your breakeven point , the point at which income from operations results in exactly enough revenue to cover costs. If the financial projections in your business plan are unattainable, what is your next move within the plan? If you don’t reach the milestones identified in your business plan, what alternative choices can you make to redirect your venture? The business plan, in its first draft, should inform you whether your venture has a chance at success. If there are negative areas, what can you change? Building this plan before starting the business provides you with knowledge and insights about your idea. Make any necessary changes to the plan to strengthen the possibility of success. Then when you open the venture, track whether the reality of the venture aligns with your business plan’s projections and expectations. The business plan functions as both a road map to help you see where you are going next in building your venture and as a checklist to track whether you are on course or need to make adjustments. When entrepreneurs get off track, they can check out self-help websites, speak with a business coach or counselor, or contact local agencies or organizations, including those affiliated with the federal SBA. Organizations that offer free (or low-cost) small business counseling, mentoring, and training, include:

  • SCORE (Service Corps of Retired Executives): https://www.score.org/
  • Small Business Development Center (SBDC): https://www.sba.gov/offices/headquar...sbdc/resources
  • Women’s Business Center (WBC): https://www.sba.gov/local-assistance...r&pageNumber=1
  • US Export Assistance Center: https://www.export.gov/welcome
  • Veterans Business Outreach Center (VBOC): https://veteransoutreachcenter.org/
  • Other organizations include locally organized support such as pop-up entrepreneurial schools like PopUp Business School ( https://www.popupbusinessschool.co.uk/ ) and https://www.pbs.org/newshour/show/th...t-without-debt

These and other resources will be discussed in more depth in Building Networks and Foundations . Look at the review questions and the discussion questions at the end of this section to prepare for creating your business plan. Business plans ( Figure 2.10 ) are discussed more fully in Business Model and Plan .

2.1.9.jpeg

Step 6: Navigation

Once you’ve completed your trip, reflect on the experiences you had. No matter how well you feel you have planned, there is no way you can prepare for all of the potential challenges, changes, and obstacles that may occur: missed or changed flights, poor weather, an unexpected illness, a trail or road closed for repairs, or sudden good fortune. What parts of the trip went well? If you ran into a problem, how did you handle it? Was the problem something you could have anticipated and planned for? Or was it unexpected? What did you learn from the experience? If you were planning a trip to another national park, what would you do differently in your planning stage? Just as seasoned travelers adjust to their circumstances and learn from their experiences, so should you, as an entrepreneur, learn to adjust by meeting and managing challenges head on.

After completing your business plan, you will probably need to adjust your plan ( Figure 2.11 ). You might decide that you will not have enough resources to survive the time until your venture reaches the breakeven point, or you might determine that the location you selected is no longer available. There are multiple variables that require further exploration and research.

By nurturing an entrepreneurial mindset, you will be better prepared when opportunities, challenges, or obstacles surface. Although you won’t be able to predict or plan for every potential scenario along the entrepreneurial journey, an entrepreneurial mindset helps you to be resourceful when opportunities, challenges, or disappointments occur. By unpacking, or by taking an inventory of your available resources, you can also get a better picture of what you may need to unload, retain, or discard, or even if a new direction is the best course of action. On your entrepreneurial journey, evaluating the experience or situation is a perfect opportunity for you to determine how realistic, overambitious, or shortsighted your dreams and goals for your venture may be. This chapter will explore your vision for your future and your venture. Does your vision include a level of flexibility when you discover new information that supports exploring a new area?

2.1.10.jpeg

Step 7: Launch

The actual launch is the exciting event when you open your business. By this point, you have made improvements to your product through feedback received in your trial run; you’ve identified the value or benefits provided by your product; you’ve identified your target market; and you’ve identified the location of your launch, whether it is a geographical location or an Internet location.

Inc . magazine provides an analysis of the best locations to launch a new venture, with Austin, Texas, taking the lead (see “Surge Cities: These Are the 50 Best Places in America for Starting a Business,” in Suggested Resources ). Consider your target market and the resources necessary to support your venture when choosing the location for your launch. Advice from within the entrepreneurial world suggests that sometimes the launch should take place “under the radar,” meaning in a location where you can make mistakes, fine-tune your business model and offerings, and even become successful without competitors noticing that you have created a disruption within the industry. (You will learn more about this in Launch for Growth to Success ).

Even as you are launching your venture, many variables will require your attention, just as we covered in Step 7. Navigating through these variables as your venture grows requires constant attention as new potential opportunities arise.

Sixto Cancel and Think of Us

Sixto Cancel successfully faced the harsh challenges of aging out of the foster-care system without adult support or guidance. He imagined a better foster-care system for young people then cofounded the firm Think of Us. Think of Us is a platform that helps young people in foster care build their own personalized digital advisory board of supportive adults who act as a virtual life-coaching group. The adults guide the young people through the foster-care system and ensure that they are able to become independent when they leave the system at age eighteen. For more information about this venture, visit www.thinkof-us.org.

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A Skin Cancer Scare Led Lois Robbins on an Entrepreneurial Journey. Here Are Her 3 Best Success Tips. The actor and producer became an entrepreneur when she created a product she needed after skin cancer.

By Robert Tuchman • Feb 26, 2024

Key Takeaways

  • Necessity is the mother of invention.
  • Use passion and persistence as your guide.
  • Never take "no" for an answer.

Last week on How Success Happens , I spoke with accomplished actor, producer and entrepreneur Lois Robbins to discuss her UPF 50+ protective clothing brand, Watskin . The company has grown exponentially since its launch last year, and I wanted to sit down with Robbins to find out how it all happened.

You can listen to our entire conversation above, and I've pulled out three key takeaways.

Answers have been edited and condensed for clarity.

1. Necessity is the mother of invention

"I never thought of myself as an entrepreneur , but they say necessity is the mother of invention," Robbins says. "About five or six years ago, I had a squamous cell on my face, and my dermatologist told me I had to have Mohs surgery, so you can imagine as an actor how terrifying that was. He told me, 'You must stay out of the sun.' I spend a lot of time outdoors. I love exercising outside, being on the water and hiking. One night, I bolted up in bed and thought, I'm gonna make myself a catsuit with a matching skirt. I went downtown, found this great fabric store and bought about six different patterns that I thought were fun. I called a friend of mine who was a tailor and asked her to make me a catsuit. She made me five or six outfits, and I started wearing them everywhere. I was stopped on the street countless times and told [by people] that they'd never seen anything like this and that I had to make these pieces for others. The rest was history. When you have a real need for something, a business is born."

Timestamp — 11:15

Related: This Fashion Founder's Company Will Take Back Any Piece of Clothing at Any Time for Any Reason. Here's Why.

2. Use passion and persistence as your guide

"Two summers ago, we had an unbelievable launch party where we sold a ton of our first collection out east. Then, there was a period of slowness — it was the end of summer when we launched," Robbins says. "I thought back then, this was maybe not the most timely thing to do. But that's where the persistence comes in, and that's where the belief in myself and what I had created had to take hold. It was a nail-biter, but we've been moving forward ever since with even greater success than I even imagined. I don't want to jinx myself, but I think that those days of worry are over. We've learned so much about what works, what doesn't work, what our customer wants and what they don't want. We've created new styles for four collections now, and the brand keeps growing. I have the Shopify app on my phone. The sale buzzer goes off many times a day, but I get excited each time. As an actress, I've always had to be persistent and creative in my approach; it's really helped me with the business. I just keep coming up with more ideas, and we just keep moving forward, and that's how we've grown."

Timestamp — 26:05

Related: Kim Kardashian's Skims Is Making Underwear for Men — But the $4 Billion Brand Could Soon Announce Even Bigger News

3. Never accept "no"

"When thinking about all that came into the creation of Watskin, what stands out is how I told myself, I'm gonna do this, and I just didn't accept the nos," Robbins says. "I'm somebody who will forge straight ahead and say yes to life, and this has been a key to my success. Whether it was to prove anyone wrong or to prove to myself that I could fulfill a dream from start to finish, I have always had a sense of internal tenacity guiding my decision-making. When I was a theater major in college, I started doing summer stock. I was cast on daytime television, and maybe it was the naivety about me, but I have such distinct memories of walking into the room and thinking, Well, why wouldn't they hire me? I just believed I was good, and I had enough confidence to carry me through. Looking back, I wish I had even more confidence at the time, but I wasn't afraid of the word no , and that is the key."

Timestamps — 6:26, 17:59

Related: Jeans Made Out of…What? One Company Dared to Go Where None Had Before — and Even Levi's Is On Board.

Entrepreneur Staff

Host of How Success Happens

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

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A journey of entrepreneurship

Sep 11, 2014

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A journey of entrepreneurship. VILV/Leuven Inc Forum November 20th , 2007 Danny Lein Founder & Managing Director e-Zone [email protected]. « All our dreams come true, if we have the courage to pursue them » - Walt Disney. Starting thought. Who can be an entrepreneur?

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A journey of entrepreneurship VILV/Leuven Inc Forum November 20th , 2007 Danny Lein Founder & Managing Director e-Zone [email protected] « All our dreams come true, if we have the courage to pursue them » - Walt Disney

Starting thought Who can be an entrepreneur? Anyone who wants to experience the deep, dark canyons of uncertainty and ambiguity, and who wants to walk th breathtaking highlands of success. But I caution, do not plan to walk the latter until you have experienced the former. G. Perotti sr. Source: Venturebay brochure, 2000

A journey of entrepreneurship ... • 1987 – 1992: KU Leuven (ir. Elektrotechniek) • 1992 – 1995: Procter & Gamble (Management Systems) • 1995 – 1996: INSEAD MBA • 1996 – 1999: McKinsey & Company (Management Consulting) • 1999 – 2003: Venturebay • 2003 - ...: e-Zone / Register.be / MobileWeb.be

E-ZONE has gone over the past years through a period of exciting growth propulsed by a number of entrepreneurial growth initiatives 1999 2000 2001 2002 2003 2004 2005 2006

Internet Offering Standard products Do-it-yourself Customized solutions Corporate Program E-ZONE: Current brand portfolio and market approach Mobile Target customers Retail Soho Small companies Medium sized entreprises Large corporations

E-ZONE: Some reference customers and partners

Adapted legal structure E-ZONE Group E-ZONE NV • General Management • Shared Services (IT, F&A, HR, Comm) Register NV E-ZONE SAS MobileWeb NV MECE NV • Business Unit Internet • Offer: Domain, Email, Hosting • Brands: Register.be, E-ZONE.fr, Telito.com, Register.eu • Activities: marketing, sales, customer service, product development • Business Unit Mobile Solutions • Offer: connectivity, marketing, payment, mobile internet • Brands: MobileWeb.be, MobileWeb.fr • Activities: marketing, sales, customer service, product development • Business Unit Mobile Communities • Offer: chat, game, content • Brands: Play, TH, 3445 • Activities: marketing, sales, customer service, product development

E-ZONE: where we are today • E-Zone NV has a strong and constantly growing client and user base: • SME/SOHO/Retail: 25.000 customers • Corporate: Randstad, VDAB, Fortis, UCB, BridgeStone, Atlas Copco, Scarlet, IKEA, Deutsche Bank, … • Registered users: 250.000 • Staff: • 23 FTE • 4 job openings (check our site!) • Shareholders: Danny Lein (37,5%), Paul Janssens (37,5%) and Mitiska Netfund Europe (Proxis/Club, MrBookmaker,…) (25%)

Organizational growth barriers need to be addressed • Key challenges resulting from growing our company • Offering attractive growth & development paths for all employees • Improving reporting and controllingsystems • Clarifying & implementing internal processes with increasing company size • Coaching & training of people on day-to-day basis • Recruiting new colleagues • Keeping an attractive and stimulating work environment • Freeing up sufficient senior time for growth initiatives

Rules for revolutionairies • Create like a God • Think Different • Don’t worry, be crappy • Churn, baby, churn • Break down the barriers • Make evangelists, not sales • Avoid death magnets • Eat like a bird, poop like an elephant • Think digital, act analog • Don’t ask people to do something you wouldn’t • Focus on customers, not on schmexperts • Command like a King • Work like a Slave « Life for a revolutionary is all about kicking but: ‘You have an interesting product, but,…’ ‘I can see where there needs to be a better way, but …’ » * Rules for Revolutionaries, Guy Kawasaki, Harper Business Press, 1999, ISBN 0-88730-996-8

Closing thought: what is E-ZONE about? Great entrepreneurship: an ability, first, to recognize fundamental changes in the world that present new opportunities; second, to form business strategies that take advantage of those changes; and third, to devise the new kinds of organizations needed to execute those strategies. It's a gift for turning vision into action. Source: Venturebay brochure, 2000

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    Transcript and Presenter's Notes. Title: A journey of entrepreneurship. 1. A journey of entrepreneurship. VILV/Leuven Inc Forum November 20th , 2007 Danny Lein Founder Managing Director. e-Zone danny.lein_at_e-zone.net. All our dreams come true, if we have the. courage to pursue them - Walt Disney.

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    Profile Born: December 18, 1955 (age 53)Bantwal, Karnataka. Occupation: Rajya Sabha MP, Chairman- United Breweries Group,Kingfisher Airlines, Force India, Royal Challengers Bangalore ,United Racing and Bloodstock Breeders Net worth: US$1.2 billion Age: 52 Fortune: inherited and growing Source: liquor Residence: Bangalore , India, Asia & Australia Industry: Beverages Marital Status: married, 3 ...

  18. Entrepreneurs Journey Ppt Powerpoint Presentation Gallery ...

    Presenting Entrepreneurs Journey Ppt Powerpoint Presentation Gallery Examples Cpb slide which is completely adaptable. The graphics in this PowerPoint slide showcase six stages that will help you succinctly convey the information. In addition, you can alternate the color, font size, font type, and shapes of this PPT layout according to your ...

  19. What Is The Value Of Curiosity For Entrepreneurs?

    How curiosity can impact the entrepreneurial journey. Rieva Lesonsky: How has maintaining a sense of curiosity played a pivotal role in your entrepreneurial journey, ...

  20. Top 20 Entrpreneurs in India

    7. DR. PRATAP REDDY • Dr. Pratap Reddy developed India's first corporate hospital group, The Apollo Hospital Group. • He has revolutionized India's whole health care sector and today has over 750 corporate hospitals throughout the country. • The idea came to Dr. Reddy when a patient could not make it to Texas for open heart surgery and died.

  21. PPT

    The Journey to Entrepreneurship. The Journey to Entrepreneurship. Jan Allen I President Journey's End Relocation. Key Qualities of an Entrepreneur. Passion for What you Do Strong Knowledge B ase: Willingness to Continue to Learn Desire to Control the Quality of your Life and your Work Unwavering Work E thic. 306 views • 17 slides

  22. 4 Hard Truths You Must Accept to Become Successful

    The journey to financial success begins with a mindset shift and a commitment to learning the ropes. In the entrepreneurial arena, financial smarts are your secret weapon.

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  24. From Dentist to Entrepreneur: Sanjana Harlalka's Journey of ...

    Furthering her entrepreneurial journey, Sanjana joined a four-month training program with the Manipal Incubator, a collaboration between her university and the Government of India Startup Services. Immersed in the intricacies of the startup ecosystem, she improved her skills in ideation and product development, collaborating virtually with ...

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  26. 2.1: Overview of the Enterpreneurial Journey

    Self-Employment as an Entrepreneurial Journey. When the economy and the job market are strong, the entrepreneur has a safety net that decreases the risks in creating a new venture, a startup company or organization that conducts business or is created to satisfy a need, and allows for a quick recovery if the venture is not successful.There are more new startups when there are high levels of ...

  27. A Skin Cancer Scare Led Lois Robbins to Entrepreneurship

    A Skin Cancer Scare Led Lois Robbins on an Entrepreneurial Journey. Here Are Her 3 Best Success Tips. The actor and producer became an entrepreneur when she created a product she needed after skin ...

  28. PPT

    A journey of entrepreneurship. VILV/Leuven Inc Forum November 20th , 2007 Danny Lein Founder & Managing Director e-Zone [email protected]. ... An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed ...

  29. AppSumo CEO talks his journey to creating an $80 million per ...

    Noah Kagan, AppSumo CEO, joins 'Last Call' for Make It Monday to share his journey from being fired from Facebook to creating his own the company that brings in $80 million per year.