Famous-Entrepreneur-2013

There is an old cliché which states that there are two kinds of people – those who do and those who do not.  Since you are reading this lesson, it means that you are a “those who do” kind of person.  One of my favorite quotes of all time is from Thomas Edison and it goes, “Vision Without Execution is Hallucination”.  I am absolutely in love with that quote because it means that vision alone will not help you to achieve the success and wealth that you long for.  To win, you actually have to be in the game.  Today’s lesson is to teach you how to get into the game.

Education:

Per the following illustration, there are four paths to becoming a business owner.

1.       Direct investment (alone or through an investment group)

2.       Franchise Opportunities

3.       Monetize a unique skill, specialty, trade or expertise

4.       Purchase or assume an existing business (through cash or leverage)

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Either path will allow you to see your desire come to fruition.  The trick is to choose the right path, which will maximize your potential to succeed because other factors (e.g. capital availability) will play a major role in your analysis.  One way to accomplish this is by preparing a SWOT analysis on yourself.  SWOT analysis (strengths, weaknesses, opportunities, and threats analysis) is a framework for identifying and analyzing the internal and external factors that can have an impact on the viability of a project, product, place or person.

As its name states, a SWOT analysis examines four elements:

  • Strengths – internal attributes and resources that support a successful outcome.
  • Weaknesses – internal attributes resources that work against a successful outcome.
  • Opportunities – external factors the project can capitalize on or use to its advantage.
  • Threats – external factors that could jeopardize the project.

After you have completed your SWOT analysis (see Action Step below), determine which path is best for you.

Resources:

Mindtools (www.mindtools.com) – Essential Skills for an Excellent Career

 

Important terms from this lesson:

Term

Definition
SWOT Analysis A study undertaken by an organization to identify its internal strengths and weaknesses, as well as its external opportunities and threats.

 

Action Step:  Prepare a SWOT Analysis on yourself.

http://www.youtube.com/watch?v=S2GZOsemVNk