 Entrepreneurship Magazine
Entrepreneurship
Planning Beyond Your Business Plan
By Dr. Michel W.
Fountain
Published: April / May 2008
The biggest mistake that entrepreneurs make in choosing
a new business opportunity is not the most obvious. Most
aspiring entrepreneurs are focused on making money when
they should be focused on making peoples’ lives better.
First time entrepreneurs readily identify the lack of
adequate investment and working capital, the lack of a
skilled, trained workforce and the difficulty in
attaining market traction and market share as major
pitfalls to avoid when creating and growing successful,
thriving entrepreneurial ventures.
I believe the biggest pitfalls for individuals to avoid
in creating world-class, successful enterprises lie not
in the particular choice of opportunity to select or the
location of the venture operation, but in the choice of
why to pursue the particular opportunity, how the
entrepreneur will lead and direct the business and what
role the entrepreneur and his/her organization will play
in the community where they reside. Guy Kawasaki, author
of The Art of the Start, observed that if you seek to
build value and make a difference in peoples’ lives you
will have financial success, but if you don’t make a
difference, you probably will not be financially
successful. After 25 years of being a serial
entrepreneur, I have come to appreciate the fundamental
importance of this insight.
Successful entrepreneurs are driven by a passion to
create organizations which deliver value-added products
and services which meet the unmet needs of customers.
These entrepreneurs commonly select their choices for
new products and services based upon a variety of
criteria including prior personal and professional
experience in a particular industry sector and interest
in creating a product or service which fills an existing
gap in consumer needs. For many aspiring entrepreneurs,
but not all, financial gain and security are prime
motivating factors for new enterprise creation. While
this is a noble and admirable reason for embarking on
the entrepreneurial adventure, it is not sufficient in
and of itself to ensure the success of the enterprise or
the growth of the entrepreneur.
In examining successful entrepreneurs’ choices for their
enterprises there is a more compelling reason which
drives individuals to make their selection regarding
which opportunity to pursue. This process involves
creating entrepreneurial ventures which make a
difference in people’s lives by improving the quality of
life, even is a small way, for their customers. These
entrepreneurs develop and nurture long-term
relationships with customers. Consciously or
unconsciously, successful entrepreneurs live by the
golden rule of treating people fairly and equitably, as
the entrepreneurs would wish to be treated themselves.
They seek to create and build organizations of high
value that are partners in the community in which they
reside and which help to improve the quality of life of
the communities in which they conduct business. Further,
these successful entrepreneurial visionaries lead by
providing a positive example to others by giving back of
time, talent and resources to the communities which help
them become successful.
A morning or evening trip to Starbucks can help us to
understand the difference between making money and
making a difference. Many people would drive by a packed
Starbucks and think, “Wow, I can really make some money
selling coffee.” However, Starbucks’ success is due to
their ability to create a positive experience for
people, not the quality of their coffee. Starbucks
stated mission is to become the third place in peoples’
lives after work and home. It is this third place where
friends meet and interact. Before Starbucks, this
interaction often did not occur. Has Starbucks seen
financial success by making peoples’ lives even subtly
better?
Avoid the mistake of not understanding that you should
first create value for customers when starting and
growing your entrepreneurial venture. Passionately seek
opportunities which make a difference in peoples’ lives.
Create purpose driven-organizations which seek to
improve the quality of lives of others. As a result of
your actions to create unique value for your customers,
you will be rewarded in being able to hire and retain
employees who, like yourself, are willing to go the
extra mile to help your customers. Ultimately you will
be successful. You will be successful in making a
difference in peoples’ lives and become financially
successful as well. Through your organization, its
products and services and your personal example you will
build value for your employees, the community in which
you live and work and for yourself.
Click here to read more
Entrepreneurship articles on BABM Magazine.
Dr. Fountain currently serves as the Founding Director
of the University of South Florida’s (USF)
university-wide Center for Entrepreneurship, which
delivers both the Graduate Certificate in
Entrepreneurship and the Master of Science Degree in
Entrepreneurship in Applied Technologies.
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