Entrepreneurship is akin to Traveling in many ways. Both begin with some basic questions being answered
- Where am I now?
- Where am I going?
- How do I get there?
When one beings a journey - (s)he begins with fixing the 2 ends - the source and the destination this is akin to the entrepreneur fixing the now and the future (s)he intends to achieve. There are numerous routes between the two ends. The Business Plan that one creates is like the road map that the entrepreneur chooses to follow. The road map would be defined based on the entrepreneurs choices of the time required, costs.
Before freezing on the route map or the Business plan, the traveller or the Entrepreneur chooses is determined by many aspects which could be classified as external and internal factors.
The external factors affecting the traveller would be the emergency repair shops, weather conditions, road conditions, the sightseeing spots and camping grounds. The entrepreneur's external factors would include new regulations, competitions, and social changes, changes in consumer needs or new technologies. These external factors are ones on which the traveller or the entrepreneur has little control.
The internal factors are one on that can be controlled or influenced. For the traveller these include his estimated budget, the time he intends to complete the journey in, the drivers in the team, the knowledge of highways etc. For the entrepreneur similarly would look at the amount with him/her, the resources at his disposal to accomplish the journey from here to the goal set out.
In the coming blogs on entrepreneurship, we would look at the need for B-Plan and its creation.