Tuesday, December 25, 2012

Rule#1: Make the Commitment

     How badly do you want it? Do you really want to be entrepreneur? or you are just want to make a living, or disappointed from your day job. The organization of large organization is like pyramid. There are only a handful of positions on the top. So a lot of people quits because of disappointment.  Either way, if you are really committed, you can succeed. A lot of successful start-ups begins because the founders have lost their jobs or don’t want to work for others.

        “I would much rather that they die regretting what they have done than what they have not done.” -- Professor Joseph Lssiter, HBS

Do you have obligation?

  What other obligation will compete with time and resources? Do you have kids or parent to take care of? If the risk is great, find a way to minimize the risk before making the commitment.

Do you have support?

     What kind of support system do you have? If you are surrounded by successful entrepreneurs or if you learn about hundreds of successful case studies, you will be well emotionally supported. You know that it's going to work. You know you can do it. You can imagine it in your head. It’s a good thing to have a mentor and role model you look up to. So that when you’re lost, you can look at them and think if they can do it, I can do it too. They will give you courage you need to move forward.
“Entrepreneurship can be a hard and lonely life. Without the support and encouragement of others, success will be more illusive.” 
"..ask yourself, who has really got my back? Who can you count on to take a genuine interest in your efforts? Who will offer good advice but also enthusiastic encouragement? If people who are important to you won't provide that sort of support, can you at least inoculate yourself from their negative influence? And if you don't have mentors and role models, who can help you achieve your dream of becoming an entrepreneur, you'd better make a serious effort to seek them out."

What is the opportunity cost? 

     You may have to quit your jobs to launch your own business. You may get an offer from a prestigious large organization. Are you ready to turn down that offer?

What is your record of achievement, creation, and reinvention? 

    Assess yourself. Are you competent to running your own business? If not, you may want to limit your goals.

What is your tolerant for risk? 

     Perhaps another risky thing is not taking risk. They don't see it as risks. They see it as the way things are. They assess pros and cons, and choose the best choice. It's an optimization of uncertainty.

How to find ideas?

Key question that you might ask is “where would I come up with an idea?” Well, making commitment will help you find the answer.
“They say that comedians live in the same world as the rest of us; they just see everything differently. It’s the same with entrepreneurs. Once you’ve truly made that commitment, you’ll be amazed at how quickly you begin to see the world in a different light. Problems give way to opportunities. 'Why?' becomes 'Why not?' 'It’s always been done this way' turns into 'What if we tried something different?'"
"Opportunity is personal, not universal. It grows out of your talents, experiences, interests, and the problems that you’re uniquely positioned to perceive in the world." 

Source:The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship by Bill Murphy Jr. 

Book or Audiobooks?

Personally, I prefer audiobooks. It's fun, and I can listen when I'm doing something else. It also makes other activities (e.g., jogging) a lot more fun. For more detail about audiobooks, please read [this post].

There is one more reason that may encourage you to go for the audiobook version. You can get it now for FREE. Audible offers you a free trial for 14 days. Even if you get the book and cancel the subscription right away (so that you don't have to pay), you can keep the book. And, don't worry if you lost the audiobook file. Just log into audible.com. You can keep downloading the over and over again.
About the summary: It takes time to finish up a book. And, when you do, sometimes, you want to review what you learn from the book. If you do not make  notes as you read, you might have to go through the book once again. This can be time-consuming when you are dealing with a book. But you can still flip through the book and locate what you are looking for.

However, when the material is an audiobook, it is extremely hard to locate a specific part of content. Most likely you will have to listen to the entire audiobook once again.

This book summary will help solve the pain of having to go through the book all over again.

I am leaving out the details of the books. Most books have interesting examples and case studies, not included here. Reading the original book would be much more entertaining and enlightening. If you like the summary, you may want to get the original from the source below.

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