Discussion About Assessing Your Critical Capital Resources
Leadership, as we discussed in a previous Article, requires marshalling resources cooperatively toward a goal while simultaneously preserving and encouraging a strategic vision. To successfully execute a business plan, in order to translate the business concept into a reality, entrepreneurs have to surround themselves with the right mix of resources, which includes people, capital, and partners.
But they first need to assess the resources that the venture will require, and they are often required to do more with less. In fact, many successful entrepreneurs pursued their new business opportunities relentlessly, without becoming deterred by the limited resources that they initially controlled. Simply put, by definition, entrepreneurs are attempting to achieve goals that will require considerably more resources than they currently control. One of the key skills of entrepreneurial success lies in distinguishing between those resources that are absolutely critical and those that would be nice to have but are not so critical. The other skills are knowing how to get the resources, and knowing how to manage or allocate them.
Lesson 6: Discussions About Leading An Entrepreneurial Business Venture
It is not easy to be the boss if you have never been one, and the mistakes you make early on can come back to haunt you. In fact, the first-time entrepreneur faces perhaps no challenge greater than learning how to be the boss. But there is more.
Does the opportunity fit with what you truly want to do? Are you really ready to quit your day job? Conducting an internal self-assessment is the hardest thing for entrepreneurs to do, but if you do not do it, you will really get into trouble. And what makes you the right CEO to lead this venture now? Are you prepared to face an immediate tidal wave of responsibility?
It is normally assumed that the founder, or lead entrepreneur, serves at the outset as the chief executive officer (CEO). It is the CEO’s job to build the venture team, and to provide the leadership, strategic vision, and motivation. Much like a project manager, the CEO first has to prepare a preliminary budget and schedule of activities and then assign the routine details necessary to get the venture moving ahead.