Working outside your comfort zone
Armed with a new business idea in an unfamiliar sector is an unsettling, confidence questioning experience. What makes you think you can see a market opportunity that established businesses in that sector have not seen or pursued? The market validation period is now also a time where you identify the skills and knowledge you lack and how you intend to address any shortfalls. Here we present how we went from idea to successful business in an unfamiliar sector.
A recent article, posted by Virgin Entrepreneur, suggested that business incubators may not provide the benefits people assumed. Most notably, those entering a business incubator may not have an improved chance of success. So who should you turn to? What can you do? Below is an example of one method which I used to get started.
Review your circumstances
When considering pursuing a business venture I always complete a self-analysis of my frame of mind, needs and how my actions would affect my family. It is important to identify your own limitations; are you a worrier, do you feel comfortable working in an ambiguous environment, are you able to network with people, are you seen as the go to person, how will you feel not having an income, can you cope with stress, are you a problem solver/finder or both? By now you get the idea of the type of questions you will need to ask yourself and other people about your personality. Knowing and accepting that you will have limitations is a real bonus and reveals that you have the ability to critique in an unbiased way.
A considerable number of people want to work for themselves or build a business but simply cannot find that killer idea or business opportunity. When looking for opportunities keep an open mind, be willing to step outside your comfort zone and be prepared to develop and learn new skills or find a partner who already has them.