What are the few critical success factors (CSFs) in your industry? What support can you provide to show that you’ve identified them correctly?
- The mission, personal aspirations and risk propensity test for entrepreneurs:
In this domain, located in the center of the model, you’re going to analyze commitment – yours, and that of your team – to this idea.
Think about why you want to start this business. Are you passionate about this idea, and, if so, why? What do you want to do with this business – are you ambitious for it, or do you want it to be a “lifestyle business”? What are your personal goals and values, and how does this venture align with these? And are you prepared to take the risk and put in the hard work needed to build this business?
What’s your entrepreneurial mission?
To serve a particular market?
To change a particular industry?
To market a particular product?
Is the passion really there?
What level of aspirations do you have for your entrepreneurial dream?
To work for yourself?
To build something small or something big?
To do? To manage? To lead?
To change the world in some way?
What sorts of risk are you and are you not willing to take:
Will you risk a secure salary and the things that go along with your current employment? For how long?
Will you risk losing control of your business?
Will you put your own money at risk? How much?
Will you risk your home or time with your family or loved ones?
Do those you love accept the risks you will take?
“The can you and your team execute?” test
What are the few – only a handful, please – critical success factors (CSFs) in your industry? What support can you provide to show that you’ve identified them correctly? Can you demonstrate – in past deeds, not mere words – that your team taken together can execute on each and every one of these CSFs? Alternatively, have you identified which CSFs your team is not well prepared to meet, for which you need help in filling out your team?
