Three Ways To Start A New Venture

Want to be your own boss?

Want to make a difference in the world?

Want to become an entrepreneur but you don’t know where to start?

There are 3 ways to start a new venture

According to Bill Aulet, author of Disciplined Entrepreneurship, the reasons why someone is interested in entrepreneurship can be classified into three ways:

1. You’ve got an idea.

2. You have a technology breakthrough.

3. You have a passion.

1. You’ve got an idea. 

So you come up with a new idea that can change the world–or some small part of it.

Example:

Adam Braun began working summers at hedge funds when he was just sixteen years old, sprinting down the path to a successful Wall Street career. But while traveling he met a young boy begging on the streets of India, who after being asked what he wanted most in the world, simply answered, “A pencil.” This small request led to a staggering series of events that took Braun backpacking through dozens of countries before eventually leaving a prestigious job to found Pencils of Promise, the organization he started with just $25 that has since built more than 250 schools around the world.

2. You have a technology breakthrough.

You have come up with with a technological breakthrough and want to have a positive effect on society.

Example:

Tesla Autopilot relieves drivers of the most tedious and potentially dangerous aspects of road travel. It gives you more confidence behind the wheel, increase your safety on the road, and make highway driving more enjoyable. While truly driverless cars are still a few years away, Tesla Autopilot functions like the systems that airplane pilots use when conditions are clear. The driver is still responsible for, and ultimately in control of, the car.

3. You have passion.

You want to work for yourself and control your own destiny. You want to make an impact on the world, yet you don’t have an idea or technology.

Example:

Yvon Choinard was an avid climber. Climbing was his passion. He bought a second-hand forge and began to make his own equipment. Ultimately he founded Patagonia, a manufacturer of high-end outdoor clothing that did $600 million in sales in 2013.

But how to go from ‘I have passion’ to ‘I have an idea or technology’

The first question a wantrepreneur should ask themselves is:

“What can I do well that I would love to do for an extended period of time?”

Sometimes it’s not easy to identify an idea or a breakthrough, having an inventory of your personal interests, strengths and skills might help you, says Bill Aulet.

1. Knowledge: What was the focus of your education or career?

2. Capability: What are you most proficient at?

3. Connections: Who do you know that has expertise in different industries? Do you know other entrepreneurs?

4. Financial assets: Do you have access to significant financial capital, or will you be relying on a meager savings account to start out?

5. Name recognition: What are you (or your partners) well-known for? Skills in engineering? Understanding fiber optics?

6. Past work experience: In previous jobs you’ve held, what inefficiencies or ‘pain points’ existed?

7. Passion for a particular market: Does the idea of improving healthcare excite you? How about education? Energy? Transportation?

8. Commitment: Do you have the time and effort to devote to this endeavor? Are you ready to make a new venture your primary (or only) focus?