As an entrepreneurial DREAMER you are generally quite perceptive and basically familiar with business problems in general. But you do lack a few of the basics in entrepreneurship, as well as some of the necessary capital, investors, and private equity resources for entrepreneurial success. You may also have a sense that your entrepreneurial knowledge should be paying off by now, but you’re still not seeing the money. And your response to this realization might be “one of these days I'll get out there and have venture success on my own”. But based on your current abilities and expertise as a DREAMER...this could be disastrous if you proceed without first working to enhance your expertise.
It is possible that some past failed business ventures which didn't survive their first year (great for providing valuable learning experience, however) resulted from your attempts to “get out of the nest”. Sometimes this may result from a DREAMER being “pushed” by a “significant other-successful individuals”, to make good on those often-expressed dreams. Until DREAMERS undertake an active program to improve their entrepreneurial expertise they will be more comfortable letting others do the venturing and thereby experience a lot less trauma.
What You Should Do
You likely have a significant level of entrepreneurial experience in a particular field of business or in a specific industry. So look for opportunities to bring your entrepreneurial drive and attitude to any business venture, but not yet one of your own. Definitely participate with others a business venture, and as you do, make a determined effort to enhance your entrepreneurial expertise by undertaking a program of experiential entrepreneur learning.
Begin by becoming acquainted with the entrepreneurial “success script”. This could start with reading the biographies and case studies of both successful and unsuccessful entrepreneurs. Take a course in entrepreneurship. Join the local chapter of the entrepreneurs’ association. Spend time learning from successful entrepreneurs, new venturers, or institutional experts (Venture Capital organizations, start up companies, investors, successful entrepreneurs in the field). Try to create your own success script in your mind. One way to do this is to begin to compile a venturing “do” and “don't” list. Use this as a basis for building the knowledge structure required for success in a new business.
And remember, if you’re a Dreamer and intend to undertake your own new venture without this exposure (designed to enhance your consciousness of the “expert script”)... your chances of failure in a new business remain high.
Sources: Dr. Ronald K. Mitchell, CPA,Ph.D, and Howard Mitchell
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The Institute’s educational mission is to prepare entrepreneurs for the difficult task of commercialization, the raising capital for their business, mentor their presentation skills, and introduce them to investors who can make it all happen. Truly, it’s a “win-win-win” scenario: entrepreneurs with good companies -- connected with good investors -- resulting in venture-quality deal flow and a boon to the economy.