How to Overcome Being an Under-Equipped Venturer

Being UNDER-EQUIPPED does NOT mean that you are un-equipped. What it does mean, is that you have unique capabilities because of your specialized knowledge about venturing... but are strongly cautioned to not go it alone. The UNDER-EQUIPPED venture types have generally acquired this knowledge through work experience in a particular field or industry. (An example of this might be a technical specialist, successful entrepreneur, investors, start up companies, or engineer in a large company who has observed corporate venturing first hand as an employee...rather than being the actual entrepreneur). So as an UNDER-EQUIPPED entrepreneurial type, you have this expertise AND you have an eage ess or willingness to participate in new business ventures. This combination provides you with opportunities that are worthy of serious consideration. However, the UNDER-EQUIPPED are lacking in resources (such as cash, contacts, technology, etc.). Also, they might not be aware of the importance of their disce ment venture expertise (which is where past entrepreneurial experience has given them the ability to tell whether a venture in their area of specialty is “on” or “off” course). It is within this category of UNDER-EQUIPPED entrepreneurial types where venture capitalists or early-stage investors will sometimes take talented specialists who are willing to venture, and help them get a new business off the ground. What You Should Do If you are an UNDER-EQUIPPED venturing individual who intends to get involved in starting a new business, one of the best things for you to do is to locate a venture capital partner. Without such a partner you’ll not likely have the necessary resources, funds, investors, and private equity available to you, nor will you have a conscious connection to the entrepreneurial “success script”. By partnering with an individual, entity, or group (with the money and the expertise to back you and fill the “holes” in your venturing profile) your prospects for entrepreneurial success will greatly improve. Or, if your wish for now is to improve your own venturing profile and success rate, you need to take steps that will enhance your awareness or “consciousness” of the entrepreneurial “success script”. Begin by becoming acquainted with the elements of the entrepreneurial script. This could start with reading the biographies and case studies of both successful and unsuccessful entrepreneurs. Join the local chapter of the entrepreneurs’ association. Spend time learning from successful entrepreneurs, new venturers, or institutional experts. SOURCES: Dr. Ronald K. Mitchell, CPA, Ph.D and Howard Mitchell