Where to Start When You Are an Over-Eager Entrepreneur

As an over-eager entrepreneur type, you are a real enthusiast in projects with which you are familiar. You demonstrate a high desire to be involved in business ventures. And most often, this is because of past business venture experiences (either good or bad), and a perception of your ability to create success in a particular business environment. You are very eager to take action. However, due to your low level of experience with new ventures, you are more of a new business novice who should beware of moving too fast into a new venture. This is because over-eager entrepreneur types may not know the right questions to ask about a venture, let alone the answers. Willingness to start a business without the specific knowledge and experience required to make a new business successful can be a very dangerous position. It’s what leads to “over” eage ess. So be especially cautious when thinking about getting involved in a new venture opportunity, because you are particularly vulnerable to those who are opportunistic. They can appeal to your willingness and enthusiasm, while taking advantage of the over-eager type’s limited knowledge and experience, combined with a belief in “guesswork” and “feeling good” about an investment or venture. It is inadvisable for those who are over-eager entrepreneur types to become involved in a new venture by themselves (or with other inexperienced entrepreneur partners). Such entrepreneur types, especially when searching for investors, would benefit from innovative mentorship programs. The Way Forward To Enhance Start Up Process Look for opportunities to bring your entrepreneurial spirit and attitude to any business venture, but not yet one of your own. Definitely participate with others in a business venture or a start up, and as you do, make a determined effort to enhance your entrepreneurial expertise by undertaking a program of experiential learning. If you are an over-eager entrepreneur type who desires to become involved in a start up, you should find a competent advisor or mentor or coach who has the expertise necessary to “fill in” gaps of knowledge where yours is not developed. Venture capital and VC firms expect entrepreneurs to already bring developed projects to the table, in order for investors to be willing to fund such start up companies. However, over-eager entrepreneurs should take the time to build up experience and practice before pitching to venture capital firms. 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. Participate in mentorship programs. Spend time learning from and/or working with successful entrepreneurs, new venturers, or institutional experts. As an entrepreneur seeking venture capital, try to create your own success script in your mind. One way to do this is to begin to compile a start up “do” and “don't” list. Use this as a basis for building the knowledge structure required for success in a start up. And remember, if you’re an over-eager entrepreneur type and intend to undertake your own start up, gain private equity, or pitch to a venture capital (VC firm) or investors without this exposure (designed to enhance your consciousness of the “expert entrepreneur script”)... your chances of failure in a new business remain high. SOURCES: Dr. Ronald K. Mitchell, CPA, Ph.D and Howard Mitchell