Type “entrepreneurship” into your favorite search engine and a popular – and unreferenced – definition is almost certain to pop-up:
“Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.”
Did you catch that?
“…living a few years of your life like most people won’t…”
While there are hundreds of more academically-accepted definitions of entrepreneurship, this internet sourced description is most relevant I light of my entrepreneurial experiences.
Not businesses are a success.
While there are many factors influencing whether or not a business will turn a profit, all successful businesses start with one thing in common – a good business idea.
Aspiring entrepreneurs often run in circles, trying to figure out whether or not their latest hare-brained startup inspiration is financially feasible.
Will the business model work? Will it turn a profit? Will customers support their new business? Is there any way to know whether or not their business idea will work before betting the farm?
Good news: Entrepreneurs have a framework for testing business idea feasibility without diving in head first.