Results: You Think Like an Amateur Entrepreneur

Last Updated Feb 11, 2011 3:36 PM EST

Your answers suggest you're much more likely to approach a new venture the way an MBA might: research, write a business plan, raise capital, then launch. The problem is, this method isn't always the best way to start a company when you're dealing with so many unknown variables. You don't know who your competitors are, how much money you'll need, or even whether your idea is a good one yet.

Here's how an expert entrepreneur would have navigated the situation:

  • 1. Talk with people you know who will support you in making it become a reality.
  • 2. Focus on the customers that you have through existing relationships.
  • 3. Customers' feedback and how much their ideas reshape your own.
  • 4. Pitch the company on a partnership to create a product jointly.
  • 5. Determine what you can afford to lose, and minimize the money you need for each step in the process.

To find out what it takes to succeed as an entrepreneur, go to the next story: Not a Risk Taker? Don't Fret. Neither Are Most Entrepreneurs.

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