Summary of Ken Colwell's Starting a Business QuickStart Guide

By IRB Media

Please note: This is a companion version & not the original book. Book Preview:

#1 Ideas are the beginning of everything, but they are not the end. Everything that has been created by people started out as an idea, but not everything that has been an idea has been created. Execution is the key to making opportunities valuable.

#2 Opportunities are an extension of the entrepreneur. They are not just waiting around for an enterprising entrepreneur to come and find them. They are a result of the entrepreneur’s unique blend of background, talent, insight, and perspective.

#3 The process of finding ways to evolve ideas into opportunities should be a structured and disciplined one. Instead of searching for new ideas or knowledge, focus on solutions to existing problems. The simpler the better.

#4 Opportunities exist because different people have access to different information. What is an idea for one entrepreneur may be an opportunity for another who has the resources and the means to execute it.

• Language: English
• Publisher: IRB Media
• Release date: Apr 22, 2022
• ISBN: 9781669392897

IRB Media

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Insights on Ken Colwell and PhD MBA's Starting a Business QuickStart Guide

Contents

Insights from Chapter 1

Insights from Chapter 2

Insights from Chapter 3

Insights from Chapter 4

Insights from Chapter 5

Insights from Chapter 6

Insights from Chapter 1

#1

Ideas are the beginning of everything, but they are not the end. Everything that has been created by people started out as an idea, but not everything that has been an idea has been created. Execution is the key to making opportunities valuable.

#2

Opportunities are an extension of the entrepreneur. They are not just waiting around for an enterprising entrepreneur to come and find them. They are a result of the entrepreneur’s unique blend of background, talent, insight, and perspective.

#3

The process of finding ways to evolve ideas into opportunities should be a structured and disciplined one. Instead of searching for new ideas or knowledge, focus on solutions to existing problems. The simpler the better.

#4

Opportunities exist because different people have access to different information. What is an idea for one entrepreneur may be an opportunity for another who has the resources and the means to execute it.

#5

Effectuation is the process of identifying entrepreneurial opportunity when the future is unknown or unpredictable. It starts with the resources at hand and then assembles them to build the goal. Causation, on the other hand, starts with a goal and then searches for the resources needed to achieve it.

#6

Like an actual fingerprint, an entrepreneurial thumbprint is unique to each person. It is a blend of your skills, talents, connections, and experience. It cannot exist independently of you.

#7

Passion is the most important characteristic of an entrepreneur. Where you lack passion for an idea or business concept, another would-be entrepreneur may be excited about bringing it to fruition.

#8

Having a large social network is not a prerequisite to success, but it can help. Your network can help you find investors, mentors, and customers.

#9

The elements of an entrepreneurial thumbprint are not set in stone. As you grow and learn, your entrepreneurial thumbprints become better defined. Nothing is set in stone, and entrepreneurs are not born to start new ventures, but people who are inspired to do so.

#10

A great opportunity: solves a problem for a customer, exists in a strategic space that isn't too crowded, can be executed in a strategic space where you can maintain a competitive advantage, and has a reasonable potential to help you achieve your goals.

#11

The word problem indicates a negative emotion, but that’s not always the case. Customer problems fall into two broad categories: resolving pain and creating delight. Products that do neither have little potential for success.

#12

The best way for new ventures to survive is to carve out a niche that they can dominate rather than compete as a small fish in a big pond. This means that while passion about your venture is a prerequisite for success, it isn’t enough.

#13

If your primary goal is to get rich fast, starting your own business is the worst way to achieve this. The stories of tech unicorns that became immensely successful and rich are the exception to the rule.

#14

The blend of experience, insight, and passion that each entrepreneur brings to the table is a key decider in what makes