Monday, 28 May 2012

Hobbies, Customers, Businesses or Enterprises - which is yours?

When you are thinking about Entrepreneurship/New Ventures its  important to know what you have created thus far and take stock. Here is my model for working out which of 4 Value Stages you are currently in.
  1. A Hobby/Passion. You are doing something in which you see great potential but nobody else has recognised its value to the degree which they will part with money. Sometimes you must accept the limit of the value may just be your own fulfillment  - it may not have legs to go any further than this!
  2. Customers/Investors. Well done - you have some customers but you don't have enough of them or they dont spend enough money possibly because your marketing and business development is adhoc?
  3. A Business.  Congratulations you now have enough customers to make some profits every month. Plus you have a pipeline of prospects which gives you confidence in the future. What now?
  4. An Enterprise.  Wow - now its gone beyond just you! You are growing an organisation of people and/or other businesses, possibly virtual, based on the confidence of a loyal and growing customer base.
Its been said if you don't know where you are then a map is not much use - so make sure you know where you are with your new venture if you want to make sure it goes somewhere useful for you!

Ken Thompson (aka The BumbleBee) blogs about bioteams, virtual collaboration and business simulation at