When I began to envision PeKu Publications, I started by recognizing my own strengths that would help build this company. The next obvious step was to be aware of the weaknesses I would need to compensate for. Although it is good to be positive, it is negligent not to address missing pieces in your skillset. For me, there were two areas in which I knew I would need assistance.
I was neither a coder nor a techie. Why would I think I should build a web-based business when I didn’t have the skills to do so? For this area, I was fortunate, as I knew I had excellent developers available to me.
Additionally, I had not run a business nor had any formal business training. Yes, I had managed classrooms of students, directed committees, and headed volunteer boards, but none of those involved the intricate pieces of running a company. For this weakness, I also knew that there were resources available to me.
As I envisioned PeKu and what it could be, I was aware of my weaknesses. I would need assistance from developers and advice from business professionals. I also knew that having to turn to others for help would require time and/or money. I needed to decide if those investments would be worthwhile; for PeKu the answer was yes.
The most important goal of this stage is to be fully aware of your weaknesses and how detrimental they may be. First, you need to identify the areas in which you are weak. Second, you need to determine if there is a way to compensate for this weakness, whether it be through educating yourself, partnering with someone, or hiring a team member. Finally, you need to weigh the value of your strengths against your weaknesses and determine if it is a worthy endeavor.
With this knowledge in hand, you can decide whether to take the entrepreneurial leap. Are you ready to jump?