Disciplined Entrepreneurship, 2nd Edition

STEP 0Getting Started

Three Most Common Ways to Start a New Venture

When I listen to my students, I hear a diverse range of reasons as to why they are interested in entrepreneurship. Some students have worked in industry for years and want a change. Some want to be their own boss. Some hold patents and are interested in the different ways they can commercialize them. Some have an idea about how their own life could be improved, and they wonder if that idea is interesting to others. And there are many more.

All of these reasons can be synthesized into three distinct categories (Figure 0.1):

• Idea: You have thought of something new that can change the world—or some small part of it—in a positive way.
• Technology: There is a technological breakthrough and you want to capitalize on it, or simply expedite its deployment to have a positive effect on society.
• Passion: You are confident and comfortable pushing for change in the world, and you believe that being an entrepreneur is the way to have the biggest impact. You may simply want to work for yourself but you don't have an idea or technology yet. Read on to learn how to find a good idea or technology aligned with your passion. I don't mean to scare you, but you will need more than passion. However, let's start with “passion” and ...