There is an old saying that fortune favors the bold. Dr. Jonathan Kaplan and Dr. Bao-Tran Nguyen couldn’t agree more since they believe that it takes a bold person to pursue their passion and bring an entrepreneurial vision to life. Both pioneers in their respective fields, Dr. Jonathan Kaplan and Dr. Bao-Tran Nguyen have some advice on how to take the monumental first step in the pursuit of your passion.
Have a plan.
Planning comprises several critical areas. “First and foremost, you need a solid business plan,” says Dr. Jonathan Kaplan. “Starting a company without one is almost a guarantee to set yourself up for failure. If you are seeking external funding like a loan, people will ask to see your business plan to assess the viability of your idea.”
“Next, have a plan for launching your business,” adds Dr. Bao-Tran Nguyen. “You might need to save money first, and this usually comes from a current job.” Dr. Jonathan Kaplan and Dr. Bao-Tran Nguyen know many successful business owners who have had to work the “daily grind” to save up enough capital to become their own boss. You must be prepared to do the same, and more importantly, be patient, as this is a situation where the end justifies the means.
Be confident of your passion.
While some people are very confident of what their passion is, it isn’t as apparent for others. Dr. Jonathan Kaplan and Dr. Bao-Tran Nguyen advise that a person be as sure as possible about what they love and why they want to make a living off it. Entrepreneurship is about a lot more than wanting to be your own boss; it’s about doing something you love. “If you are having trouble finding your niche, talk to family and friends and do some soul-searching,” recommends Dr. Jonathan Kaplan. Dr. Bao-Tran Nguyen adds, “Ask yourself what would you do, where would you go, and how would you spend your time if money was not an issue. Write down the answers and use them as a guide.”
Find your tribe.
Surrounding yourself and networking with like-minded people is critical to success, especially for fledgling entrepreneurs. Dr. Jonathan Kaplan and Dr. Bao-Tran Nguyen call this a crucial step in building a business, as your tribe is a source of advice, guidance, and mentorship you will not find anywhere else. The connections you can make through networking are invaluable. Moreover, your network will also be your support system through the first few difficult years.
Dr. Jonathan Kaplan and Dr. Bao-Tran Nguyen advocate for pursuing your passion, but doing so by taking the right steps for a greater chance of success. Unless a person has a hefty bank account, launching a business takes time, careful planning, and perseverance. Most people need to make the most of limited resources to bring their vision to life, but this makes the journey even more worthwhile.
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