This post is all about clearly defining the problem statement for “Career in Entrepreneurship”
Problem or Opportunity Identification
Generic Problem Statement:“I wish I knew how my MBA in Entrepreneurship prepare me for a career in Entrepreneurship”
Now to choose Entrepreneurship career I may think I need to start my own business. The most significant reason I believe for considering a career in entrepreneurship is the personal satisfaction that often comes with owning your own company, right? Starting ones own business is how to start career in Entrepreneurship? Well, I think I better look a little more deeply at this problem before I instigate a huge effort requiring lots of resources to start a business because I’m going to be very disappointed if that’s not the solution.
Forming a Problem Statement:
Answering the following questions will help me look at my problem more deeply, and will probably help me get at the root causes.
Who? [People who currently are facing this problem or been in this situation before] – Those who wish to start a business and to implement decisions about their Entrepreneurship career. People who create new opportunities that generate benefits for the organization. Entrepreneurs who are likely to be involved in novel startups, and with fast-growing businesses. A student who wants to capitalize on their accumulated skills and experience. A hobby driven student: to enable them to keep doing the thing they enjoy most. A student who wishes to stay in a specific geographic area, or to have flexible hours. A person who organizes, operates, and assumes the risk for a business venture. Individuals who score highly on these measures – need for achievement, need for autonomy, drive and determination, creative tendency and risk taking.
When? [Timescales to start a career in Entrepreneurship] Start a business straight after graduating or later in the career when I have built up more knowledge, skills and credibility?
Where? [Where to start a career as Entrepreneur?] With Current or New employer, Self start or Franchise a business, Existing or in New technology, Targeting Niche or Industry wide markets, or in an early stage venture.
What? [What can I do with a degree in Entrepreneurship?]
Entrepreneurs recognize and evaluate opportunities and thus become venture capitalists, investors, attorneys and marketing specialists.
Why? [Why a career in Entrepreneurship?] Become part of the decision-making and empowerment, it’s about following ones passion and doing something to make the world a better place, It is feeling of greatness to know that my contributions have a positive impact on the company.
The answers generated make me reconsider the problem. After I look more closely at the issue, it appears that just starting a business is not one of the main options for starting career in Entrepreneurship. This makes me think that starting own business and succeeding is not easy: Risk is bigger (about 70% of new businesses close down within 3 years. Risks are higher ). I think the problem can be found in the where and the why. Start off in employment to build experience. It is possible that one problem has multiple roots. Fortunately, I don’t have to make that decision just yet. The information gathered now will prepare me for applying creative tools later on.
New Problem Statement:
“I wish I knew how my MBA in Entrepreneurship prepare me for a career in Entrepreneurship” “I wish as an MBA student in Entrepreneurship I was more aware of the challenges in creating my own business to succeed , starting off in employment to build experience and networking to increase skills and knowledge, when combined may help me in preparing my career in Entrepreneurship” My new problem statement will help me come up with solutions that address the root of the cause not just the symptoms.
I’ll discuss in future articles of how to apply creativity tools to this problem and solve the question in hand “How my MBA in Entrepreneurship can prepare me for a career in Entrepreneurship”