23 Apr Starting with Personal Stocktaking
The Personal Stocktaking Profile isn’t just a checklist; it’s a deep dive into what makes you tick as an entrepreneur. This is one of the first tools developed by entrepreneurs within the JumpSTART Incubator and is based on the theory of effectuation. It’s designed to help you understand yourself better before you start transforming those big ideas into reality. We focus on three of the five principles of effectuation to get you started: The Bird in Hand, Affordable Loss, and the Crazy Quilt principle. Intrigued? Let’s unpack!
1. The Bird in Hand Principle
Think of this as a self-audit. What do you have right now that can help you start a business? This includes knowing who you are, what you know, who you know, and what you physically have. It’s all about using these assets to kickstart your entrepreneurial dreams. Grab a pen, or even better, create a mind map to visually plot out these resources!
2. Affordable Loss Principle
Risky business isn’t always the best business. This principle makes you ask, “What’s the maximum I’m willing to lose?” Whether it’s time, money, or effort, defining these limits can save you from future headaches. Set these boundaries now to navigate through the unpredictable seas of entrepreneurship more smoothly.
3. Crazy Quilt Principle
No entrepreneur is an island! This principle focuses on collaboration. It’s about building a patchwork of relationships where everyone contributes something valuable to your venture. It’s not just about pushing your ideas; it’s about listening, adapting, and weaving together a strong network that supports your business vision.
Breaking Down the Stock Taking Profile Elements
- Who Are You? Dig deep into your passions, values, and what drives you. This is your entrepreneurial DNA! (Cues Mical Teja – DNA)
- What Do You Know? Catalog your skills and knowledge. Remember, everything counts, from your tech savviness to your people skills!
- Who Do You Know? List down your potential allies in this business journey—friends, family, mentors, and maybe a few dream connections.
- What Do You Have? Assess your tangible and intangible assets. This could be anything from your laptop to your unique insights into a market.
- What’s Your Affordable Loss? Decide on the resources you’re willing to part with, without risking your well-being.
Why It Matters
Creating your Personal Stock Taking Profile doesn’t just help you see if you’re ready to start a business—it helps you see if it’s the right business for you. It’s about aligning your business idea with your personal aspirations and capabilities. Plus, it’s a fantastic tool for potential partnerships. Imagine aligning with someone whose assets and visions complement yours perfectly! Remember, in entrepreneurship 1+1 = 3!
The best way to get a 360 view of your personal stocktaking profiles is to reach out to others for feedback. A fresh perspective can offer insights you might have missed. During our JumpSTART programme, this profile will serve as a foundation for selecting and refining your business ideas and ultimately, crafting a feasible business model.
So, what are you waiting for? Let’s start this exciting journey together. Reach out to us, and let’s make your business dreams a reality.
Here’s to making your entrepreneurial quilt colourful and successful!
