The Big Idea

Last night I was watching Donny Deutsch’s The Big Idea. On there was a guy named Roger Fowkes, inventor of a system called MiraLynx. The show was interesting to me because it gave the other side of entrepreneurship. By “other side” I mean the sacrifices. Sometimes someone has a good idea and is making progress, but is not yet making enough money to survive. They are forced to either accept failure or change paths.

Fowkes was in such a situation. He has secured some contracts with a few bigger organizations, but he is out of money and facing foreclosure on his home. On the show they gave some tough advice to him, and Jeff Chavez repeated it in a blog post. In a nutshell, here is his advice:

• Make sure you are meeting the needs of your family, then pursue your dream.
• Don’t let you emotions cloud your judgment.
• Even though you need to make changes, the dream doesn’t have to die.

Chavez also published a neat little report called “The 11 Killer Instincts of Entrepreneurship.” You can access the report at www.northstarthinktank.com (sign up required). You can see if you possess the qualities of a true entrepreneur by looking at the 11 instincts.

The bottom line is that you have to have to be flexible enough to take different routes to success. Some of those routes may be humbling and require you to work odd jobs to supplement your income. Don’t be afraid to make changes- in fact, your ability to recognize failures early will greatly improve your chances of long term success.

Mike Freeman
Born Entrepreneur

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