I do like a good cup of coffee. 

So, when I get asked by business colleagues for a cup of coffee and to “pick my brain” on ideas on their next career path, I jump at it.  While some are simply looking for their next corporate role, others often view this transition time as a fork in the road.  Do they pursue another company position, or do they venture off into entrepreneurship? 

Trust me, I was at that crossroad twenty years ago.  I had spent several years with three high-profile corporations in c-level positions and in 2004, made the leap to entrepreneurship.  It was a big gamble back then but the correct choice for me as I have experienced countless opportunities to work with a plethora of companies; have met several fantastic people in multiple industries; and greater control over my lifestyle.

It then follows that having launched my company, Gray Cat Enterprises, I get asked “how did you do that”?  Your first reaction may be that I just “winged it” but if you know me, I rarely “wing” things.  Rather, I developed and executed a disciplined plan to creating a successful entrepreneurship that has surpassed two decades now.  Was it foolproof?  No.  Did my plan morph over time?  Yes.  But that initial roadmap enhanced my chances of success. 

So, let’s have a virtual coffee and talk about transitioning into entrepreneurship:

Develop a Business Plan – You have put together business plans for your entire career in your corporate roles, why wouldn’t you think you need a business plan for your entrepreneurship career?  In the first month, I crafted a 23-page business plan for Gray Cat largely stemming from my ex-wife interviewing me (she was a journalism major) as to the areas of business I enjoy.  From her notes, I created the pillars of my business and developed action steps to generate revenue from each of those areas.

Know your Strengths and Weaknesses – And I would add one more, “desires”.  In my corporate roles, I had basically become an administrator attending countless meetings in multiple departments and nodding my head with approvals.  I missed contributing “content” and longed to produce results through projects and initiatives.  While there are certain levels of satisfaction one can get from mentoring and guiding teams, I have always been a “roll up your sleeves” type of guy and wanted to get back to that.

What does Success Look Like?  Paint a vision of your future and point all your ongoing activities to that goal.  I had both financial and lifestyle goals as part of my vision, and I am so pleased that say that I achieved both.  Not to say, there weren’t hiccups along the way, but I stayed the course, and this was one of the best moves I made in pointing toward a goal.  Sure, I had some short-term mileposts to hit along the way – “can I survive the first six months” – but I methodically marched toward my goals.

Develop Action Plans – Entrepreneurship is a lot of work and if you think otherwise, you may be in for a rude awakening.  There is a lot of sausage-making.  In my business plan I developed four pillars that I needed to create action plans for:  1) strategic planning; 2) project management; 3) Interim executive management; and 4) public speaking.  Each of these pillars had a plan: 

• Identify the scope of opportunity
• Develop multiple methods of business development
• Create ongoing content and value propositions
• Determine the revenue/expense metrics for each area

Target an Industry – Well, this seems obvious, but I am surprised that more budding entrepreneurs don’t approach their core industries in this fashion.  My corporate background was in the Quick Service Restaurant (QSR) and Convenience Store industries.  I decided early on that I would focus a disproportionate amount of time on the Convenience Store industry, and this is how I try to stay relevant:

• As evidenced by this article, I write for C-Store Decisions magazine
• I have established and communicate to all the state-run C-Store Associations presenting countless speeches for their constituents
• Managed projects for multiple C-Store brands over the last two decades
• Sit on multiple C-Store Boards
• I have written well-over 100 blogs that pertain to the industry

By targeting in a multi-pronged approach, I have maintained relevance in one of my core industries.

In summary, mapping your path forward starts the desire to not only head in this direction, but the discipline to execute on your plan.  Creating your vision and goals help to reinforce the big picture and keep the target in mind.  The call-to-action planning helps start the steps to begin the journey that enables you to not only achieve your long-term goals but enjoy the ride as well. 

Thanks for the coffee!