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How to Start Your Business - 10 Week Challenge

Week 3 Challenge: Identify the skills you need to learn and build a business model canvas

By now you must have read the book - The E-Myth Revisited suggested in Week 1. The book tells you how an entrepreneur needs more than just the technical skills to run a successful business.

To run a software business, you must be willing to learn more than just programming skills. To run a restaurant, you need more than cooking skills. To start a fitness gym, you need to have more than just working out skills.

This week, you have to complete 2 activities

Identify the skills you lack

During this week, you must identify the top 5 skills you lack to run the business. If you have a partner, factor in the skills that he/she brings to the table. Among the skills that both of you miss, identify who among you will pick which skill.

For example, let's say you want to start a restaurant, where you handle the cooking and your partner handles the operations. If both of you lack the knowledge of social media, one of you has to take the initiative to learn the nuances of it. If you have the budget to outsource such work, feel free to skip learning such skills.

Once you identify the skills you have to learn, make a plan on how will you acquire those skills. Will you take lessons, read books, sign up for courses, find a mentor or learn by trial and error? Any plan works as far as you have a plan.

Create a business model canvas

Don't be an entrepreneur who goes by assumptions. A level headed businessman is who has a clear picture of the benefits of his business along with the ways to reach people.

Using the business model canvas is a great way to help you understand your business and customers better. This guide summarizes how to build a business model canvas in detail. Having a business model canvas helps you brainstorm ideas and validate your assumptions.

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