Means Inventory Assessment

A guide to help you figure out the resources available to you in developing an effectual starting point.

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Contents

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• Bird-in-Hand principle review

• About using this guide

• Who I am

• What I know

• Who I know

• Existing ideas dump

• Synthesizing your means

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the Bird-in-Hand principle

Start with your means.

When expert entrepreneurs set out to build a new venture, they start with their means: • who I am

• what I know• whom I know

Then, they imagine possibilities that originate from their means.

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Given Means

M1

M2

M3

M4

M5

Imagined Ends

E3

E5

E4

E1

E2

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Advantages of being means-driven over goal-driven.

• You’re working with your strengths without having to first overcome your weaknesses

• You’re not waiting for the perfect opportunity

• You increase the chances of finding or creating an opportunity that fits with you

• You’re increasing the likelihood that you’ll learn from failures and build upon your expanded means

• Good stakeholders will share their means with you to create goals common to all available means

• You’re forcing yourself to be creative with what you have

• You increase your confidence and belief in the ideas and goals you develop

• You gain control, because you have control over your means

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Means are not static.

They change with time as you bring in new people with their own means. And, the combination of your means with other

peoples’ means can lead to entirely new and exciting opportunities.

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Don’t have a single business idea?

That’s great. That’s ok.You’re closer than you think.

This book includes a variety of questions that will help you put all of your “ingredients” out on the countertop. Then, you can

start to imagine some interesting recipes for cooking up.

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Starting with some ideas in mind?

If you have some ideas already, this guide is equally as useful.

• The means you re-discover in the coming pages will help you expand your ideas.

• If you just have a lukewarm relationship with your ideas today, you can adapt them to excite you and take advantage of your means.

• You might even discover that your ideas largely fall outside the realm of your existing means. This could lead you to avoiding a costly mistake!

• If you’ve had an idea for a long time, and it doesn’t fit with the answers you’re giving, don’t discount it as not doable. Somehow, the idea is relevant to who you are, what you know, and who you know... so keep expanding on your means.

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Suggestions to answer the questions.

• Go through all of the questions once quickly, just to see what’s in store.

• At first glance, just write down keywords. Whatever comes to mind. Don’t spend a lot of time.

• Flip back-and-fourth between the questions, you don’t need to go in order.

• Get someone who knows you well to help you.

“It’s hard to start with blank pages,I need to begin with at least some idea in mind.”

• Yes, it can be hard to start the flow. Try constraining your first pass of responses to a single theme in your life.

• Or, you might have so many ideas that you could answer each question from 10 different angles. We suggest going to the end of the booklet and start writing out all of your ideas in the Idea Dump, then start the questions.

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Help in answering the questions.

Put yourself in different contexts. What means did you acquire or build:

• as a teenager

• at school

• at university

• in your first , second... job

• in your private life

• with hobbies/activities

• from your parents

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Who I am(traits, abilities, attributes)

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You are the unbeatable competitive advantage.

No matter what you choose to do, your own energy is what must drive you forward.

Maybe you could feed off of the energy of someone else for a short bit, but unless you are working on something that deeply resonates with you, you’ll struggle to find the energy after awhile.

No venture is without obstacles and major setbacks. You’re less likely to lose the motivation to push through those challenges if you have a durable connection to what you’re working on.

It’s safe to say that your passions of past and present are most likely to stoke your passions from now forward.

In that light, be honest with yourself as you answer these questions.

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I passionately care about...

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My hobbies and interests include...

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In my life, I’ve continued to invest my energy in...

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Some of my unique strengths are...

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I deeply trust in my ability to...

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I like getting lost in doing...

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I get my energy from (flow)...

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Lately, I’ve found myself spending a lot of time fussing over...

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I am excited by projects that...

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People would say that I’m...

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What I know(education, experience, expertise)

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Bring your learning to the venture.

The goal here is to go far beyond what’s typically included on a standard resume.

In the end, you want to be specific. But, most people need to start thinking broadly about what they know.

You want to discover knowledge that you have specifically developed over time. It can be in any category. It need not be scientific or technical—it can be about people, an existing product, a problem, or from any old esoteric thing you’ve developed an understanding of.

It’s important to think about what knowledge you were most self-driven to acquire. If you spent 15 years at a University in a laboratory and hated every minute of it, but spent the last 5 years spending every extra minute on a side project you absolutely love, then make sure to emphasize that knowledge in the coming pages, too.

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I’m formally educated in...

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I’ve educated myself to be able to...

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I am developing an expertise in...

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My experience is grouped into these categories...

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I am good at...

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Skills I can put to work tomorrow...

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Who I know(your social networks)

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It almost goes without saying.

The people you know are among your greatest assets as an entrepreneur.

Building a network of self-selecting stakeholders requires that you interact with real human beings.

You might think of who you know in three categories:

• people who are directly accessible to you: friends, peers, and acquaintances

• people you met through serendipitous encounters

• people who are within six degrees of separation of you

We know that expert entrepreneurs are very good at “seeing” their means and also the means of others.

It’s so often the case that the most unlikely of people will have the biggest impact on the path of your venture. The activity of listing people here is among the most important you can do.

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First people who come to mind.

Can you list 5 people who seem like automatic go-to people when you think about starting a venture?

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Friends and acquaintances.

Think about: who do you regularly interact with

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Business peers and collaborators.

Think about: who you work with now and in the past. Remember anyone who you particularly respected or insisted that you stay in touch with them?

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People who are geographically nearby.

Think about: neighbors, shops & businesses you frequent, anyone you regularly chat with, acquaintances

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People you’re connected through via a common institution or organization.

Think about: clubs, activity groups, Facebook, familiar LinkedIn connections

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Loose connections that seem intriguing.

Did you once meet someone interesting and saved their business card? Do you have a few high-profile names? From seminars, or vacations?

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Slack and Other Resources(extra, waste, empty space, free stuff, rentable)

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Are there resources right around the corner just waiting to be used?

Sometimes, you can find unusual opportunities by uncovering resources that are simply “left over,” or there for the taking.

The following pages help spark your imagination to explore potential resources right under your nose, within your means.

Another approach is to first think of a resource that would be nice to identify as “slack.” Perhaps you already have a business idea that needs something. Then, as you go about finding that something, think about who or where that resource might be in excess or simply left over. Tell people in your social network that you’re looking for something free.

Can capital be a “slack” resource? Most people with money to spare try and put it to work. Maybe there’s money right under your nose just waiting to be put to good use.

Maybe you could consider your own belongings to be slack resources. Could you sell them? Rent them? Once you start thinking slack, resources begin to seem abundant.

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Slack Resources:...through people you know

Who would you talk to who’s very resourceful? Who do you know who’s always finding free stuff? Brainstorm with them!

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Slack Resources:...through an organization you know

Does an organization provide free volunteer labor? Are there people out there looking to work on a new challenge?

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Slack Resources:...through a business

What do other businesses have extra of? Time, expertise, machine time, equipment, scrap materials,

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Slack Resources:...by just observing the world

Next time you’re out in the world, pay attention to things lying around. Ask yourself, “what’s being wasted there?”

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Existing Ideas DumpIf you’re so full of ideas that it’s hard to answer the questions,

then just list your ideas here. You might come to the conclusion that you need to prioritize which of these ideas you want to

pursue, if any at all.

Then, start back at the beginning and take a fresh look at your means... you might feel differently about these ideas!

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Idea dump:

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Idea dump:

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Idea dump:

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Synthesizing Your Means

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Let you imagination do the work.

If you don’t have dozens of ideas screaming out at you, you’re not alone. Maybe you’re overwhelmed, confused, disappointed, or just exhausted. Good job.

• Sleep on it. By going through this process, your brain will start assembling things together, and making connections. Allow yourself to daydream.

• Revisit every few days or weeks.Keep adding to the list of means, circle things that excite you or particularly resonate.

• Share your means with people.Sometimes friends or colleagues can energize your imagination. Did you start this guide in a group?

• Use examples.Maybe you need a spark to help you put things together, think about existing businesses and how they relate to your means.

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This document is intended to be introduced in an educational workshop as one of several supporting materials.Copyright © 2011 The Rector and Visitors of the University of Virginia