Introduction:
Matt Grant, a part-time MBA student, has developed a successful trial edition of a free publication listing athletic events in the greater Boston region. He is considering leaving his promising career with a big electronics company to pursue his venture full time and seeks your advice on how to break the news to his lawyer wife.
What You Think The Real Problem Is:
The real problem here is the potential conflict between Matt's desire to pursue his entrepreneurial venture and the impact it may have on his relationship with his wife, who is focused on her own career as a lawyer. Matt needs to find a way to communicate his aspirations effectively and address any concerns or reservations his wife might have.
Your Analysis:
1. Evaluate the opportunity: Assess the potential of Matt's venture by examining the response to the trial edition. Consider factors such as market demand, competition, growth prospects, and the feasibility of generating sufficient revenue to sustain his entrepreneurial endeavor.
2. Identify personal motivations: Understand Matt's personal motivations for pursuing his venture full time. Is it purely financial, or does he have a deep passion for the industry and the work? Understanding his underlying drive will help him articulate his reasoning more effectively.
3. Assess the impact on his wife's career: Consider the potential impact on Matt's wife and her career aspirations. Evaluate how supportive she may be of Matt's decision and whether she might have concerns about financial stability, work-life balance, or the risk associated with entrepreneurship.
4. Communication and compromise: Encourage Matt to engage in open and honest communication with his wife. Schedule a time to sit down together and discuss his ambitions, the potential of the venture, and how it aligns with their long-term goals. Be prepared to address any concerns or fears she may have and explore possible compromises that could accommodate both their aspirations.
Your Recommendations:
1. Prepare a comprehensive plan: Encourage Matt to create a detailed business plan that outlines his vision, goals, strategies, and financial projections. This plan will demonstrate his seriousness and help address any concerns his wife may have regarding the viability of the venture.
2. Emphasize the trial edition's success: Highlight the positive response and encouraging feedback Matt received during the trial edition. Discuss how this validates the potential of the venture and presents a compelling opportunity for him to explore further.
3. Discuss financial implications: Address the financial aspects openly, discussing the potential risks and rewards of entrepreneurship. Be prepared to share a plan for maintaining financial stability during the initial stages, such as saving, exploring potential funding sources, or exploring part-time work options for Matt while the venture gains traction.
4. Seek a compromise: Explore possible compromises that could allow both Matt and his wife to pursue their careers while supporting each other's aspirations. This might include discussing potential adjustments to their schedules, seeking additional support systems, or exploring opportunities for collaboration between their professions.
Conclusion:
In making his decision, Matt should consider the potential of his venture, communicate openly with his wife, and be willing to compromise. By presenting a well-thought-out plan, addressing concerns, and finding ways to align their goals, Matt can foster understanding and support from his wife while pursuing his entrepreneurial aspirations.