In Over Their Head Entrepreneur

In-Over-Their-Head Entrepreneurs

In-Over-Their-Head Entrepreneurs have resources like cash, contacts, experience, infrastructure, and technology. But you are operating in unchartered waters. This is a rare situation and may be because you're trying to expand a business, diversify, or operate in an unfamiliar field or industry.

Your instincts serve you well in familiar territory. But they are of little use when different expertise is required. In-Over-Their-Head Entrepreneurs can’t tell if a venture is ‘on’ or ‘off’ course with its ‘entrepreneurial success script’ and must resort to guesswork.

“It's not what you don't know that hurts you; it's what you know that ain't so!”-- Will Rogers. You find compelling, convincing, and persuasive information – but it’s contradictory. You may come across this kind of thinking error. You will be frustrated, discouraged and surprised when your old formula doesn’t work in this new venture. You must rewrite your ‘entrepreneurial success script’ to navigate these new waters.

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Example of a famous In-Over-Their-Head Entrepreneurs

Debbi Fields (born September 18, 1956) is the Founder of Mrs. Fields Bakeries, as well as the author of several cookbooks. Hers is a true success story of an American homemaker who overcame numerous obstacles to create an international business

In August of 1977 (with the amazing backing of a banker in this untried concept), an inexperienced 20-year old opened a cookie shop in Palo Alto, California. Halfway through her first day Debbi hadn’t made a single sale, so she went outside and started handing out her cookies for free. Soon people were streaming in to the shop to buy more of her cookies. Fields began franchising in 1990, and though she sold the business to an investment group in the early 1990s, she remains as the company's spokesperson.

Debbi Fields is an excellent example of someone who started out as an In-Over-Their-Head Entrepreneur. When she launched her business she was likely very aware of the “recipe” for creating a new business opportunity, and was eager and driven to start a successful business despite her detractors. While she was confident in her ability, her early success was beginning to go beyond her experience and expertise. Rather than being over confident and relying on guesswork, she brought in a group with the expertise that she lacked. For instance, in 1989 with expansion on the horizon, Mrs. Fields, Inc. was among the first companies to take advantage of dramatic computer technology advancements, streamlining operations and production schedules with a state-of-the-art computer system. Her program is used as a model for business efficiency at Harvard Business School.

Today, Mrs. Fields Original Cookies, Inc. bakes and sells specialty cookies, brownies, pretzels, and other baked goods with over 1,500 stores named Mrs. Fields’ Original Cookies, the Great American Cookie Company, the Original Cookie Company, Pretzel Time, Hot Sam, and Pretzelmaker in the United States and 11 foreign countries