So you wake up in the middle of the night with a brilliant idea. You are all fired up. You rally your closest advisors and you tell them about your new and shiny business concept. Passion exudes and you strongly believe you have what the market needs.
Passion is critical. What have you done though, to determine if your idea can be turned into a viable business? Many entrepreneurs are destined to create change. First they must shake up their existing infrastructure to support the much needed new strategy or vision.
So what do you do? You go ahead and identify your low hanging fruit. Then you pick your buddies who you feel are equipped. After all, you hung out in university together, were part of the same frat, worked together at a previous employer. Everybody is now in place.
Then you discover there’s team dysfunction. There is competition amongst team members, siloed tactics, and lack of trust. Leadership is about having courage. So now you need guts. It means stepping back and reevaluating whether you have the right talent on board. Entrepreneurs must select contributors who complement their skill set. Your buddies may not be the right call or might have been right, in a very different venue.
Falling down and starting again is in every successful entrepreneur’s history.
Entrepreneurs are visionaries. They know what the market needs before consumers are even aware. They can be compelling and sweep others up in their passion. And why is this a problem?
Well, here is another potential flaw. Entrepreneurs may falter as they may not engage in due diligence. This requires a methodical and operational focus. Tactics generally bore self-starters. This is tedious stuff. Smart entrepreneurs surround themselves with solid, on the ground troops. Troops who operationally put all the logistics together.
It is critical for entrepreneurs to not just accept failure, but rather, recognize that failure is vital to success. Falling down and starting again is in every successful entrepreneur’s history. This may mean you will need to potentially abandon your idea and start from scratch. Tremendous knowledge is gained by failure.
Permitting failure requires you to put your ego aside. Will you listen? If you don’t heed advice or listen to experts you will falter and you may not succeed, or at best only have fleeting success. You will have high turnover, you will have retention risks both from a staff and client perspective. A sure formula for an unstable business model.
We all think our babies are attractive, bright and irresistible. Sometimes our babies are indeed that compelling. Other times, our offspring or innovative idea requires pressing the reset button. Successful entrepreneurs are open to advice, wisdom, and teachings from those who have been there.
Hope you’re listening. It will be your greatest asset that will propel your original idea to triumphant victory.