You, Your Idea, and Your Ability to Execute
Why do so many businesses fail! How do the 20% that succeed do it? There is no way to guarantee success when you start a business but the best way to increase your odds is to make sure your 3 Pillars are equally strong and bulletproof.
Pillar 1: You-
Nobody is born a perfect Entrepreneur. Everybody has strengths and weaknesses that need to be developed. Everyone has heard about Type A and Type B personalities but they really need the Type-E personality for Entrepreneurs. Having the right personality can sometimes be the difference between success and failure. You need to test your personality to find out if you are the right fit. Remember, nobody is a perfect Entrepreneur so knowing where your personality is lacking will allow you to do something about it.
Pillar 2: Your idea-
It starts with your reason for starting a business. Don’t confuse motivations for starting a business with the right reason. You must have a valid business reason to start a business. Just starting a business because you hate your boss, think it will be fun, or don’t have any other options will most likely result in failure. You must have a niche idea, a vetted business plan and so much more to have a chance at success. There is no opportunity for success when your plan is to copycat someone else. You need to have a unique product/service and bulletproof plan.
Pillar 3: Your ability to execute-
You could be the right person with the right idea and still fail if you don’t have the ability to execute. There are no regulations that stop anyone from starting a business. You can become CEO of your business tomorrow if you want. This doesn’t mean that you can successfully run your business. When you are the Entrepreneur, you are doing every job in your company. Every function that you are not skilled at is a major risk for failure. Do you know your skill set and have plans in place for anywhere you are weak? As CEO of your new company, you are responsible for finance, accounting, operations, sales, marketing, IT, distribution, customer service, etc… You need to be able to execute and implement that great idea and plan.