Why Your Business Idea is Probably Worthless

I love twitter.

I meet the most interesting people there.

I recently connected with Paul Brunson on twitter via an article he wrote: 20 Successful Habits I Learned Working For Two Billionaires that is a must read.

But it was an article Paul shared on twitter, the 3 Most Dangerous Half Truths in Entrepreneurship, by Tim Berry, that inspired this post. The article railed against doing what you love in business, and the myth about passion, persistence, and perseverance as the keys to success.

Y’all know I’m all about doing what you love in business and I like to quote Ben Horowitz, who says the difference between successful and unsuccessful CEOs is only persistence. Yet I 100% agree with Tim that you must offer something of value to people that solves a real problem, for which they are willing to pay you enough money to build a viable business.

If you don’t do that, you should probably quit. Or just do what you love as a hobby, which is cool too, if it makes you happy.

The Cult of the Business Idea

It’s Tim’s last point about what he describes as “The cult of the business idea” that really got my juices going. I love what Tim says here:

Most of us seriously over value the role of the business idea, as if a good idea guarantees success (it doesn’t) and a mediocre idea, or old idea, or copying somebody else’s idea guarantees failure (they don’t).

That says it all.

Execution Matters

Everyone knows eight out of ten businesses fail. There are many reasons for this and I suspect lack of execution is a big one. Without execution, your business idea is probably worthless. You need to know exactly what you are getting yourself in for, so research trends and study them extensively. Shopify Niches 2019 might help you identify your place in the marketplace.

I see many startups come out of startup weekends with so much excitement from the “ideators,” but many of them never get past the napkin or business model stage and can’t/don’t execute-for whatever reason. So even if you love the idea of starting a dog daycare business, it’s going to be really hard to make it successful. It’s not impossible, just be prepared to have to put in a lot of effort.

My favorite thing though is people who, without regard for what you’ve done, what you know works, and what you can actually get done, “unsolicitedly” start telling you what you should do. They just start shoulding all over you. I recommend ignoring most people who should on you, otherwise you risk getting distracted, and focus is key to execution.

But I digress.

The bottom line is: Execution Matters, and without it, you’ve got nothing.

Ignore People Who Say Your Idea is Bad

Finally, I’d like to share a few thoughts about people who tell you your idea is bad.

Don’t listen to them.

There were so many people who told me WeMontage was a terrible idea when I started. WeMontage hasn’t exactly set the world on fire (yet), but eighteen months after launching, it has almost $100,000 in sales with nearly one thousand happy customers.

I never would’ve gotten this far if I believed the naysayers and if persistence wasn’t my strongest attribute.

So ignore the naysayers and haters. Like Mark Zuckerberg said:

Haters gonna hate…

Do listen to your customers; they will tell you if you have a product or service that is valuable. If you do, lean into the challenge of building and starting a business with all your energy.

And stay focused on building a product/service that customers want and will pay for. Don’t get distracted chasing shiny, new objects that don’t help deliver against your value proposition.

If your business idea doesn’t work out the way you want, it’s ok. You will learn a lot from the experience.

And most important, you won’t end up as one of those people on their death-bed with regrets they didn’t have the courage to really do what they wanted in life, and the sad realization they don’t get a “do over” (as far as we know).

Like my man, Mario Armstrong said:

With complacency comes regret.

Let’s go!

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Feature image credit: CJ Sorg George Bucks

8 thoughts on “Why Your Business Idea is Probably Worthless

  1. “Everyone knows eight out of ten businesses fail. There are many reasons for this and I suspect lack of execution is a big one. Without execution, your business idea is probably worthless.”

    I totally agree. I’ve known so many people who talked about the awesome business they wanted to start. The problem? The business only existed in their minds and in their words.

    There’s a huge difference between talking and doing. At some point, you have to put action to your words.

    Great post!

    1. Yep. We need more “doers” in the world. Thanks, Jeff, for stopping by.

      I’d love to stay connected. Please subscribe, if you haven’t already done so.

  2. Interesting post, I agree that execution of any idea is key, once you get past falling in love or shall I say the love stage of your business are you going to continue to be bold and make it happen no matter the cost or the sacrifice. Often times people get hung up on what everybody else says or thinks and those thoughts ; those words become your reality they become you and when you take a hard look at yourself. You have become the thoughts and actions of others and unrecognizable to yourself. Confront you, get past you and walk into; own your identity and purpose and you become the idea/ the business, with the compassion and zeal that execution requires.

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