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.
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.
[Tweet “Why Your Business Idea is Probably Worthless | Execution Matters #entrepreneur”]