We promised to bring you more on entrepreneurship and the traits that make an entrepreneur successful, so here comes part 2 of “Art of Entrepreneurship” . This particular section focuses on some key traits that help one execute or out-execute in the world of ideas.
Any successful entrepreneur would tell you that ideas are worthless without execution, and therefore regardless of which ideas you may or may not have; it is ultimately your choice to act that will define if you are to become the next great entrepreneur to walk into the world of business next to the likes of Donald Trump or Bill Gates.
Executing on an idea can be quite difficult and overwhelming which is ultimately the reason why every idea doesn’t become an instant hit. People simply choose to do nothing about their ideas and let them be forgotten. The two main reasons ideas die off instantly is the lack of perceived funding and the lack of knowledge as to what to do and where to start. So really, where do you start?
There are so many venues, resources and tools available to those that really want to bring their ideas to execution and yet none of those tools and resources are used or found, instead giving up becomes a much easier alternative. This lack of focus and determination is the perfect example of how your inability to believe in yourself will significantly limit your growth.
Execution is never perfect right from the start, and it is to be remembered that no one will know right from the start what the end result of their business looks like, instead it is a constant work in progress that is ever changing until it becomes this perfect business that not only makes sense to you but makes sense to your clients, viewers or users. The important part is to make sure that actions are continuous and change is welcomed rather than spending time in the planning phases.
Here are some common mistakes young entrepreneurs make:
- Spending an eternity planning for the perfect product
- Wasting resources and wanting to implement all phases at once
- Making funding a drawback and excuse for the lack of start
- Making money the priority in the project, not the project itself
- Allowing emotions to keep them from letting others in to help
- Acting alone, and not consulting with necessary people
Here are some steps you should take instantly when a good idea comes about:
- Make a reasonable 6 month plan
- Allocate a bit of your own funds to the project, if you are afraid to lose, you will never make it
- Focus on the project itself, money will come later
- Take feedback from a neutral mindset
- Do not get emotional, remain passionate
- Retain your vision at all times and remind yourself of the end goal
- Start the process
A great example of this method and to illustrate my point, we will analyze the business known as Klutch22, the real time car locator app. Julien Noel and his team created a great car locator app used by all car enthusiasts to cruise together and remain connected. Julien’s goal is not to make millions of dollars upfront but rather to create a convenience for himself and his friends when going out on cruises, rallies and car meets. He is providing a convenience for his fellow car enthusiast and therefore positioning himself with a niche by having additional focus on the car segment, rather than a locator used by people. The real story to illustrate here is that the Klutch22 application he created is very early in production and is only on its second update, and far from over. The app is available on 1 platform for now, which remains the iPhone. Julien plans to expand this line into the Android market as well as create many new features that over time will make the app simply a “must use” by all car enthusiasts but the true entrepreneur in him believed in his idea and he therefore executed around himself.
He didn’t wait to have all the features, version and variations available, but instead he chose to launch a beta version, along with a site and then market it to get people’s reactions. As feedback was good, he chose to update it and start the process around the Android version. This is execution at its best and shows that despite having an idea, he was able to turn into reality before deciding where it will be headed. This same example can be applied to our friend Jordan Swerdloff at ADV1 Wheels who also uses execution at his advantage. In his case, he didn’t start a new idea or invent wheels for cars but rather took a concept that was already out there but not executed properly and therefore out executed the idea and re-invented the genre which now became the new standard in automotive excellence.
Execution is the single most important trait of a successful entrepreneur as acting outweighs talking and successful entrepreneurs not only know that but also live by it everyday. Just keep in mind that most of today’s successful entrepreneurs simply out-executed those that created the original idea. So Jordan and Julien both executed on what they know best, are you executing?