What is more important, having a terrific business idea or taking massive action?
The answer is BOTH!
In fact, when people join us for the ride on their way to entrepreneurial success over at InfoMarketer’sZone, guaranteed that they are missing one or both – otherwise they would already be on their way to the top.
Believe me, we see both sides of the equation.
On the one hand there is the fundamental belief that many entrepreneurs hold about their ability to turn ANY idea into money if they just work hard enough. The fundamental problem is that if the idea is flawed, if the idea is missing the mark in terms of targeting or if the idea is not packaged in the right way as to bring in maximum return, then your business will struggle and eventually even fail.
Then again, we have worked with many entrepreneurs who have had many terrific ideas, but lack execution. They either do not have the knowledge of how much work it actually takes to bring an idea to market, seed it and get it to the point where it scales on its own OR they lack the focus required to persist until their idea is on the right path choosing instead to keep jumping to the “next big thing”
So many of you put 90% of the stock in your idea and 10% stock in the execution.
My formula is more of a 50/50 proposition – where yes the idea is still very important to get right, but so is the right amount of COMMIT around execution.
When you get these two elements combined in the right way then building your business is magical.
INVESTING YOUR TIME, ENERGY and EFFORT
One of the common misconceptions is around the length of time it will take for a business to really take off.
It is extremely rare (in fact I can’t think of one single example in the thousands of entrepreneurs we have worked with) where a good idea and top-notch execution leads to massive results right away.
I liken it to planting seeds in a garden, for 2-3 weeks you won’t see ANYTHING even though there is massive changes happening to that seed under the surface of the soil.
When you seed your business, great entrepreneurs know they must simultaneously look for signs that they are headed in the right direction (so they don’t spend weeks on an idea that just isn’t hitting the mark), AND they know it will take months and years to really scale their market, business, products and value to the point where it is HUGE.
In fact, once you see the signs that you are on the right track (and you do this through a combination of knowing how to research your market, test and follow your numbers), top entrepreneurs know their ship is just leaving the dock and that their journey to business success will see stormy seas and from those storms will come even greater learning and progress.
Don’t kid yourself…you need to have both a great idea (that provides tremendous value to your target market) AND superior execution (involves a willingness to sacrifice much in your life for the baby that is becoming your living and breathing business)
What area do you feel you are stronger, coming up with great ideas or execution?
