What’s the difference between ventures that commercially fly and those that barely get off the ground?
I’m sure like me you will have had successes and also some failures over the years. At the end of the day nothing in this life is for certain and business is a risk.
So here are the three fundamental keys I have found that differentiate success from failure when starting a new venture.
1. The Idea
Well let’s start with the obvious.
How good is the idea?
Not just to you but to your target market, so do your research and understand what is needed. Don’t rely on friends and relations to give you feedback on the idea as they are not going to be impartial.
You need to know right up front that your idea is not just good, it’s GREAT from the customers point of view.
Now I’m sure you have had some great ideas in the past that have not seen the light of day so the next step is to have…
How confident are you about this great idea?
It may be a great idea but are you prepared to put your money where your mouth is?
Financial investors want to see commitment to an idea. Why, because they want to be confident in your confidence!
Think about programmes like Dragon’s Den and how often the dragons run for the hills when they learn the person in front of them has equity but is not prepared to put it at risk. It shows a lack of confidence.
At the end of the day if you do not have the true confidence to back your own idea, not just hot air, then perhaps the idea is not so great!
And then lastly
This is the doing bit.
What are you prepared to do to make your idea a reality?
This is where the talking and hot air stops. It may take massive activity over a long period so be prepared for the long haul.
Are you going to fall at the first hurdle or are you prepared to do what it takes to get heard?
The one thing I have found over the years is that for success all three of these keys have to be in place in the right proportion.
I have seen great ideas never get off the ground through lack of confidence.
I have seen confidence in a great idea just evaporate at the first hurdle.
I have seen blind confidence and boundless energy being wasted on poor ideas.
Hopefully you get my drift as it will always be one or more of these elements that are not in balance in every failed project.
With all three in balance i.e. a great idea backed by confidence and the appropriate level of activity you are on route to success.
I’m sure you will have your own war stories of those great ideas that have not seen the light of day.
Perhaps now is a good time to run the three key test on any ventures you have started recently or that have not yet yielded success and see which may be out of balance.
Based on concepts covered in my book ‘The Levels- Can Your Business Step Up to the Growth Challenge? available in paperback, Kindle or audiobook.
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Using The Levels Framework, I help business owners achieve long-term sustainable growth using strategies I used successfully for many years.
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