I am approached every year by hundreds of entrepreneurs with great ideas, great strategies but no track record of execution – all seeking funding for their respective ventures – and I turn them down one after the other for a lack of track record executing.
So here is some food for thought for all those of you still debating whether should funders back an idea/strategy or whether execution/track record is really what counts.
First time and aspiring entrepreneurs often mistakenly believe that a completely unique and original idea is what’s going to make them rich. In reality it has very little to do with the idea, and more about the choice of market, the team, the execution, the persistence, timing, and how good you are at adapting the business along the way based on what you learn.
I’ve made this mistake multiple times already in thinking that one specific product idea would be the key to a successful business and then got trapped working in an area I wasn’t thrilled about.
So instead of looking for one specific market gap, think much more big picture about what kind of market you want to be in the long run.
Continuous Reading: Successful Ventures