Some people think that Successful business people have just been lucky… or have had a rich dad or insider access to knowledge or technology.
The reality is that Business Success – for most entrepreneurs – is the result of long hours, hard work and trial and error. The old adage: “Failures make you wise, not rich” is all to familiar.
However, there are more and more startups and entrepreneurs that understand that building a successful business is a combination of
Remember Alice in Wonderland coming to a cross-roads and asking the Rabbit for advice?
The same holds true for starting and growing a business. If you dont know where you are going, it doesnt matter what you do. And it is unlikely that your actions will be aligned and move you in one direction. The first insight therefore, is that
Have you ever been in a situation where you didnt know what to do?
Did you – eventually – find out, either via trial and error, getting advice or searching for the information?
I think we have all done on of these things. The major problem is, that
If you dont know where you are, where you are going, and have a good idea about how to get there, you wont be able to find the right answers… I will repeat that, you wont be able to find the right answers. If you search using wrong words or ask about wrong things, you will get wrong answers.
In order to be successful in Business you need to know what areas are important, what the lingo is (words, terms) and what strategies, options and solutions that exist for these areas… Otherwise you will search blindfolded.
Do you need to know everything about everyting? No, not at all. You need to know enough to make intelligent decisions and choose where to spend your energy.
You can liken it to a menu. You dont need to be able to cook the food, but you should know what dishes there are, and have an idea to what each is… With this knowledge you are not at the mercy of employees, partners or suppliers but in full control of your destiny.
You need to be able to analyse and plan the road ahead.
of Deliberate Actions
With Clarity and Knowledge comes overview and Options. However nothing has been accomplished yet. Time has come to act. Not to just do something… But to
Execute your plans. To make the options a reality.
Notice my use of the word “execution”. It is different that just action. Tony Robbins says that “Success comes from Massive Action”…
I agree, but it must be deliberate and focused actions or as I say it:
History shows that you can have clarity, knowledge and execute… And still fail.
Actually, more than 80% of all innovations that are brought to market fail. Likewise Less than 1% of all patents that are issued are ever used.
Think about it, if you come up with the idea of Internet Search, Social Media, Ride sharing or renting your abode, you would face stiff competition from Google, Facebook, Uber and AirBnB…
Google and Uber has already become verbs. You Google or Uber… In the same way Xerox is a verb for a copier and Nescafe for instant coffee.
Note that neither Google, Facebook or Xerox was first in their categories and that Uber and AirBnB took existing ideas (taxis and private rentals) and made them cool and global.
Why did these companies succeed? Timing.
Now, look at Tesla. A cool company with a superior product that is even in with the trend of climate change… While Tesla has a phenomenal product it is NOT a Business Success. Tesla has yet to make money. Why? Timing.
“OK, Jacob I get it” I hear you say… “If I were to invent the next Internet or electric airplane Timing is critical. But I am just setting up a X around the corner. Timing sure isnt an issue for me, is it?”
Well… Timing is still critical… If the need for X is already filled by other businesses, then you are too late… If there are none you might be too early.
There might be a GAP in the Market
But is there
You have to look for Goldilocks conditions: Not too hot and not too cold. Lets say you want to open a Restaurant.
If there are only one other and they are always full, your timing is great. There is clearly a need, and as the existing restaurant is full it is likely there is more demand.
However, if there are multiple other restaurants in the area and they are at half (or less) capacity in the rush hours, it is probably a signal of oversupply: You missed the boat… Timing is wrong.
Only by being exceptional can you offset Timing… But it requires hard work.
There are four key ingredients in Business Success…