So now you’ve hashed out the idea, thought through it and maybe you even received some meaningful feedback. You have your ideas in better shape now and you’re ready to start running full speed ahead, but what are the critical steps for proper execution?
Identifying the Right Team
I can’t tell people how important this is. Scholars have written about it and entrepreneurs will tell you until they are blue in the face; unless you have the right team you are most likely doomed for failure. Your idea is only a small part of the puzzle and the people you work with will create the dynamic for proper execution. This isn’t to say that you can’t go it alone in the early days, but working with others always almost always ends up with a winner.
How do you get the right team? They have to believe in the idea like you do. You may have some folks in your circle that have always been interested in starting their own business. Maybe they even pitched their ideas to you at some point. Get them engaged in the conversation on your idea, but be patient. The talks may take longer than you like, you may have to do more convincing than you think is necessary given how fantastic your idea is, whatever it may be free up your calendar for a few weeks.
Don’t automatically assume your friends or people you love to hang out with are the appropriate partners. There’s more to the team dynamic than that. Sometimes it’s even better to have people that disagree with you so you have the opportunity to truly think through the idea and even form better thoughts through debate. Also, because you like them doesn’t mean they necessarily have the skill set to make your business successful. Separate the business and the personal to see great results!
Reevaluate Your Determination & Focus
Especially in the early phases when people are passionate about their ideas and are eager to shake things up in their lives, determination and focus are at record levels. Seasoned entrepreneurs are well aware of this and can often control the emotional element from becoming a distortion factor.
Every entrepreneur HAS to know that they are willing to dedicate everything they have to the execution of the idea. So the official definition of an entrepreneur involves a concept which is not considering the resources at hand which means that you are running full speed into the dark. You will face all sorts of pitfalls and disappointments and these are the times that your determination will be put to the test.
Begin Writing a Business Plan
This first draft of a business plan by no means has to be very lengthy or entirely comprehensive. This document is as much for your as it is for team members and investors, but between idea formulation and execution worries, it’s really easy to forget a lot of the great ideas and the path forward that you had originally envisaged. Get this down on paper which include:
- What is the business opportunity?
- Why is this a cool opportunity?
- How are you going to execute?
- How do you make money?
- Where is the exit?
These will definitely change as you move forward, but nevertheless it’s good to have a starting point.
Where do you stand on these steps?