Archive for January, 2007

Minding your own business

January 13, 07 by Diego

Many people have business ideas but probably only a few go further than “having the idea”.

I just found an article on The Guardian Unlimited with seven “Golden rules of entrepreneurship” by the frech entrepreneur Loïc Le Meur. I found them quite simple but yet useful for potential entrepreneurs:

  • You wait for the idea of your life. I know so many people who, before starting a business, wait for the idea that will revolutionise the world. They never do it. We all have business ideas and the difference between an entrepreneur and a “normal” person is that the entrepreneurs execute it.
  • You do not look for the empty space surrounding you. Opportunities are everywhere. Did you ever think “this service can be really improved”, or “this product is really bad”? This is empty space and an opportunity to create a business. Of course, it is even better if you find not just an improvement to a product or a service but a real innovation that addresses a clearly identified need.
  • You do not share your idea with anybody. So, you’ve got your simple idea? Probably not. Every time I created companies, I had about five different ideas. Most people protect their business ideas as if they were protecting the most valuable thing they have. I do exactly the opposite, as sharing your ideas can help you better define and test them. Many people will criticise them and enrich them. If everyone tells you the plan is stupid, then what they say may well be true!
  • You give up on your idea because someone has already done it. Look at low-cost airlines. Ten years ago, who would have thought that out-of-the-box airlines would appear and take the market share that Ryanair, easyJet or Virgin have? Just measure how innovative you can be, how much faster than your competitors can you go and how much better your product can be.
  • You do not execute your idea. Your idea is worth nothing if you do not execute it immediately, faster and better than competition. You should be more scared by not executing fast enough than having the idea right. This is just because from the idea in your mind to the company you will have created, and from the very first products and services you deliver to the mature ones, your idea will have changed tens of times with the feedback you got from your clients.
  • You listen to people who tell you that you will fail. Congratulations. You have finally chosen an opportunity and started gathering a team to make it happen. Even though the team is only you, this is just awesome, as you have started doing it rather than thinking about it. Now you will find tens of people, some of them you consider friends, who tell you that you will fail for hundreds of different reasons. Do not listen to them. Listen to your clients, and be obsessed by quality. Your friends just envy you.

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