Many people think they can’t be successful entrepreneurs because they aren’t innovative enough. Thanks to leaders such as Elon Musk and Steve Jobs, there is this common misconception that entrepreneurs can only really be successful if they have this amazing, never-before-seen idea for a business.
They think that the their idea has to be completely new and totally revolutionise their industry. But that’s not always the case. Yes, there are entrepreneurs like Steve Jobs who are visionaries and really do dream about shaking up the world. But just because your idea already exists in the world, it doesn’t mean you have any less chance of succeeding.
When you are first starting out, it is easy to be intimidated or lack confidence in your idea when you see other entrepreneurs in your industry who are seemingly thriving. You might think that you need to come up with something better in order to differentiate yourself from the others. Or you might think that the market is completely saturated and there in no room for you.
In this situation, you need to shift your focus from your idea, to your execution. This means that rather than dwell on if your idea is good enough, different enough or special enough, you need to focus on how you can best bring it to life and make it your own.
Many businesses fail not because their idea wasn’t good, but because they don’t execute it right. Of course it is totally normal and acceptable to make mistakes, but the key difference is make sure you are utilising your resources, such as time, money and effort in the best way possible.
Here are three ways that will help you make sure you are executing on your ideas in the best way possible:
1. Don’t waste your resources.
When you are starting out, it is easy to get caught up in tasks that seem important, but aren’t really going to make too much of a difference to your success. A great habit to get into is to assess your tasks before you do them. Really think about your long-term vision for your business and make sure your tasks are aligned with that. If it’s not aligned, then more than likely you will be wasting your time, money or effort.
For example, if your execution isn’t right, you might spend too much time deliberating over the font in your logo. This time could be better spent on something such as building a strategy for your marketing campaign.
2. Be driven by more than money.
A key component of how well you execute your business idea also comes down to your own personal passion and drive. If you are starting your business based on how much money you think you could make, rather than actually being passionate about what you are doing, then you are going to run out of steam very quickly. Even if you do happen to have an amazing or unique idea, if you aren’t motivated by reasons bigger than money, you won’t have the required resilience or determination to keep going no matter what challenges come your way.
3. Just get started.
The hardest part about executing? Actually doing it. If you are just starting out and you have a business idea that you just can’t stop thinking about, don’t worry about if it is good enough. Or you want to do something in your current business that goes against the grain in your industry, don’t spend time comparing your business to others to see if it could work.
The key here is to just start. Start exactly where you are, make a plan and take the very first logical step. This is the part where you really have to let go of any doubts or fears you have about your idea and just focus on how you will actually bring it to life. In the end, people can have great ideas or they can have mediocre ideas, but it is all about how they execute them.
There are plenty of examples of businesses that dominate their industry but their actual business model, product or service is nothing new and exciting. Just think about industries such as fashion or digital marketing and you could easily name a few companies right off the top of your head.
But ask yourself, what is it about their actual idea for their business that is truly unique? I think you will find, it is probably not much.So stop overthinking it and focus on what actions you are actually going to take….and take them.