I just love entrepreneurs, I'm in awe of their vision, willingness to try something completely new and their stubborn determination.
But sometimes, their stubbornness prevents them from seeing necessary truths - truths that could save them from bankruptcy, truths that could make them a mountain of money. So here are some of the uncomfortable necessary truths that every entrepreneur should know.
Truth #1: Your Idea Alone Will Not Make you Successful
Lots of entrepreneurs think that the IDEA is the most important part of business success.
Nothing could be further from the truth.
People won't buy from you just because you have a great idea. And you actually don't
need great ideas to start an amazing business. You just need something slightly different
from the competition and you can have a runaway winner.
What you need to make your idea successful are sales and marketing skills and with that you can create huge successes out of mundane business ideas. Look at McDonald;s for example. They have a product any person with half a brain could make better in their own kitchen, yet with great marketing, they have created one of the biggest companies in the world.
Truth #2 : Your Family and Friends Will Probably Think You Are Crazy
Almost all entrepreneurs have to go through this to some degree. In the beginning, it's
very puzzling and hurtful when close friends and relatives try to talk you out of your business or simply don't support you.
Understand that this reaction has nothing to do with you so get over it. They are simply afraid you are going to get in trouble and are trying to protect you. Don't expect them to understand your vision and passion. Few people in the world that are not entrepreneurs, can understand our drive and our need to create something for ourselves.
When you understand this and expect negative reactions, it won't hurt as much. Simply focus on YOUR vision and do something every day to expand it.
Truth #3: Your Competitors Are Smarter Than You
There is always someone smarter than you - never forget that. There is a tendency for entrepreneurs to think they and their idea is so brilliant that they don't have any competition.
Even in the one out of 10000 cases where it might be partially true, it will not stay true forever. This is because even if you have reached a leading position in the market place, you have to continue to innovate and improve. Over-confidence and arrogance leads to laziness and that will result in opportunities lost.
ALWAYS pay attention to what the competition is doing. And always remember that someone out there is smarter than you, or someone will be soon so don't sleep on your laurels and constantly improve.
Truth #4: You Might Have to Change Your Current Business Model
Even though your idea is not as important as marketing, your idea or business model might need a bit of tweaking before you hit the home run you are dreaming about.
You can actually be too determined and stubborn, and lots of entrepreneurs are. They are so set on proving that their idea is right instead of focusing on achieving their end goal.
If you stay too rigid, you are much less likely to succeed. Get rid of your ego and open up to approaching your goals in a different way than you are right now.
It's very important to understand that even though your business model is working right now, it's almost certain that circumstances in the market will change sometime in the future, rendering your way of doing business less effective or even obsolete. so you must stay flexible in your approach to your goals. Stay committed and give it all you've got.