Execution trumps talent said Robert Herjavec to a group of entrepreneurs back in January of 2018. They have a great product that everyone was interested in investing, but these ex-pro footballers could not answer essential questions such as past years sales, profit margin and net margin. They did not execute. They did not get any shark to invest.
Too many entrepreneurs miss their number one goal by not executing properly. They get in front of a large audience, pitch their ideas and sell with all their hearts. Setup a business seminar on weekdays, weeknights and weekends to get exposure before prospects. When the event is over, hopefully one or two are going to inquire for paid services. When the customer got engaged, problems arise. These are the three failures that are common.
1. Fail to deliver
I believe in giving solopreneurs a chance because after all, I am an entrepreneur myself who are thankful for opportunities given by my clients. Unfortunately, most of these opportunities do not always execute properly. For example, I signed up for an online service through a local solo agent which should have taken one day to activate if I were to buy directly online, but I wanted to bless a local agent who had been working hard in selling the product. This service was provided via a large company which was acquired for over $900 million not too long ago. The service finally took about two weeks to activate, and my business plan halted half a month because of this agent.
2. Fail to verify
When you try to hire a contractor, you still have hold an interview to make sure the right person can do the position created. A contractor I hired, another solopreneur, had been marketing his service with the promise that she can get the lowest price in town. However, when I hired her to bid on large oil-gas equipment, her price was always high. As a matter of fact, her price was the same price as my competitors. She did not verify the fact whether she could get the lowest price in town.
3. Fail to avoid failure
It is good to fail. It is actually recommended to take a chance in business even if you might fail as long as you learn from it. I always tell my employees, “If we don’t plan to avoid it, then we purposefully expect the mistake to happen again.” Venture capitalists do not invest in a product, or I should say rarely do they invest in a product. There will always be a new variation of organic snacks, watch or online e-commerce. That is precisely why Amazon.com took over Barnes & Noble, Netflix took over Blockbuster and iPhone took over Nokia. Investors look for successful leaders who can sell their own products with steady promising growth.
Many opportunities come in and go like a spark. When it arrives, capture it. Give it fuel and oxygen to fire it up. Know what you are selling. Rehearse your delivery. Learn from the past blunders. Execution sounds simple until it is time to execute. Do not miss opportunities that you have been chasing. It is your hard work. Let it payoff.
“Diligent accomplishes more than intelligent. Intelligent accomplishes faster then diligent. Be both.”
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