Let’s face it: there are hundreds of ways your company can fail even if you think you have a unique idea. But, these are the top three ways to ensure you won’t even get your startup or business off the ground. I’m serious. If any of these three business problems are an issue now for your company, fix it. And fix it soon.
1. Business Thinking vs Execution
I get so many questions every day in my inbox asking me the same thing over and over: “Hey Gary. How do I hire a ______.” My response is this: seriously? If you’re not capable of finding a business partner or developer or assistant, how the hell are you going to make it? Ideas are shit. Execution is the name of the game. Just. Make. It. Happen.
2. Unique Idea
Here’s another email I get very often: “Hey Gary. I have a great idea for an app, but before I tell you about it, please download the attached NDA and sign it so you don’t steal my idea.” What?! It’s 2015. There is no original or unique ideaNo idea is original. If you’re spending all your time trying to protect, trademark and patent your product, you’re wasting precious time that could be spent actually executing on the business (see point number one). It’s a defensive mindset, and in this business world, you need to be on the offense.
3. Importance of Selling
Cash is oxygen. You can make the greatest cup of coffee, or the greatest sneaker, or the greatest work of art ever. If you can’t sell your product, you are out of business. Cash flow is what will take you to the next level, so if you can’t get it, you won’t move on. If you’re a solopreneur, you have to understand the importance of sales and you better get great at sales fast. If you have a team, never undervalue the sales department. Because, one more time: cash is oxygen.
Out of Business Fast
One of them ring a bell? I know I was a bit doomsday guy at the beginning but, you guys: I really want you to understand the importance of execution over just business thinking. There is no original idea and if you can’t grasp the importance of selling you’ll be going out of business soon.all of these. Remember that self-awareness is the most important quality you can have, so the fact that you even recognize they are issues to begin with is tremendous. Self audit and keep hustling. You got this.