dangletech

On many occasions, I’ve been approached by friends, associates, acquaintances, who want to know what the “secret sauce” is for building a great business. Most of the time, the questions center around “how do I come up with the one, big idea?”. I’ve come to the conclusion that most people who think that they would like to become entrepreneurs, don’t end up doing so because they waste so much of their energy obsessing about finding that single, elusive, once-in-a-lifetime, idea that can make them billions and billions of dollars, overnight !!!

From one entrepreneur’s point of view, this is a bunch of bunk. For every so-called “great idea” that has never taken flight, I’ve seen 100 “average ideas” achieve incredible success in the market. Can you imagine investors being approached with a proposal to fund yet another lifestyle concept coffee shop franchise ... eventually becoming Starbucks? Or how about the guys that had the brilliant idea to develop a better web-based search engine, after Yahoo, AltaVista, Excite and Inktomi had a chokehold on the space ... I think that most of us would recognize that company today as Google :-).

The point here is, that you don’t have to be brilliant, original, or even first to market. Sometimes the best “ideas” come from an improved version of someone else’s idea, especially after the pioneers have made all of the mistakes. What’s the real difference? The determination of the entrepreneur to make it work—almost regardless of the idea. In fact, there is no doubt that this is what seperates the successful entrepreneurs from the dreamers. That old phrase of 10% inspiration, and 90% perspiration really does apply, because an idea without action is just a fantasy.

So, it’s simple. Pick an idea, any idea. Then spend the rest of your time and energy making it work. Fight through the issues ... keep learning from every obstacle ... stay focused on continuous refinement of the concept to address what customers really want ... and most of all, never, never, ever give up—when you encounter an obstacle, find a way through it, over it, under it, or around it ... but just find a way to get to the other side. It really is that simple (and that hard !!). It doesn’t happen overnight, and you won’t get it right the first time. But by committing to it, and focusing on it, you will have the opportunity to shape that idea into a market offering that customers will want to buy, in a business that top employees will want to join, and that eventually, shareholders will want to invest into.

Bon Chance !!!

About the Author

Yung Wu has spent over 25 years as an entrepreneur, executive, management consultant and technology innovator. During his career, he has created, built and financed several successful companies, in industries ranging from infrastructure technology services, enterprise software products and oil & gas exploration. Yung has led his companies through several major economic cycles, business model changes, boom/bust cycles and “perfect storms”, all while creating hundreds of jobs and generating hundreds of millions in enterprise value for his shareholders. Yung was named one of the nations’ “Top 40 under 40” leaders in recognition for exceptional achievements in vision, leadership, innovation, impact on business and community, and the capacity to encourage and foster growth. His companies have garnered awards such as the “50 Best Managed Private Companies” in the nation, the “Top Product Launch of the Year” and the “Top Transformation Company of the Year”.