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It’s simple.
If you aren’t rich yet, your first (or your fifth or your tenth) business should be profitable in the first six months. If it isn’t profitable or it isn’t a business model that has the potential to be profitable, go do something else. Your opportunity cost is too high, and time is your most valuable asset.
The most successful people don’t sit around planning all day. They live with a sense of urgency. They don’t aim, aim, aim, aim, aim, aim fire. They aim, fire, aim, fire, fire, fire and ask questions later.
Perfect has been and always will be the enemy of progress.
I had a friend at Cornell who was very serious about entrepreneurship. He was always scheming, planning, researching, thinking about new ideas. He read countless books on entrepreneurship, took every class at Cornell on the subject, listened to thousands of podcast episodes, studied the biographies of every great entrepreneur that ever lived.
Every time I spoke to him he wanted to talk about a new idea he was considering. He would spend two months studying a subject, talking to potential customers, and building marketing and business plans before giving up and moving on to the next one. This was the case literally all four years of college. He ended up graduating, going to get his MBA, and continuing his great research project trying to figure out what business to start.
Several times my friend got close to taking the leap. He built websites. Got T Shirts made. Entered pitch competitions. He was a software guy and actually built a few apps. He created the MVPs and was well down the road with a few of the projects. He even got close to raising money and making it happen for real with some hiring and trying to find customers.
But each time he’d get cold feet. He’d find 10 reasons or 100 reasons why the business idea was flawed. He’d learn something important that made him change his mind and realize the company could never work. Then, he’d be back to the drawing board. More analysis. More planning. Never pulling the trigger. Today my friend works in corporate America and still has that dream of someday founding a disruptive, scalable company.
I bet you know someone like my friend. You might even be someone like my friend. Analysis paralysis is very common in entrepreneurship. People sit back and read, study, analyze, calculate, think, worry, get excited, and then when it comes time to actually get started they get cold feet and start all over.
Now that you have your idea, it’s time to put a stop to all that and get going.
The analysis paralysis you feel is largely based on a flawed way of thinking that says everything has to be perfect before you can get started. That the idea, timing, business plan will either make you a winner or a loser. That is wrong.
The cold hard truth is that execution is 1,000 times more important than your idea. Hiring. Delegation. Selling. Logistics. Communication. The boring stuff. That’s what the winners get right.
When you are just getting started, business is a race. Your competitors are already making moves. Every opportunity is a small window in time, and the door closes quickly. If you hesitate, if you second guess yourself, you’ve missed it. It’s over. You just finished your business plan and finally got off the couch when the door slammed in your face.
So go now and chase the opportunity.
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A few posts to check out:
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Onward and upward,
Nick Huber