Why will you be successful in delivering on an idea when others are probably having the same ideas and building momentum? Photo / Getty Images
Why will you be successful in delivering on an idea when others are probably having the same ideas and building momentum? Photo / Getty Images
COMMENT
Your idea will generate $1 billion in revenue in three years. Wow, really?
We've all heard the story of the person who had a great idea and turned it into a fortune. It's something that we all aspire to – having the resources and the means to do what wewant, when we want to.
The story of entrepreneurship seems to be the easy way (besides Lotto) – have the idea and, wham, you're a multi-millionaire! Glossing over the actual doing, it seems to be something that anyone can do, regardless of your background or education.
Unfortunately, this is a rose-tinted view on the actual activity of building a great idea into a successful business. In reality, nothing is easy and the path to being a successful entrepreneur is one that is paved with failure and most overnight successes are 10-plus years in the making.
It takes time, significant energy and resource to build something from a glint in the eye.
A key challenge we see in our support role is people who think that their idea is awesome. It may be, but who really cares? A key saying in building a successful business is, "1 per cent idea, 99 per cent perspiration". No ideas are typically unique; there are more than four billion people in the world, with each having the means and the ability to have a good idea.
What happens next is the secret sauce, not the idea itself. This is where most wannapreneurs fail – at the first hurdle; they think that the idea is all it takes.
You need to be able to talk about what your idea's potential is, NOT how it does it. Photo / Getty Images
If you're focused on growing a globally dominating business with huge turnover growth, it pays to look at those who have already done it. You say you'll go from zero to $10 million turnover in the first year – but who else has grown this fast, and what capital and resources did they have to support this growth?
Understanding how others have done it, and then how you can apply this learning to your opportunity, is a key piece in developing credibility in your growth story. You must do your research, know how others have done it and tell the story with context, so it is obvious you're knowledgeable, curious and passionate.
Building credibility in your ability to deliver against the idea is way more important than the idea itself.
Why will you be successful in delivering on the idea when others are probably having the same ideas and building momentum? What relationships and experiences do you have that can ensure you'll move faster and more professionally than others? Investors back people and teams over ideas – and they, typically, never sign non-disclosure agreements (NDAs).
So never start your conversation when asking for help by saying, "I need you to sign this NDA". While many think that you need to explain how your idea is the best thing since sliced bread, this is not the case. You need to be able to talk about what your idea's potential is, NOT how it does it.
Keep your secrets secret, and focus on communicating the ideas and benefits, and how these differ from others. This will help you build your team – both to deliver the idea to market, and to build your business into a success that you can all be proud of.
In our role of supporting business growth in the region, we are privileged to support hundreds of business owners take their idea to reality. Our role is to remove barriers and support you to create an environment in which you have a better chance to succeed.
We can support you to pave the road, but you've got to walk it.
• Joseph Stuart is general manager, business innovation and growth at Northland Inc.
