Throughout the past 35 years, I have been involved in building seven businesses, each with unique challenges. Regardless of the industry, the challenges remain the same: identifying the problem being solved, finding the target audience, and delivering a cost-effective solution. These are essential factors, as establishing real value and a willingness to pay within the market is necessary for success.
Execution is critical when pursuing an idea, even if it seems promising on the surface. I align with Marc Randolph’s view that every idea should initially be treated as potentially flawed. There is too much unwarranted optimism prevalent today in the social media era. Instead of blindly pursuing an idea, it is crucial to test the product or service through a pilot program, prove that it solves a problem and that there is demand for it.
Regardless of the industry, every project will take longer and cost more than initially estimated. I recommend starting small with a pilot program. After a business has proven value and traction in the market, it is time to focus on scaling and looking for a cost-effective route to market.
One insight that I have acquired after building six businesses is the value of a recruitment partner. If a recruitment partner understands the company culture and business model, it is more likely they will find top talent to hire. Recruitment is a crucial aspect of scaling a business, and finding talent quickly is more achievable by using a recruitment partner.
Luck and timing play significant roles when establishing a business. Identifying the right time to launch a product can mean the difference between success and failure. Recognizing that some aspects of a business endeavor are uncontrollable is crucial for staying grounded and focused on the core purpose of the business.
