Saturday, November 6, 2010
Execution, Execution, Tenacity
At first I wanted to call this post Ideas, Execution, and Tenacity as the mantra for successful entrepreneurship.Ideas are now available everywhere as are opportunities. It all comes down to systematically executing business plans and sticking to the knitting till success comes calling. I have known businessmen who made it big in the second business cycle from start date..say 10 yrs. Many younger entrepreneurs may not agree about the tenacity needed, however in my experience I have seen tenacity pay rich dividends. What about Innovation? I do not know about this, most successful new ventures do not bring new to the world products or processes. I think it is overrated for now.
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i read an article.. Immitation is far more effective than innovation..How many new product/ concepts have survived. It takes time for a market to mature. About 10 years backs, i was working for a smart card industry. i suppose everyone expected huge miracles from it. But i suppose the expectation was set even before the product had matured. Entrepeneurship required tenacity and a deep pocket to survive. i myself have been thinking about it but shudded to think about a situation when nothing knocks at my a/c on the 30th of every month :)
ReplyDeleteThe problem with innovation is that we tend to view it as "disruptive innovation" and that is not common at all. It isn't everyday that we have a Google. However, innovation could be in the form many other things, even the smallest ones.
ReplyDeleteAs for Jaideep's comment above, the presumption that an entrepreneur requires "deep pockets" prevents most from even venturing in that direction. I guess the regular paycheques paralyse us in that regard.