We don’t have to go far to be inundated by entrepreneurial success stories. Just saying that has likely prompted you to remember the last article you read about an ‘overnight’ rags-to-riches story. Or maybe you just got done reading an inspirational social media post about how someone finally quit their day job and are already profiting off their new venture and how you should too.
These stories are so frequent, I fear that society perceives entrepreneurship to be an easy feat. You’ve read stories about the elusive magical unicorns; these companies went from being worth practically nothing to being worth billions in just a matter of years. Letgo, Instacart, and Airbnb are just a few examples of companies that only needed two years to amass their fortunes.
These are powerful stories of things-done-right, but they’re also outliers. We read so many entrepreneurial success stories, but they aren’t as common as you think. Just like not every athlete will compete in the Olympics, entrepreneurship isn’t a one-size-fits-all venture just because you are good at your current job.
It’s not even because you don’t have access to unlimited funds either. This is a myth I’ve written about before. Your success as an entrepreneur isn’t contingent on your bank account. You can have millions of dollars and fail to get your company off the ground, or you can have less than a month’s mortgage to your name and be the next Mark Zuckerberg.
But I know what you’re thinking — but Frank, if you just have that one good idea, that’s all you need to join the ranks of the world’s most notable entrepreneurs. This isn’t true either. Successful entrepreneurs are defined by their best ideas (Mark Zuckerberg and Facebook, Bill Gates and Microsoft, Elon Musk and Tesla), but what you don’t see are the countless bad ideas that entrepreneurs had before they became household names.
Ever heard of Traf-o-Data? No, because it was Bill Gates’ failed business idea before he started Microsoft. Jeff Bezos, the richest man in the world, even has a failed auction site with Sotheby’s under his belt. The point is that ideas won’t always convert into profitability. I would know, I chased bad ideas down rabbit holes for years that led me to dead ends before I formed Ashcroft Capital. One of these ideas was building tissue boxes that had built-in trash cans.
My story, as well as the story of some of the world’s richest people, proves that overnight success is nonsense. It even proves that success isn’t only rooted in good ideas. My mantra has always been: try something, fail, learn from it, try again, and repeat. The key part of my mantra is ‘failing’ and learning from that failure.
Not everyone is up for the task. That is why passion and perseverance are more important than the ideas themselves. No one is willing to pour their time, money, and energy into that lifestyle unless they have passion.
Instead of resting on how sellable your ideas sound, nurture your passion and find success by following these tips.
Master the art of timing
What all good entrepreneurs have in common is passion and patience. When a great idea comes to you, you need to determine whether it’s time to strike or wait it out. It’s possible to have an idea that’s far too ahead of its time, just as it’s possible to have an idea that would fail in an oversaturated market.
You remember TiVo, right? There’s a reason why you aren’t using that specific digital recorder today. Its founders tried to introduce TiVo when the world wasn’t ready, and now other DVRs are having their moment instead.
Your idea needs to solve a problem in a market, so it’s important that it’s distinct enough from the competition. A smart entrepreneur also knows that the first shot they take won’t always be their best one, so it’s more so about allowing passion and resilience to carry you through and finding that “sweet spot” for your idea to thrive.
Never lose focus
Every entrepreneur wants their fifteen minutes of fame. For many, being in the spotlight is one of the draws of entrepreneurship. Yet, this can be problematic. Starting your own company demands confidence, but vanity often gets in the way of a successful venture.
Don’t get distracted by the ‘shiny objects of success’, like hype or money. You’re not trying to win a reality TV show, you’re trying to build a profitable company on the back of an invaluable idea.
Don’t get distracted by the ‘shiny objects of success’, like hype or money. You’re not trying to win a reality TV show, you’re trying to build a profitable company on the back of an invaluable idea.
When you’re focused on attention over scalability, you’re actively working against your dreams of owning your own company. Think the hype would be enough to save you? Think again. Color Labs lost millions when their CEO, Bill Nguyen, became obsessed with publicity over product.
Keep your ideas flexible
Change is constant. This is true in our personal lives as much as it is in our professional endeavors. Markets are constantly evolving, as are consumer demands. Don’t let your selfish need to bring a vision to life crumble your dreams of entrepreneurship. Instead, let your idea be informed and influenced by this change.
Every now and then you can see the original idea you had through to fruition, but in reality, this idea will likely look much different once your business is actually up and running. Then, you’ll soon realize that the version of your idea that got you started looks different decades later. You can keep the integrity of your idea, but you must allow it to take different forms as your company grows and expands.
Don’t miss the opportunity to carve out your own success story in your industry. When you harness your passion and let your ideas evolve, anything is possible.
