A hallmark of entrepreneurs is a sense of curiosity that enables them to see a gap in the market and ask, “Why not?”
That gap may be a product or service that does not exist. This provides an opportunity for invention. Or the product or service may exist, yet can be significantly improved or adapted, to meet the more specific requirements of subsegments of the market. Here there is an opportunity for innovation. Entrepreneurs are disruptors of the status quo.
However, with the conviction, self-belief, perseverance and grit that is required to turn an idea into a viable product or service entrepreneurs can fall in love with their plan. Then they run the risk of being overly optimistic, blind sided or defensive when things don’t go to plan.
One way to guard against this is to share your plan with trusted advisors, mentors or coaches. They can impartially test your assumptions and provide a different lens on the opportunities and challenges.
You might also test your idea with a pop up or small scale venture before you commit to hefty capital expenditure and contracts that lock you in.
Questions for reflection:
How do you test your ideas and plans?
What do you do to guard against falling so much in love with your idea that you become stubborn and incapable of seeing what may be going on?
You can also read more insights and anecdotes in my book “Humble Crumbles: Savouring the crumbs of wisdom from the rise and fall of Humble Pie” co-authored with serial entrepreneur, Paul O’Donnell. It is available on Amazon worldwide.
If you would like to explore your blind spots and improve the chances of your success as an entrepreneur or business leader let’s have a conversation. Call me on my mobile +44 (0) 7952 068133 or send a note to firstname.lastname@example.org