A young entrepreneur with a marketable idea and a belly full of ambition wants to launch a business. He understands the marketplace and has enough education to know that he needs a detailed business plan. He researches and gathers information to put together the foundation for a great business. Furthermore, the entrepreneur knows he must move quickly while the opportunity is ripe. Nevertheless, he eventually confides in his mentor that he is having a hard time getting his hands around all the details. He shares with the mentor, “This business idea is like grabbing wet noodles. I can’t eat if I can’t hold it long enough to get on my plate.”
Wisely, the mentor responds, “You need a strainer.” She continues, “You can’t eat until the noodles are strained. No matter how good the cook is, no one enjoys the meal until you can serve it.” The following three elements describe the strainer to execute a great business idea.
1. Tools – Your business idea is strong, but it is still an idea. Identify the tools that you need to transform the idea into a product or service. The tools that create a marketable product are expertise, salesmanship, and technology. First, obtain and demonstrate knowledge of the service and the industry. Next, salesmanship includes selling your ideas to partners, vendors, and employees, so that you have a structure in place then, to sell it to customers. Others must see and value your vision just as clearly as you do. And, technology is required to maximize the efficiency in developing, then delivering the product or service.
2. People – The sole entrepreneur is a powerful image, but it does not scale. To turn your ingredients into a meal, you must have other human resources in place that complement and enlarge your efforts. Putting together an effective team requires leadership and discernment that allows you to gather contributors that reflect your vision and contribute their individual talents.
3. Guts – As an entrepreneur the business does not necessarily require a great strategy. It does require execution! And, it absolutely requires relentless leadership that will pursue success until the last person falls. Guts are also known as risk tolerance and a strong will. Business success demands that when the analysis says “quit”, the leader says “try again”. And, the team does.
As our entrepreneur re-evaluates executing his launch, he is grateful for the elements that he has. He understands the needs for a strainer. In launching a business, entrepreneurs must focus on tools, people, and guts. The value of the business assets are the noodles that the entrepreneur seeks to grab. But to realize the enterprise’s maximum benefit, the entrepreneur must use his strainer. Now, he can fully enjoy the meal.
By Glenn W Hunter
Principal of Hunter and Beyond