Execution over idea all day long.

There are lots of great ideas out there. The ‘better mouse trap’ just needs to be better it doesn’t have to be ‘revolutionary’.

Professional money invests in the team. As long as the idea has a good chance of success/profitability it doesn’t really matter what it is so long as the team around it can execute.

Failed entrepreneur- what’s that?

Failure is an essential part of entrepreneurship. You have to learn to fail the right way.

I would highly suggest this podcast.

Amy Edmondson - Harvard Business. Three Types of Failure.

Good ideas are overrated.

You don’t need a good idea/ problem to solve to be a successful entrepreneur. This might sound contradictory to the entire ethos of being an entrepreneur; hear me out on this one - the ability to execute is more important than the actual idea/ problem you’re solving for.

Ask yourself these questions before you go ‘shopping’ for the next big idea;

• do you have the ‘grit’ to move forward a little at a time every day?
• can you attract/ keep bright people to your cause?
• can you navigate uncertainty without collapse/ giving up?
• are you healthy enough physically to manage the demands of being an entrepreneur?
• are you able to manage your own emotions without lashing out when things go wrong?
• are you willing to defer success now, for greater success in the future?
• can you maintain important relationships with your family and friends and devote significant time and resources to an enterprise at the same time?

And here’s the ‘big one’ to my way of thinking;

• is your personal life in a stable enough place that you can devote time and energy to a major life changing pursuit like a startup?

It’s extremely difficult to ‘entrepreneur’ your way out of a life in shambles/full of drama. Not saying it can’t be done, however starting your own business is very difficult and if your personal life is nothing but drama 24/7 it’s going to be hard to be taken seriously as a founder.

I would say focus on getting yourself in a position you could actually pursue a startup in a credible way/ get your life in order and then worry about an idea.

Better to have the wherewithal/skills/abilities first and then work on the idea. It will save you so much time/heartache in the short term.