It’s a great idea. Now tell me about the business.

It is natural and right to get excited about an idea, or a product or service – that is the source of energy and motivation that will drive you through the ups and downs of running a business.

 

However, the simple fact is that success or failure depends far more on execution than the idea itself. It is true to say that most business ideas can succeed and every business idea can fail.

 

The majority of successful businesses aren’t built around wildly exciting ideas. Take accountancy – without wishing to offend – there is little that is interesting or exciting about it – but there are a lot of very successful accounting businesses out there.

 

Dragons’ Den enjoys throwing up cases of people who have thrown their life savings into developing what seems like a fantastic idea, but who hit a wall because they have failed to identify such fundamentals as who is going to buy, why they are going to buy, how much they will pay etc.

 

I am treated to many business plans which go into huge details about the idea – detailed technical specifications, lots of colour pictures and massive enthusiasm. All to often they completely miss the point that nobody buys an idea – they buy an outcome.

 

The idea is what will motivate you – the delivery is what will motivate everyone else.