As a business owner, you have to be well aware of your strengths and weaknesses. Make the most of your strengths and find solutions for your weaknesses, most probably in partnerships that complement your strengths and weaknesses.
There are three specific stages of business development. The first is ideation. This is the process that gives birth to the idea/vision. Every business starts as an idea in someone’s head.
They conceive it and have this vision around the idea of how it will work, how it will make a difference, how it will make money from the value it offers, and how it will grow to live on forever.
The next stage is business growth. This is the process that sees the idea taken out of the head onto the ground. This is the most hectic stage of business development as it involves years of heavy lifting and building.
It involves setting up the vehicle that will drive the idea, setting up systems, putting different resources together, setting up a team, creating mutually beneficial partnerships. It is literally years of hard work and heavy lifting.
The third phase is basically maintaining whatever gains have been made. Keeping the ship afloat and sailing it in the right direction. It’s an equally tasking duty.
The reality is here. It’s so rare that one person will have the capacity and ability to take the idea through all these stages of development. Many start-up founders are all different and are good in a specific area.
There are those who are good at coming up with ideas but not good at implementation. They will come up with the most brilliant ideas and vision of how everything works like clockwork but they will never implement and if they do, they will fail at it.
There are those who never have ideas but give them a good idea and watch them run away with it. They will get a good idea, put it down and turn it into gold.
They’re great builders and love to fix and put pieces together. However, when this is done they get bored. They cannot maintain what they have set up. Here is where the third kind of entrepreneur comes in.
The sailor, who keeps the ship afloat. They can’t come up with the idea, they can’t get it going but give it to them when it’s all set and tell them to hold it and don’t drop it, and trust them to do just that.
It’s in very rare circumstances that you will find an entrepreneur that ticks all three boxes. Two is possible but most will tick one. Know which box or boxes you tick. It helps knowing how to take the idea from start to a successful finish.
Jaluum Herberts Luwizza is a Speaker, Writer, and Business Columnist. He is also a Business Consultant at YOUNG TREP a Business Management and Consultancy firm that helps people start and grow profitable businesses and YTS Associates Certified Public Accountants.
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