Today I was approached by a stranger and was asked if I was the guy who developed the new social networking concept from last quarters management 491 class. I was quite shocked and kind of thrown off guard. He went on to ask several questions about being a small business owner and what it takes to reach success. I replied and told him execution. Everyone can come up with the next big social networking idea or the next tech service. The problem is the ability for the idea to be executed.
When developing a business the most important aspect of the business is the team and the individual resources that each person posses. 90% of new products fail. The majority of the time its not the product that fails, its the execution of the team which leads to the failure. When developing a business there will be several minor failures throughout the process. The team that pivots from these failures are the ones that make it. A business needs to be able to evolve over time and with customers needs. If you have the idea, build a team and execute your idea.
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