Monday, June 2, 2008

Entrepreneurial “procrastination” – easy to be a victim

The first proof of the preacher himself committing the sin is my inability to do a Blog in recent weeks – shame on me for procrastinating!

Now back to preaching…

Procrastinating on getting to revenue equals sudden death.

Recently an entrepreneur passionately indicated that they have potential customers that are willing to buy their product NOW, but they are holding back until they raise more capital! because they are concerned about the growth and how they can control it; they have seen this before as they claimed.

Upon further investigation, it became clear that the product works, there are no technical reasons for delay, and that the customer is actually willing to pay a portion of the fees in advance; which can support staffing and internal expenses. This conversation has bothered me to the point of motivating me to write a post (thank god for the motivation!). So, I would like to remind some of my entrepreneur friends of the following key facts of entrepreneurship:

1. Avoiding a potential mistake, may be as bad as making a new mistake
2. A business is built on revenues not raised capital
3. The more of the company you keep the better off you are!
4. Before you control growth you should experience it
5. Risk is a part of life.
6. Fear of failure is as BAD as if not worst than fear of success
7. There is a thing called “competition” , while you ponder they are executing!


Anonymous said...

It is a unique entrepreneur who would rather raise cash against equity or debt than by way of profits and revenue.

Many a first time entrepreneur thinks they have such a big idea that once they have completed what they have planned, clients will be waiting to get a piece of it.

One of the my favorite story lines for folks has always been Dell.

How they sell was not only well known but was taught in MBA schools as a case study and still for 10 years HP could not get it and could not replicate it. The key is EXECUTION. Vision is one element, passion is another, but at the end of the day EXECUTION is key.

Today my favorite corollary to the DELL theory is, DELL is trying to do what HP is doing today and HP has been doing this for over 20 years, that is selling via Retail Outlets. Why is HP succeeding today when it was loosing yesterday.

The answer again is EXECUTION.

I agree with you Sid, if folks will not jump on opportunities and take the new client opportunities I would think maybe that are not that passionate about EXECUTION of that idea and really more excited about creating an organization.

Rajat Khurana

Cam said...

Good point, Rajat.

Execution is always key.

In my little business (which I really just call a "muse" to steal a term from Tim Ferriss) my philosophy is this:

Once you determine your target (by asking yourself "Is there an opportunity, and can I win?")...

Bring something to market as fast as possible - being completely up-front and honest with your market that they are getting something very early on in the product development cycle.

Then have your CUSTOMERS dictate the product direction, while also fueling growth through viral marketing.

There is no better sounding board than a customer, if you are willing to listen to their feedback.

Get beyond your ego and into your customer's hearts.

Anonymous said...

Love this post, Sid, but I want more. Why aren't you blogging? =)

Mark Bregman said...

Hi Sid,
Sometimes a completely different kind of leader is needed. I coined the term "Disruptive Leader" after Clayton Christenson's concept of disruptive innovation or disruptive technology. Here's a link to my article: "Disruptive Leaders for Disruptive Companies"

Anonymous said...

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don't know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.


Lary Stucker said...

Too true Sid. I have worked with two kinds of companies. Companies that build their products on the back of their customers and companies that build their products on the back of the investors. Guess which ones have been more successful?


Anonymous said...

It is very interesting for me to read that article. Thanx for it. I like such themes and anything connected to this matter. I definitely want to read a bit more on that blog soon.

Anonymous said...

Your blog keeps getting better and better! Your older articles are not as good as newer ones you have a lot more creativity and originality now keep it up!

Anonymous said...

I will not acquiesce in on it. I regard as warm-hearted post. Specially the appellation attracted me to review the sound story.

Anonymous said...

Nice brief and this enter helped me alot in my college assignement. Thank you for your information.

Anonymous said...

Keep on posting such stories. I love to read articles like that. Just add some pics :)

Anonymous said...

Hey, just want to say hi. I'm new here.

Anonymous said...

Hello, as you can see this is my first post here.
I will be glad to get some help at the beginning.
Thanks in advance and good luck! :)

Anonymous said...

i actually enjoy your writing style, very unique.
don't quit and also keep creating for the simple reason that it just simply good worth to look through it.
excited to find out much more of your article content, goodbye :)

Anonymous said...

Correctly your article helped me terribly much in my college assignment. Hats high to you dispatch, intention look audacious in the direction of more interrelated articles without delay as its one of my favourite question to read.

Anonymous said...

hello all

I figured it would be a good idea to introduce myself to everyone!

Can't wait to get to know you all better!


Thanks again!

Anonymous said...

Very nice and intrestingss story.

Anonymous said...

Very nice and intrestingss story.

Anonymous said...

My neighbor and I were just debating this specific topic, he's often seeking to show me incorrect. Your view on this is great and exactly how I truly feel. I simply now mailed him this web site to indicate him your individual view. After trying over your web site I e book marked and will likely be coming back to learn your new posts!