The Fatal Flaw of “Would-Be Entrepreneurs”
Entrepreneurs Solve Problems. More accurately, entrepreneurs identify problems that need to be solved, and figure out how to build a business around it.
One of the most classic mistakes I see would be entrepreneurs make time and time again, is being overly attached to the first solution(s) they come up with to SOLVE that problem.
When you are getting resistance, negative feedback, lack of adoption to your business idea you should always question the solution you came up with, and be flexible enough to try different solutions.
But, the problem originally identified is typically dead on.
The fatal flaw of would be entrepreneurs is that they get too easily tied to the solutions they first come up with, and too easily abandon solving problems that have not yet been solved.
This is spot on. There was an announcement yesterday that hit this home for me based on one of my past involvements. Someone that is convinced they have THE solution AND demonstrates an unwillingness to refine the solution is at the top of my RED FLAG list.
Bulls eye, we are prisoners of our mind and tend to get stuck with our favorite idea.
You have to know when to change your mind and when to stick “it” out. Adopting a solution and following your gut is important, but so is knowing when to change directions…
I’d say the fatal flaw would be in the act of selling yourself on “the” ultimate solution & then falling in love with it. Gotta keep things logistical, analytical, and practical – and never shoot from the hip.