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6 The Number One Pitfall in Building a Successful Business; Lesson 21 in the Empowering Young Entrepreneurs Series

Many young entrepreneurs (and older ones) are under the impression that generating a good idea is the most important part of building a successful business.   However, a great number of businesses fall flat on their face because of an inability to recognize the amount of work that is required to make them successful.

In the grand scheme of business building, very little of the hard work involves coming up with the idea.  Most of the effort comes from working on all of the key processes that go into making a business successful.  Project management, marketing, product development, and customer relations, the ability to replicate your business, are just some of the areas that are essential to the functioning of a profitable business.

Obviously ideas are the initial seed that all successful businesses grow from, but they are not the only important ingredient involved in the business building process.

In the world famous book “E-myth revisited,” Geber draws on the important distinction between creativity and innovation with the following quote,

“Creativity thinks up new things.  Innovation does new things.”  Professor Levitt

Coming up with ideas is important, but you can start a business using someone else’s ideas or products.  Ideas aren’t going to take you very far without the knowledge and the expertise of how to implement them.  Innovating is where most of the hard work begins.

Don’t fall into the trap of thinking that a good idea naturally equates to the foundations of a sound business or you’ll find that you’ve fallen into that first pit.

4 Empowering Young Entrepreneurs to Learn The Five Steps to Success

Determine what you really want.  You must know what you want before you can go after it.  Think about why you want this thing and what it will mean to you.  Visualize it in detail to the best of your ability.  Write it down.  Make a vision board.  Focus on your desire as much as possible.

Set a specific goal to obtain it.  To be effective, this goal must include a specific time frame and plan for its accomplishment. The goal should also be written down and studied regularly. Having a specific, written goal with a date for completion is the key to opening the power of your subconscious mind. As you read your goal, visualize or picture in your mind the achievement of what you desire.

Gain knowledge about your goal.  Learn everything that you can about the thing you desire.  Learn it from different perspectives, learn about people who have achieved your desire and about how they did it.  Listen to tapes, talk to experts, go to seminars to learn about it.  The more you know the easier it will be to spot opportunities and open doors and make good decisions.

Associate with people who share your goals and attitudes while avoiding those who don’t.  Don’t allow yourself to be with people who try to bring you down and try to convince you that you don’t have a chance of reaching your goal.  Find people who, like you, have a burning desire for something and are doing everything they can to reach that goal.  Join communities through social media of people who either want or already have what you want.  Talk with them, ask them questions, share the journey with them.

Don’t stop until you get it.  Do not ever give up or quit trying to get what you want.