Your baby is ugly! That’s something that’s likely to offend anyone who has a baby. However, when it comes to a business idea, it’s important to get someone to tell you straight to your face whether your business idea is ugly or not. Why is this important? It’s because you are likely to be biased for your idea, maybe because you’re the one who came up with it and see a personal need that it will address or simply because you’ve gone a step further to invest in it.
There are a number of assumptions that might linger in your mind regarding the idea. You might look at the general population and conclude that there are many others like you who are likely to embrace your idea. Although this might be true, it doesn’t make the business idea viable, profitable, scalable, or that it will fulfill your vision for success.
What You Need To Do
Why not share the idea with some trusted friends? Or an expert? This is to help you get their honest and hopefully professional opinion about your idea. You also need to reevaluate your idea from an outsider perspective. When doing that, you need to be ready to listen to the voice of reason. Don’t ignore their opinions and don’t get into something that’s obviously unviable simply because you’ve invested in it.
Still it doesn’t mean that the final idea that you come up with will offer you a smooth ride to success. Why? There are a number of challenges that will come along the way and not everything that you’ve set out to do will work out. You’ll definitely fail in some. Don’t magnify your failure though. Don’t continue doing it the same way that doesn’t work. Make adjustments and know that these failures are just lessons for you to learn from. Like Albert Einstein once said, “the definition of insanity is doing the same thing over and over again, but expecting different results.” You therefore have to be ready to make adjustments as you pursue your goals.
It’s advisable that you don’t wait until it’s too late; make the adjustments early enough when it still doesn’t require massive changes.
[Full Transcript Follows]
Hey there folks, Thom Rigsby here, from thomrigsby.com. And I am warning you now, I am starting the show out today with an insult. If you want to hear with that insult is, stay tuned “7 Minutes in the Morning” is coming right up.
Hey there folks, good morning and welcome! This is “7 Minutes in the Morning” where you can get your daily dose from me your business coach, my name is Thom Rigsby. Now, I warned you in the open I am going to start the show out today with an insult. Here it goes, “your baby is ugly”. Now, if you do not have kids yet you are probably not very offended by that but you will be in just a minute. What that means, no I am not really talking about your kid. What I am talking about is your business idea. You know, sometimes we get very unarmored with our own business idea and because we came up with it, it looks more beautiful to us than anything anyone could ever imagine. You know, kind of like your kids. Sometimes though, you need people to tell you when your baby is ugly and just because you came up with the idea and you would be a great customer for your product or service, does not mean that it is a viable, viable product or service for everyone. Sure I mean, there might be a murders I mean look, there is 300 million people in the United States alone, couple of billion people in the world. Surely, somebody else needs the product or service that you have come up with. That does not mean that it is going to be profitable. It does not mean that it is going to be scalable. That does not mean that it is going to be something that fulfills your vision of success. It just means that yes sure, somebody else wants it. Every once in a while, you have to look at what you are doing and just really ask yourself, “am I doing the right thing?” You know I have said, I have already shared this week that I took last week off because now, I am really on the roll with going through and critically looking at the different aspects of my business and examining them for the value that they are adding to the bottom line. And not just the financial bottom line, but the bottom line of success and what that means for me. I want to encourage you do that also. If you cannot do it, I would suggest to you that you are probably not the best person to do this. Sure you can be someone objective but you are always going to be biased.
Find the trusted adviser; find a good friend who will give it to you the way it is. This is one of the things that-. Sometimes it is a pretty hard part of being a business coach, because people will come to me and they will have a great idea and they put a lot of time and effort into it. They really invested in it. And as we go through the idea, we start breaking it down, we start looking at it, it is just not something that is going to work long term for them to meet their goals of success , their definitions of success and provide a living and viable opportunity for them as a business owner. And a lot of people-, I am just giving it to you straight here, a lot of people walk away from that conversations, “that guy is crazy and the way he is talking about, there are a million of people in the United States somebody is going to buy this” and maybe they will. But as I shared with you yesterday, success, the big “S” Success that at the end of our lives we turn around and look and think were we successful in our endeavors or not. That big “S” is really made up of a series of small “S’s” along the way. Successes and failures, and the failures are the adjustments that get us back on the road to success. Do not make your failure a big failure. Do not go off the cliff. Run off to shoulder, you have to get back on the road, yes sure, that is fine. But do not drive it off the cliff, because you will not listen to the advice of people you have been there before.
Now, that is hard advice from me take I have probably shared with you before I know, I tell my coach this all the time and yes, I have a coach myself and the reason is because it is harder for me to see where my plan is breaking down for me, because I invested in it I am biased and that is what I am encouraging you to remember today you are biased toward your plan. Your idea, it is a good idea, all ideas are good. They might not pay enough, they might be viable but every idea is good. I had a friend of mine, tell me one time, “you know every idea is good and it will work until it does not” I thought about that for a minute, “wow, you know what, that is really true”. Every idea is a great idea until it is not and maybe you discover something in your business development and-. You are working out your business plan, maybe you just find out that this idea is not viable and that not mean that you are a failure. It just means that you found a way to not do business that is okay. And if you are in the business, you have been doing this for long, you are not getting the results that you hope for or that you need. You know, if you want different results you are going to have to do things differently and maybe you have to look at your business model, your business plan and think, “this is just not the right thing” does not mean that you are a bad person, that you are dumb, you are stupid, you are a failure none of those things. It just means in fact, that you found a way to not do things and that puts you ahead of your competition. Do not overlook the obvious, sometimes you can be so in love with your idea that you do not really realize how ugly your baby is. Take a chance, ask somebody, ask that trusted adviser what they think about your plan, what they think about your business and get honest feedback. You will be glad you did and hopefully will come in a time where it is a minor adjustment to get you back on the road not an adjustment where you have to pull the escape hatch, pull the eject button or handle and just tank on the whole business.
I would love to hear you feedback, get your questions about this topic or anything we have talked about this week. Send me an email firstname.lastname@example.org that is my email address. You can find me on twitter @thomrigsby or hit me up on facebook, that is facebook.com/thomrigsbycoaching. I love to hear from you, I love to get your questions and your feedback and I can do my very best, dead level best to answer every email that I get.
That is it for today, go ahead and let me know what you are thinking I will be back tomorrow. We will keep talking about this topic of examining where you are, the path that you are on towards success. Until then, my name is Thom Rigsby and I am your business coach.