I came across an SMB entrepreneur in my travels who, over a cup
of coffee, was stymied as to why her latest idea wasn’t producing the expected
results.
This friend has been successful in other ventures in her business life. She’s done a number of M & A’s that expanded her markets in her primary industry. We were conversing about all the great successes she’s accomplished, reflecting on her years of enjoyment in all that she had delved into. We began to diverge into the common areas of life – When!
This friend has been successful in other ventures in her business life. She’s done a number of M & A’s that expanded her markets in her primary industry. We were conversing about all the great successes she’s accomplished, reflecting on her years of enjoyment in all that she had delved into. We began to diverge into the common areas of life – When!
It hit me like a hard kick from a horse that doesn’t want to
be shod! In the back of my mind I was mulling over the lack of results of this
new bright idea that was gestated from a really bright successful idea
businessperson. You know how it goes –
those little grey cells have to make all the synaptic connections and then the
light bulb illuminates! Lucky for me
it’s a LED and doesn’t need a lot of energy.
What was it that finally made the connection that was not caffeine
induced?
I’m sure you caught it in my opening comment. The latest idea that wasn’t producing results
as other ventures this person has been successful in with her primary
industry. Listening and actually hearing
what is said is a skill that I’m still perfecting for the benefit of
others. The point is that this very
successful entrepreneur some how missed the basics. She was so comfortable in her primary
industry that her new bright idea took her out of her comfort zone.
But why no good results? She applied what she knew worked in
the past to this new idea. Well, I had
to pull up the reins on our conversation and get back to our opening
discussion. As I spurred her on as to
why she did not see good results with her new venture, I was able to get her to
take the blinders off.
We settled into the saddle with the key questions: What did
you know about the industry that this new idea would engage in? How well did you understand all the nuances
of this new horse that you were trying to ride?
We then began an engagement to discover that all the due diligence that
she thought was necessary for this new idea did not capture several key
components of what would foster results.
The lesson I learned that day was: you better get to know
every aspect of the horse before you try to saddle and ride it. Even if you have experience in the stable, it
doesn’t mean that this new horse is for riding. It may be a horse for
plowing. Heck, it was only a miniature horse
to start with! One must do full due diligence. Gaining as much detail as possible in understanding the new industry they are entering into - Even if they have to ask for some help.
