Three Entrepreneurial Truths

1. It's not the idea; it's the execution. It really doesn't matter how great your idea is. What really matters is how well you can focus it and follow through on its promise and opportunity.

2. Nobody can sell your idea for you. Even the best marketer is at best providing you with tools for success; the truth is that when you are building your business, you need to pound some pavement and sell your idea yourself. Not only is it the only way to get started; it will also give you critical feedback and ideas for how to grow your business.

3. This is not a sprint. Many entrepreneurs think they need to be sprinters, and they take off so quickly that when they realize they still have miles and miles to go, they are winded and quickly hit the wall. Building a viable business is a long-distance affair. Even if you are thinking you will sell the company in two years, you still need a lot of endurance and discipline to make it that far. Avoid the drive to sprint. Do not operate on brief spurts of entrepreneurial passion. Try to bring discipline and practice to building your business whenever possible.

Stay Small or Grow Big?

I just met a very nice couple that owns a successful hardware store in Boston. We were talking about the benefits of staying small vs. the challenges of doing so. In this case, the couple runs their store themselves, occasionally relying on just one part-time employee.

The Benefits:

1. They don't have to worry about employee relations and motivation, since they (the owners) are basically the employees
   
2. They don't have to worry about employees stealing from them or not treating customers appropriately
3. They are intimately involved in every aspect of the business, and can make immediate changes without having to worry about how to pass them on to the employees

The Drawbacks:

1. If they go on vacation, they have to close the store. This means that their ability to take days off, take vacations, or even handle family emergencies, is seriously compromised
2. They can only grow as far as their own skills and talents can take them
   
3. Their revenue is limited to one store
   

This is a balance that I see frequently when working with owner-operators, and I think it's a tough choice to make ... maintain control or sacrifice control for growth.