How even an excellent idea could be a failure if not executed properly?

An excellent idea results in a good business which eventually, results in lots of revenue and success. Seems simple, right? One excellent idea plus a lot of hard work and then boom! Suddenly you’re living your dream life. It’s easy to get lost in that trail of thoughts. But hold on to your horses. It doesn’t always work that way.

90% of startups with super cool ideas fail.

And why is that? Execution!

Here are a few common mistakes made by entrepreneurs while executing their business that eventually kills their businesses. Read on, and avoid making these mistakes.

• Having no plan at all

Having no plan is a plan to fail. It’s a no brainer. Yet, so many ideas fall into this trap. Just putting your ideas out there, hoping that everything will fall to place will result in the death of the idea. Doing whatever comes to your mind with no concrete plan does you no good too. So, make a concrete plan with steps, motives, and strategies. 

• Fear of ideas getting stolen

While most entrepreneurs fear that their ideas will be stolen and want to keep their ideas a secret until they are ready to hit the market. That very move could lead to the downfall of a company. Excellent ideas need excellent execution, and that requires an excellent team. Therefore, it is essential to have the best people in the team early on in the development. This could help in shaping your idea into an even better form giving it more advantages in the market.

Remember, there could be people with an idea similar to yours. The trick is to execute it better than them. Being the first one to hit the market has its advantage, but excellent execution always triumphs over it. For instance, take a look at how Apple I-pad dominated the market while Microsoft Surface was a huge fail. Weren’t they the same idea?

• Budget

Budgeting is a huge issue for most entrepreneurs. From acquiring the funding to spending it wisely, it is a very tedious process. Most people settle for low budget and create substandard products which do not serve the purpose causing the business to fail. Some, on the other hand, get more funding than necessary and spend too recklessly that result in a deviation from the motive and ultimately failure.  

• Lack of research

Before you hit the market with your excellent idea, it’s crucial to know the market. It’s not just checking if there’re some other companies with the same idea as yours. It includes researching everything from the mentality of people you’re trying to market your product to, your competitors, SWOT analysis, and more. It gives you an idea about the challenges you may face so that you can come up with a solution before your product or service falls flat.

Let’s talk about PopSlate. They had a great idea of making phone covers for iPhones that used electronic ink on the backside of your iPhone to give you a second screen. It was an idea with great potential and got a lot of funding. However, they failed certification tests with Apple as they couldn’t figure out how to manage battery performance. Who knows what could have happened if they had found about this loophole in their idea early on?

• Rush to hit the market

The sooner you hit the market, the sooner profit is made. Every day your product isn’t in the market costs your investors money. Therefore, it is very likely to have a crunched deadline and investors badgering you about the launch date. And, it is not wrong on their part to ask. After all, they have put their trust and their money into your idea. However, substandard execution to meet the deadline can do you more harm than good.

For instance, EEG Exoskeleton was one of the most awaited technologies which promised to enable paraplegics to walk. This project grabbed the attention of people all over the world and has ample funding and experts working on it. The product was launched on broadcast and did not deliver what it promised. 

• Inability to adapt

The market is an ever-changing space. And if you don’t adapt, you will not survive, especially if you are a newbie. It is crucial to stay updated with the new trends and expectations of your customers. The failure to do so could have dire consequences.

It has not only shut down many startups but also affected big giants. For instance, there was a time when Nokia was synonymous to a mobile phone. But Nokia failed to adapt as Android hit the market, which caused them market shares and position in the market. 

Don’t be disheartened by all the things that could go wrong. Do it right with the help of a mentor who stays by your side throughout the process. With a mission to make every startup a successful startup, VGo has come up with a few steps which could make your startup dream come true.

Take the first step by posting your idea on VGo. Your idea stays confidential as it gets reviewed by our team. Once it is approved, our team helps you build further and develop it into an incredible product ready to hit the market. With our team of experts backing you at every step, you will get the best talents for production to planning and marketing, making your startup journey a rather peaceful one. 

So, what’s stopping you from turning your excellent idea to a business?