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Part 8: Your Speed—Accelerate Wealth
It’s all about the execution. Not the idea. A great idea is only potential power. Great ideas without good execution are worth almost nothing. Mediocre ideas with great execution are worth a lot.
Business plans are overrated. Business plans do not work if you don’t execute. It’s better if you jump in and start executing, and the world will tell you what it wants. You don’t need a business plan, but you need to start doing things. Most business plans do not work anyway. You start with project X, and after five years, you have project Y that gets you money. The world will tell you where to go.
Listen to complaints from users of your product or service carefully. This is free feedback. If there is one user complaining, probably ten others feel the same way. React to each complaint to create a superior product. However, beware of pleasing everybody—it’s just impossible. Trying to please everybody is a recipe for failure.
There’s nothing wrong with having a small company; however, it’s good to look big. You can still have a one-person company and look like you are a big company with proper customer support.
Remember, partnering with someone to create a business is like a marriage. You have to know each other well, because you will spend a big chunk of your lives together, and you will have to deal with all the arising problems together.
Focus on one business only. It might be tempting to run many businesses, but it’s almost never a good idea, because it makes you distracted and none of the businesses become really successful.
Actions to take
Build the brand, not the business.
Principles to follow
Choose your co-founders wisely.