We’ve been spending this week getting our extensions for individuals all wrapped up — and, as usual, it’s been a gratifying process.

When I wasn’t working on returns, I spent some time, over the weekend, looking at some academic articles on entrepreneurship (yes, I’m an egghead like that sometimes!).

There was something that nagged me throughout my browsing.

It was the over-emphasis on the notion of the BIG IDEA, as the primary component to a successful entrepreneurial venture.

Will you allow me to go on a short rant today? I actually have something important to say relevant to what you have to focus on every day…

Valerie McLaughlin’s
“Real World” Business Strategy Note
Stop Waiting For The Great Idea
“You cannot plough a field by turning it over in your mind.” – Anonymous

I’ve sat down with hundreds of entrepreneurs. Some very successful and some not-so-successful. This morning, I was thinking about the not-so-successful ones and I realized most could be divided into two groups: those with the Big Idea Myth and those with Analysis Paralysis.

You see, the big idea isn’t the “holy grail”. No, the main ingredient of success is the execution. Trust me — I see behind the scenes of many businesses.

But those who fall for the Big Idea Myth jump into idea after idea, full of excitement and ambition, only to fall flat. It’s a simple matter that they fail to realize that success comes from execution, *not* the idea.

On the other side are the entrepreneurs and budding business owners who are too afraid to act. They think, analyze and talk until they’re blue in the face, but they don’t take action. Their paralysis keeps them in their cushy corporate job or in the comfort zone of their modest small business. They’re paralyzed, and unable to jump in and act.

Yes, I’m a tax professional–and averse to unreasonable risk. But I believe that the key for successful entrepreneurship is to be in the middle of the spectrum: act on the idea (almost any idea will do), but realize that execution is everything.

A good person to follow for this kind of advice is Gary Vaynerchuk. (Though, fair warning: he can be very foul-mouthed.) In particular, here’s a video he made a few months back that gets at this idea real well:Gary’s Youtube Video

Feel very free to forward this article to a business associate or client you know who could benefit from our assistance — or simply send them our way?

Warmly (and until next week),

Valerie McLaughlin, EA
(410) 224-2600