Startup Professionals Musings

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5 Keys To Taking An Idea From A Vision To A Solution Posted: 18 Jun 2022 07:05 AM PDT A popular approach for aspiring entrepreneurs these days seems to be to corner anyone who will listen, with a pitch on their current "million dollar idea." The initial monologue usually ends with the question "How much money do you think this is worth?" In my opinion, ideas are a commodity, and are really not worth much, outside the context of a visionary leader who can execute. Over the past couple of decades, experts have perfected the art of brainstorming and other idea-generation techniques. Executives and investors are now increasingly exposed to a wealth of ideas. The result is that ideas are no longer in short supply, and no longer a differentiator in competition. Visionary execution, on the other hand, is not so common. A visionary is someone who can make sense out of the wealth of ideas, and weave together a plan for implementation that will make a difference in the world. Elon Musk, for example, likely receives thousands of ideas from friends, but he has been able to focus a few of these into initiatives that demonstrate real innovation. What separates an idea person from a visionary leader? Most experts agree that a visionary leader not only has ideas, but also has a vision of where these ideas can lead, with strong core values, key relationships, and demonstrates innovative actions, as follows: Commitment to core values. Visionary leaders radiate a sense of energy, strong will, and personal integrity. This usually results in a focus on multiple related ideas, leading to real innovation, rather than bouncing from one idea to the next, looking for the Holy Grail. Positive inspirational communication. People with vision usually start by communicating an inspirational picture of the future, and then integrating individual innovative ideas into this fabric, and show how to get there. The best ones can make the impossible look easy, so everyone, including investors, line up to commit. Build strong relationships with strong people. Great relationships are key to every leader. They see people as their greatest asset, and listen as well as talk. Theirs is not the autocratic style of leadership, which tells people what to do and dominates them, but a style which treats partners, investors, and customers as family. Willing to take bold actions. These actions somehow always seem to embody a balance of rational (right brain) and intuitive (left brain) functions. Visionaries are often "outside the box" of conventional approaches and move toward long-term change and innovation. They are proactive and anticipate business change, rather than reactive to events. Radiate charisma. People with a real vision can communicate ideas with almost a spiritual charisma that energizes people around them to go a step beyond normal boundaries, to solve a technical problem, sign on as a team member, or invest resources, when conventional wisdom would suggest otherwise. Every investor wants to fund the true visionary leader, but the truth is that these people often don't need funding, or don't ask for it. The best investor pitch, then, is to sell the vision with such conviction that people want to be a part of it, with their money, their skills, or whatever they can bring to the table. But not every entrepreneur has to be a visionary. There is still plenty of room for incremental improvements, and creativity in providing solutions to short-term problems. This is really the realm of bootstrapped startups, and a small segment of the angel investor community that is looking for a "quick hit" with a quick return. So my message to entrepreneurs is to tune your approach and your expectations accordingly. I'm always impressed with entrepreneurs who pitch how they plan to bootstrap an idea, but if you need a million dollars, you better be able to communicate and lead with a vision. Marty Zwilling

10 Ways To Make Your Own Luck Driving Startup Success Posted: 17 Jun 2022 07:05 AM PDT Many business professionals and entrepreneurs I know are quick to attribute success of a peer to luck, rather than any recognition of a unique strategy or personal attributes. Over my many years as a business advisor and angel investor, I have become a firm believer in the opposite position, that you make your own luck, which drives business success, rather than the other way around. As with most investors and advisors, I always look first at some key personal characteristics and leadership strategies that I find often make you a more likely survivor and winner in the highly competitive world of businesses, both new and mature. Here is my list of those practices that I recommend to increase your own luck in the complex business world of today: Acknowledge reality, but exude confidence and optimism. Passion is great, but it must be backed by data, confirming a real problem and customers willing and able to pay for your solution. Demonstrate that you understand the roadblocks ahead, and why you are uniquely qualified to overcome them. Be positive, but don't count on luck to save you. Highlight your persistence in achieving results in key goals. In my view, too many businesses fail, simply because founders give up too early. You should be ready with your personal anecdotes on achieving success through persistence, from non-business efforts as well as business. Having an unlimited number of ideas is not a substitute. Show a focus on a single objective, rather than many. Starting many initiatives, and hoping that one will stick, is not a formula for success. Demonstrate how one key objective addresses your long-term, as well as short-term goals. Don't be afraid to admit to pivots for cause, as you learn from your experiences. Recognize limited resources. Demonstrate a willingness to take real risks. Every business initiative with great potential has big risks, including environmental, political, and cultural changes. I believe in the old axiom, "no risk means no reward." You need to acknowledge the risk factors you expect, including competition, and identify your efforts to mitigate these risks. Surround yourself with a competent team and advisors. Building a successful business takes more than one person. You need other people with skills that complement yours, are not "yes" people, and have relevant experience rather than a low price-tag. The ability to build a team, as well as the intelligence to ask for help, is a huge bit of luck. Be an effective persuader, using both logic and emotion. Some people believe negotiation and persuasion are driven by logic, while others rely on emotion. Successful business leaders combine the power of both, in conjunction with credibility and a shared purpose, to make every situation a win-win success opportunity rather than win-lose. Be a leader role model, with strong communication skills. Too many business people let the daily challenges cause them to revert to emotional and autocratic demands, failure to communicate, and inability to coach and mentor team members. Bosses, investors and business partners will see negative tendencies quickly, and will thwart your success. Maintain your health and well-balanced lifestyle. Successful business people normally have high energy levels, and work hard toward their objectives. Yet no human body and mind can sustain the stress of constant work, with no time off for a personal life and non-business activities. I expect to see evidence of a healthy lifestyle, with outside interests. Show gratitude to the team and celebrate successes. Everyone in business needs to feel some recognition for their efforts, in order to face the next challenge and maintain their loyalty. Great leaders are ones who share credit for successes, as well as failures. To keep energy high, they celebrate even small successes, and appreciate each other. Able to maintain customer trust and team confidence. I look for an intent and an ability to generate trust by delighting customers, as well as your team. That means asking for and really listening to feedback, and being transparent about issues of interest. For team members, it means being available, and showing empathy for their concerns. With these strategies making your own luck, I'm convinced that you will find more and more success in business coming your way, and your personal image and satisfaction will also increase. That's how to make your business lifestyle more enjoyable in the long run, just as you expected. Marty Zwilling *** First published on Inc.com on 6/2/2022 ***

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