Think big but start small and take baby steps before walking or running. Many entrepreneurs get into trouble when they try to tackle too much too quickly, which can result in not doing anything well— if not outright failing. This is especially true in the early stages of starting a business where it’s easy to cast a wide net and set overly ambitious goals. I have been totally guilty of this- especially with the launch of my first business but I’m getting better ?. Focus is critical since resources- most notably when time & money- are limited. To this end, I mentor a lot of early stage and aspiring entrepreneurs. In a pilot program that I recently launched, about 10 participants are eagerly anticipating the launch of their respective businesses and take the leap into entrepreneurship.
So the first meeting we had was to take the first step and scope out their ideas to show what market need they were going to fill, how they intended to do that and exactly how they were going to make money at it. These folks were a varied collection of aspiring entrepreneurs from all walks of life, corporate refugees, stay at home moms and MBAs. All of them had made the same mistake from the very beginning… none of them had defined their ideas so that it was narrow enough to actually execute based on their skillset, experience, or funding situation. All the ideas were awesome, but in reality, they were too broad and could spell trouble.
Take for example, Lisa, who bakes these amazing cake-pops. Think cute, little bite-sized cakes on a stick that are personalized for the occasion- birthday, St. Patty’s Day, Mother’s Day, etc. They’re absolutely delicious and novel. Her idea was to sell an entire line of baked goods online across the country. That’s a good stretch goal, however, at the starting block, keep it simple and more local. There’s enough novelty & variety in the cake-pop concept, that she should launch with that without having to worry at this stage about creating a separate lines of goodies and set up a national logistics & delivery operations— all of which would require substantial investment of time & money. Now, could you still be successful launching an entire line at once- maybe- however, focusing on a niche market initially to gain traction is generally a much better strategy. Check out Lisa’s site, Goodiebites, so you know what I mean. Seriously, these are some tasty treats so I truly believe that she’s on to something.
Now take your situation, whether you’ve ready to start or you’re actually in business- think big but start small. Take baby steps until you can walk, run and leap!!!