However, I
suspect the component often missing when a great idea fails to get off the
ground is the self-awareness of the creator.
My mind
turned to this in the wake of the demise of Doughnut Time* and the founder’s
other business enterprises.
The general
consensus is Doughnut Time was a great business idea and a fun product adored
by many.
The other
businesses created by the same person were also hailed as being innovative,
creative and were even credited with the revitalisation of an inner-city area.
Sadly, many
people have lost their jobs and, in some cases, have not been paid for several
weeks.
Concerning
the collapse of another business, closure occurred just before Christmas and a
number of functions booked did not go ahead and deposits were lost.
The general
consensus is the business models were fundamentally sound however were poorly
executed or the execution lacked the necessary fundamental business disciplines. To put it another way, the boring stuff was missing.
Arguably,
the individual possessing the creativity needed to foresee a new business opportunity and to sell the
concept to the public by definition will not have the tendency to apply the
boring repetitive management needed to operate the business day in day out.
In recent
months I have attended several sessions for Start Up enterprises and budding entrepreneurs.
A common
theme is having the self-awareness to know what it is you are good at and to
ensure you concentrate most of your energies on that. Accordingly, it is necessary
to recruit or seek equity partners that can competently fill the gaps in the skills
and knowledge you lack and are needed for success.
The biggest challenge
is to get the timing right and know just when to bring those skills in.
Several
Doughnut Time outlets have been rescued and hopefully, a sound business will recover
and prosper.
No comments:
Post a Comment