There is a fun debate about what it really takes to be a successful entrepreneur. Some think the key is having a great idea. Others think it is all about your network. While still others think the key is not running out of cash. I would argue that running out of cash is an awfully bad thing for a business. In the same way that running out of blood is bad for the human body. But that’s kind of like saying the key to solving global warming is not letting the Earth get warmer. It may be accurate. But it will make you look like an idiot when you suggest that at your next Mensa meetup.
Jeff Hilimire’s Recipe
Recently, my friend, and entrepreneur, Jeff Hilimire shared his secret recipe for whipping up a successful entrepreneur on LinkedIn.
‘50% amount of runway + 40% hard work/execution + 10% initial idea. I might have overshot the importance of the initial idea.’ -Jeff Hilimire. CEO of Dragon Army and Founder of 48in48
As a good facilitator of engagement should do, Jeff then asked the LinkedIn collective brain if we agreed or disagreed. Which provoked a healthy sharing of opinions. All of which had merit. None of which matched my own.
My Recipe for Entrepreneurial Success
My recipe is simpler than Jeff’s. In fact, I believe there is only one ingredient that matters at all. The absolute essential, non-negotiable, Holy Grail of ingredients, is action. Without action you are guaranteed not to succeed. But with action, continuous action, all things are possible.
The idea is not at all important to entrepreneurial success. Because absolutely everyone has an idea. You have had an idea for a product, service or business that could have worked. I know you have. The only reason that idea hasn’t become a successful business is that you haven’t taken enough action. Yet.
Time, time for some time for some action. (#obscurelyricreference)
Your runway, which is your brine of time and money, is continuously increased by taking more action. Action makes opportunity. Action spins straw into gold. Action is what builds and maintains your network. Action is what makes luck. And action is what makes for a really great date. #amiright
In the past 2.5 years since I took action and launched my advertising and idea agency, The Weaponry, I have had hundreds of discussions with people about the business ideas they wanted to pursuit. Every one of those ideas could have been successful. And every one of those people could have become a successful entrepreneur if it wasn’t for one missing ingredient. You guessed it: Action, Jackson!
If you want to be a successful entrepreneur the verb is the word. You have to take action. Absolutely nothing happens without it. The best of ideas, the best networked humans, the deepest pockets and the best of intentions are powerless without action. Talk is cheap. Potential is nothing. Ideas are everywhere. So as Nike once so famously and succinctly commanded, if you want to be successful entrepreneur, just do it.