What does it take to successfully execute on a good business idea? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
The first question you need to ask yourself is do you have a burning passion and desire for your new business idea? You need to really believe in your plan, believe in yourself and focus to successfully create and build your business. That said, constantly reevaluate your plan and don't be afraid to pivot, change and take risks, as the market will show you when you're right and when you're wrong. As I outline in my new book , I have been involved in several industries and pivoted my business focus to align with the current marketplace.
Having a strategy and focus for a new business is critical. A lot of new businesses are for many years in what I call the survival mode. And remember, it is all about cash and cashflow. If you run out of cash and can't pay your bills, it's over. If you have a plan and keep striving toward growth, ultimately you will thrive and succeed.
Success from my perspective comes from surviving until you thrive. Surviving as a new business is all about having a plan, focusing on that plan and making progress by working your tail off. Add to that watching cash and cash flow closely - on a daily basis at-minimum. Then, put yourself in a position through a lot of hard work to get lucky. The truth is, luck is an important ingredient in success as well, but there are ways to position yourself to take advantage of the opportunities that come your way.
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