Successful Entrepreneurs are Doers!

I found it both comforting and enlightening to learn that most entrepreneurs don’t do extensive planning before they start their business.  In the Harvard Business Review (Mar-Apr 1994 edition) article entitled, “How Entrepreneurs Craft,” Amar Bhide says, “By the time an opportunity is investigated fully, it may no longer exist.”  He goes on to discuss the results of a survey Harvard MBA students completed on the amount of planning entrepreneurs conduct prior to starting their business.  Too much planning and analysis can lead to “analysis paralysis” while no planning is irresponsible.   Most entrepreneurs fall somewhere in between.

A full 41% of entrepreneurs on the list of 500 fastest growing businesses had no business plan prepared prior to starting their business. Now this does not mean they went into business blindly.  The majority of entrepreneurs do plenty of research and analysis to confirm their business idea is viable and there is a market for it; however, most successful entrepreneurs do this in the form of cheap, quick, and timely analyses.

Entrepreneurs tip the balance with their competition with a combination of creativity mixed with a large capacity for execution.  Successful entrepreneurs are nimble, responsive, and make constant adjustments based on new knowledge they gain.  There is no time for bureaucratic analysis when running a new business.  Wise decisions must be made quickly and plans must be adjusted based on customer feedback and constantly changing conditions.

A scripture in the bible sums up this entrepreneurial attitude. 

         “Be ye doers of the word, not just hearers only…”  James 1:22

When starting and growing a successful business, there is a constant need to take action, make decisions, and move forward.  Although, it is important to make these decisions based on the best knowledge available, it is important to not allow analysis paralysis to take the wind out of the sails of the new enterprise. 

Successful entrepreneurs are doers!