Thought Economics by Vikas Shah

Author:Vikas Shah
Language: eng
Format: epub
Publisher: Michael O'Mara

What are the most common mistakes entrepreneurs make?

Steve Case: At a macro level, people often don’t realize that while having an idea is important, executing that idea is more important. There’s a Thomas Edison quote I cite a lot which is that ‘vision without execution is hallucination’. Having a great idea is great, but you have to execute it. There is a tendency to think that the idea itself is a breakthrough, rather than the product, service or business built around the idea. You have to assemble the right team around you, and assemble the right partnerships so that you aren’t doing it alone. All too often, this ‘go-it-alone’ mentality prevails, while partnerships are increasingly important in markets such as health, financial services and education, all of which require a lot of collaborators to create meaningful impact. Entrepreneurs regularly don’t fully understand the competitive climate. Often we’ll hear people telling us how original their idea is, but our view is that if somebody else isn’t doing it, it probably means it isn’t a big idea! If something is a good idea, a lot of people will be doing it, and the real question is who will win.

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