There are a number of people who call themselves "wantrepreneurs." These are people who aspire to be entrepreneurs, who may even claim to be entrepreneurs, but who lack the magic spark required to alter the world.
What is the difference between these people and those who truly have breakthrough innovations, one could wonder? It usually boils down to a few minor blunders people make along the way...
Too Much Talking
Many people I meet who have intriguing app, website, or product ideas make the mistake of telling me about them. This isn't a concern due to intellectual property or anything else. It's a problem since I have a feeling they'll never make it happen. These are individuals that adore 'doing business.' People who enjoy talking the talk but don't want to put in the effort.
Instead of talking, take action.
Not saying enough
Then there's the other type of entrepreneur who has a great concept that they think is the best thing ever and then becomes too possessive of it. This person refuses to tell anyone what they're doing, and as a result, they're having a hard time finding investors or persuading people to be interested.
What's more, guess what? It's demeaning to inform a potential consultant that you can't disclose them your concept. There are a plethora of ideas available. What matters is how well you execute. So get over it: you're going to need all the assistance you can get!
Being perfectionists
If you have a large risky concept, you should get out there and make it happen as quickly as feasible. What you can't afford is to spend years developing it, paying designers, lawyers, and everyone else you can find to help you make it flawless.
This method entails devoting an excessive amount of effort and money to a concept up front. And if you do that, you'll have a break even years down the road, and you'll risk losing all you've invested.
Instead, immediately release an MVP (Minimum Viable Product). This is a rudimentary version of your product that you can test later. If people start buying it, you'll be able to put more money into it. If not, you should move on to the next project and stop wasting time. In the company, it's known as 'fail quickly.'
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