I’m putting this one together on Monday, November 7th — BEFORE we’ve had any results from the elections.
I do that very intentionally so that you understand that what I’m writing about today is coming from a place of neutrality.
Because fear is running rampant in the marketplace, and it’s deeper than being merely political.
Firstly, you should most certainly understand this reality for your customers and clients. The unending bombardment of political noise is likely only to increase as we adjust to whatever new reality we are facing. I hope that you and I both can be a part of helping the nation heal from all of the poisonous division we’ve been experiencing. Whatever the outcome of the election.
(Remember, I don’t yet know the election results as of this writing.)
But this widespread uncertainty is also affecting the business landscape, both locally here in Newtown Square, PA, and nationally.
And I encourage you not to let it rent space in your head. As a business owner.
What Prevents Successful Entrepreneurship By Stephen Venuti
“I’m willing to admit that I may not always be right, but I am never wrong.” -Samuel Goldwyn
I’ve sat down with hundreds of Newtown Square, PA entrepreneurs and business owners in the course of my accounting work.
Some very successful and some not-so-successful. This morning, I was thinking about the not-so-successful ones and I realized they could be divided into two groups: those with the “New Idea” Disease and those with Stage Fright.
You see, the new idea isn’t a holy grail, despite what you might see on Shark Tank. No, the main component of small business success is in the execution.
But those who catch the New Idea Disease jump into concept after concept, full of excitement and ambition, only to fall flat. It’s a simple matter that they fail to realize that success comes from execution, *not* the idea.
On the other side are the entrepreneurs and budding business owners who are too afraid to act. They think, analyze and talk until they’re blue in the face, but they don’t take action. Their paralysis keeps them in their cushy corporate job or in the comfort zone of their modest small business. They’re paralyzed, and unable to jump in and act.
They have stage fright. And it’s a paper tiger.
Yes, I’m an accountant — and I’m also averse to unreasonable risk. But I believe that the key for successful entrepreneurship is to be in the middle of the spectrum: act on the idea (almost any idea will do), but realize that execution is everything.
Feel very free forward this article to a Newtown Square, PA business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for Newtown Square, PA families and business owners. And we always make room for referrals from trusted sources like you.
Warmly,
Stephen Venuti
610-353-0686
Stephen J. Venuti, CPA, MST, LLC
