The Main Ingredient To Success For A Newtown Square, PA Entrepreneur

We’ve been spending this week getting our extension returns for individuals all wrapped up — and, as usual, it’s been a gratifying process.

I’m glad to say that we’ve been able to help a lot of families and business owners keep far more in their pocket than if they had used the “drag and drop” solutions, or one of those tax prep boiler rooms.

And we’re so grateful for your trust.

Now, while I wasn’t working on returns, I spent some time, over the weekend, looking at some academic articles on entrepreneurship (yes, I’m an egghead like that sometimes!).

And aside from the unrealistic reliance on the VC model for most small businesses, there was something else which nagged me throughout my browsing.

It was the over-emphasis on the notion of the BIG IDEA, as the primary component to a successful entrepreneurial venture.

Will you allow me to go on a short rant today? I actually have something important to say here, as I do so, relevant to what you have to focus on every day…

The Main Ingredient To Success For A Newtown Square, PA Entrepreneur
“You cannot plough a field by turning it over in your mind.” – Anonymous

I’ve sat down with hundreds of entrepreneurs. Some very successful and some not-so-successful. This morning, I was thinking about the not-so-successful ones and I realized most could be divided into two groups: those with the Big Idea Myth and those with Analysis Paralysis.

You see, the big idea isn’t the “holy grail”. No, the main ingredient of success is the execution. Trust me — I see behind the scenes of many businesses.

But those who fall for the Big Idea Myth jump into idea after idea, 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.

Yes, I’m a tax professional–and 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.

A good person to follow for this kind of advice is Gary Vaynerchuk. (Though, fair warning: he can be very foul-mouthed.) In particular, here’s a video he made a few months back that gets at this idea real well:

Feel very free to share this article with 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 (and until next week),

Stephen Venuti

Stephen J. Venuti, CPA, MST, LL

The Main Ingredient To Success For A Newtown Square, PA Entrepreneur