Entrepreneurs can also hit a grand slam

I’ve never been much for baseball. But I can’t resist tuning in for a few innings here and there this time of year. The baseball playoffs are exciting and fun, and you have to admire how well these talented athletes play the game. They make it look so easy even though, as one who has been mostly unsuccessful at my feeble attempts to play the game, I know it’s not.

By Stephen W. Gibson
Brigham Young University deseretnews.com

That reminds me of the entrepreneurial game. Many think hitting business home runs is easy — get a great idea, and then it’s a cakewalk to home base. But the fact is, getting into the entrepreneurial hall of fame is tough — maybe as tough as getting into the baseball hall of fame.

When it comes right down to it, conceiving a business idea is the easiest aspect of scoring entrepreneurially. A good idea gets you in the game and perhaps even up to bat. But hitting the ball consistently enough to win the game requires the unique skills, concentration and effort Barry Bonds and other great athletes talk about.

In order to get to first base in the entrepreneurial game, you need a management team with some core competencies. While one can have a hit as a team of one, studies show there is greater strength in launching new businesses when several like-minded individuals buy into an idea and work together to turn it into a world-class, money-making enterprise. As in baseball, the best entrepreneurial teams consist of persons who bring different-but-complementary talents to the ball park, and who use those talents in working together toward a common goal of success.

Getting to second base is another issue. While some ball players manage to steal the base on their own, most of the time you’re not going to get there without carefully following your strategic plan. If the coach calls for the hit-and-run, it isn’t going to work if everyone isn’t on the same page. The same is true for entrepreneurs. You’ve got to pay attention to your business plan and your short- and long-term strategies. If everyone in the organization isn’t on the same page with regard to fundamental decisions, your business will soon be out of the game.

But even if your idea is a great one, and you have assembled a heavy-hitting team around a sound business concept, you won’t get to the big leagues unless you are prepared to address an ever-changing combination of outside factors: What is the industry cycle? How many competitors are there? Where is the pricing curve? What are supply and demand issues for your product or service? Is the overall economy vibrant or shaky?

All these questions and others can uncover real issues that must be examined if you are going to get to third base with a chance to score.

OK, so you’re on third base. The fans are screaming and on their feet. Things are looking rosy. It’s been a great rally so far. Now comes the most challenging part of the entire game: implementation, or execution that will test the strength of the most agile, intelligent player.

As the manager of the business venture, you need to plan, control and direct the activities to score in the biggest game of your life. The eyes of your employees, family, friends, bankers, suppliers, old girlfriends/boyfriends and even your father-in-law are all focused on your performance.
Implementation and execution separate the champs from the chumps and the winners from the losers. Give it all you have and you’ll be a hero — and you’ll make it look easy.

Even though we both know that it isn’t.

Stephen W. Gibson is affiliated with the BYU Center for Entrepreneurship. He can be contacted via e-mail at [email protected].

http://deseretnews.com/dn/view/0,1249,515036208,00.html