Posted by: Mark Sorenson | January 17, 2010

Are You 1st Place?

Many times entrepreneurs who have a great idea for a business were not the first ones to think of that idea. Chances are there is someone out there who is not just thinking of your same idea, but who is actually trying to start a business with it. If you don’t believe me, do some real thorough market research on any idea you have for a business and see who else is out there doing it. Ideas area dime a dozen, and what really matters is not that you are creative enough to think of a good business idea, but that you have the executions skills to take that idea and build a business that generates revenue. Since it’s a good bet that someone else is out there working on building the same business you are, it’s only a matter of time before one of you succeeds and gets there first.

I am trying to build a tech start-up. It is a mobile advertising company that delivers discounts to users based on their preferences. This is a hot market right now and if you listen to the buzz surrounding mobile advertising, you will see that it’s getting a lot of attention. There are companies popping up left and right, trying to figure out the best way to deliver targeted ads to customers. As a scramble to put the right pieces together, I feel like I am working on a ticking time-bomb that will go off any second. I feel like I am racing to get ahead faster than that competitor who is racing just as fast as I am.

In summary, my start-up is time sensitive, and I am learning that a good entrepreneur is a fast actor as well as an innovative thinker. So if you have that perfect idea for a business, what are you doing to turn that idea into a reality? Are you just sitting on a time bomb hoping it will never go off, or are you being proactive with your business idea to make sure you are the one that comes in first place?

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