Innovation is certainly a noble objective for a start-up company and many entrepreneurs rush to form a new business in order to “change the world” and bring about revolutionary changes in markets and the day-to-day expectations of customers. A grand vision is certainly important in attracting necessary resources for the business including qualified personnel interested in pursuing innovative projects and capital providers attracted to business concepts with high potential returns on investment; however, entrepreneurs must also be able to take a pragmatic approach to building their companies and accept the fact that their planned revolution will only occur, if ever, through a series of smaller steps taken over an extended period of time. Even the best new technology takes time to develop and will require patient communications with prospective users to educate them and alleviate any concerns that they might have about switching from their current solutions for the problems that the new technology is seeking to address. Accordingly, entrepreneurs must have the judgment and courage to create and implement a strategic plan that maintains the long-term vision that formed the basis for launching the company in the first place while breaking the journey down into achievable milestones.
The content in this post has been adapted from material that will appear in Business Transactions Solutions (2008) and is presented with permission of Thomson/West. Copyright 2008 Thomson/West. For more information or to order call 1-800-762-5272.