Why Do Great Ideas Fail?

Key Takeaways

Idea, it's 1%. 99% is execution. So, it's like this. If you want to, let's say drive a car from Kamloops, let's say to Vancouver. Okay? And you think I think that's a great idea. I think I'm super motivated. I'm optimistic, but I don't know how to drive. I just don't know how to drive. They don't have the business skills, no different than no driving skill. But they thought I'm going to get in the car and I'm going to drive. When it's snowing and I don't even need to check my tires. I just hope it's going to work. And my mom tells me it's going to work. So, it's going to work. And then before you know it, you crash and burn. And that's what happens, right? So, it is the business skills that are lacking. That enthu- enthusiasm is great, ideas are great, but you need skill sets. Business fails because of mismanagement. I think most businesses fail the first day they start. It just takes them 5 years to realize it. First First day it already it's not going to work. But it takes them 5 years to find out. That's I think that's what happens, right? So, it's the skill sets. No one taught them what business skills you need in order to to be successful. No different than driving. If you drive a car, right Vince? If I drive a car from here again to Vancouver, if I if I have driving skill, right? If you have driving skill, I know how it works and I I make sure I have the proper tires, right? I make sure I have the GPS. I make sure I have my strategic plan. I make sure that I have maybe a a four-wheel, right? Maybe a SUV. Then chances of you getting there safely is a lot higher. Or maybe even get a friend to come with you as a partnership and say, "Hey, what if halfway maybe I get a little bit sleepy, a little bit tired. It is a long drive. You can help me out. We can alternate." Then chances of you getting there is is much much higher. So that's the way I see it. But if you say, "I'm excited. I'm going to drive. I have no idea how to drive. In fact, I'm so confident. I'm going to blindfold myself. Cuz I I'm excited about this. This is the greatest idea since sliced bread. So is I'm going to get there. I'm going to blindfold myself. And more than that, I'm going to tie my hand into the wheel, right? And I'm going to stick a knife in front of me. Because that will never happen. And I'm going to press on the gas. And we're going to get there. But that's just that is just crazy. But a lot of entrepreneurs do that. You You You watch even How many of you watched Dragon's Den? Yeah, Shark Tank. You see entrepreneurs like that on TV. I've got this idea for this board game. I put all my life savings into it. My kid loves it. I've got 2,000 of them in my garage. Give me a million dollars. Help me sell this. That's that. That's what it is. They can't see it. And you tell them it's a bad idea. No, it's a great idea. It's the greatest idea. They're blinded by their own emotions. But a sophisticated investor look at that. That's a bad idea. Don't do it. Oh, I'm not going to give up. I'll never give up. Well, then you're being an idiot if you don't give up, right?