Details. Every internet entrepreneur’s best friend and worst nightmare. I was reflecting the other day on how details are such an integral of not only being a successful internet entrepreneur but a successful worker in general. In my experience, I have noticed that all successful entrepreneurs possess qualities that lead them to pinpoint problems and exercise creativity all through the use of impressive details.
Imagine starting your own business. You might have a broad idea in your head, and perhaps that idea is even shared within the pretense of a competitive market.
The other day, I was watching NBC’s Shark Tank trying to perfect an elevator pitch that I have been working on for our internet entrepreneurship class midterm and observed two moms pitch their idea “Scratch and Grain Baking Company”. Even though they didn’t have a huge sales margin and didn’t have a very good return rate, they knew the nitty-gritty of what they needed before they pitched their idea to the “sharks”. Despite the fact that one of them was emotional during the pitch and began to cry, Barbara Corcoran, one of the sharks on the show, decided that their hard work and attention to detail was worthwhile enough for her to invest in their company. Both moms ended up with an offer from Corcoran for a $150,000 line of credit in exchange for 20% of the company.
When you are planning on starting your business, make sure to plan ahead, never taking any small detail for granted. Details can be the difference between a successful startup and a flop. Choose success!!
I love shark tank! But yeah, I agree, knowing the details of your business and the market you’re in is very important if you wish to be successful.
The details are definitely important and often time easy to ignore or push aside. I know I find this to be true for me at least. But like you said understanding the details is critical for running and pitching your business to investors.
Carolyn, I very much agree. I think we want to aim to be an expert in our field. If entrepreneurs are not an expert, they can start small and learn by doing, fail and start again, fail and start again. Like a little hobby that you would do on the side for fun.
Excellent post, Carolyn! If I’ve learned anything in my marketing classes about small business and retail in general, it’s that retail is detail. Detail means knowing the ins and outs of your business, consumers and market and will always give you a leg up on your competition.