Is success of a business based more on the decisions or the idea?
I recently attended an event where one of the speakers talked about the large number of businesses that fail. She said that most business failures are less about the idea and more about the poor decisions made. I am curious if others agree with this. I think decisions are important, but also having the right idea is critical to success.
Both are important. It's like saying what's more important a leg or an arm? I believe there are six main factors that will determine likely success and I have developed a model which allows those to be mapped out. The most important factor is Customer Need or Want. If nobody wants to buy your product or service then whether the decision was good or the ability to make decisions become irrelevant.
The best idea or technology rarely wins unless it has a need or want plus a path to market. Then worry about the other factors.
Hello Abby , I think it depends on decisions more , its very important to decide when to take the decision , the perfect time , other wise , there is no use to decide even it will not have any effect if its late even though the Idea is perfect ,
it is based on you the founder being aligned with your true purpose and higher self. realising your true potential to connect with an infinite universe that can turn a simple seed into a tree. it takes faith to get through the dip. it takes courage to imagine into being your vision.
The contribution / degree may vary; but both - decision as well as idea are important for business success. A brilliant idea is likely to get lost with no decision...and what decision one can take with no worthwhile idea.
But, it is a fact that many great ideas have gone down the drain with no or poor decisions. So, you can say that decision is MORE important than an idea.
I've seen many smart and creative ideas fail because of poor decisions been made. For me business is a combination of all the major aspects good idea and decisions are part of 'em. But as a Strategic planner & Marketer I believe that good decision comes first, cause the right decision in the right direction based on the right information can lead even a weak idea to the right direction shaping it amazingly and got prospects convinced.
From my experience Businss success is not about what you do it is how you do it, the sales, marketing, leadership, teaming, distribution channels, etc.
Any Business that thrives to be successful needs to be sustainable in first place. And thinking sustainability comes from innovative thinking. However, only great ideas can never make it to the ground unless empowered by firm resolutions. So, one-line answer to your question would be - Business growth is the result of Innovative Ideas put to work with Strategic Decisions, I believe!
We spend a lot of time researching what differentiates high growth businesses from ordinary growth businesses, and what is clear is that the ability of the leadership team to make timely, effective decisions is a significant factor.
If two businesses start out at more or less the same time with very similar ideas, it will be the team that makes the best decisions along the way that survive and thrive.
Effective decision making includes the ability to identify and mitigate risks which, to me, is one of the core competences every director/business owner should possess. A high growth business' appetite and attitude towards risk will be different from an average growth business, and this will lead them to make different decisions, and gain greater success.
Its both really.
You first need a good product idea, for what a customer or client base will want, and will be willing to pay to acquire, enough for you to get a Return on Investment over what you spend to avail the product.
Then you need to make the right educated decisions to manage your costs, be visible to your market, comply with laws as well as standards, maintain your image and presence, adapt to market changes and grow effectively.
It is a simplistic answer to a straightforward question regarding a complex subject; business.
I thing business idea is very important than any other factors, because through a business idea we can develop our business to conceptiual goals that can achieves potentials. While decisions is important too in business the acurate decisions will affect business postivly.