in Beware

Give Me Three Good Reasons

Scaling things is hard and ideas matter less than execution

”By the end of dinner, I want you to give me three good reasons why you’re building someone else’s brand instead of your own.”

The challenge came from Mikkel as we walked to a late dinner at Tommi’s Burger Joint. It was one of those questions. The kind you knew had been on the way for a long time and that once asked really needed no answer. We all need friends like Mikkel.

“I can’t think of a single one.”

I launched my last business in a niche that I knew well, tech and startup events, doing a variation of something I’ve done for years. I decided to work with a guy who developed a concept I really liked. I’d open it in my city and together we would see how far we could scale the concept. Over coffee, it looked like a great plan, but everyone knows the proof is in the execution.

Execution is hard

For years, I’ve told startups that execution has value, but concepts are worthless. A patent is only one piece of a business model for turning an idea into money. There are a lot of good reasons why repeatable success is so highly valued and one is it’s really, really hard. What works in one place often doesn’t work in another.

Don’t love your idea, love the results

Things didn’t work out. Mapping the concept to Copenhagen took a lot of adjusting. This took time and effort that we couldn’t spend on things like sales. I loved the idea, but making it happen sucked up huge amounts of time. The more we had to invent solutions that didn’t exist to deal with situations that didn’t exist, the less it looked like the original concept.

Franchising looks simple. So does golf.

Franchising only looks simple to those who’ve never tried it. It’s really hard if the concept is new and the product is new. It’s harder still, if the brand is new to the market as well. It takes a lot of support, great tools, great marketing, and a really clear road map to roll out a new franchise. As a mentor, I now give much more specific feedback on franchising.

The concept is dead. Long live the concept.

Eventually, I realized we were working in parallel instead of together. The synergies we had hoped for didn’t appear. Discussions turned into criticism and the criticism got personal. Cultural note: if a Swede curses at you, things are really, really bad.

Sometimes you need a push

I know I do. Hindsight is a clear, but distorted lens. Some things you know at the time and some things you don’t. I’m not going to beat myself up about the mistakes I made. I’m trying to learn from them. I overlooked things I shouldn’t have. Luckily my friends pushed me.

 

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