The Weakest Link
From the archive — published in 2011 on the original Chokkablog, kept as it was written.
Your business success will be defined not by how well you exploit what you are good at but how well you address what you are bad at.Too many people make the mistake of thinking they can build a business based on what they are good at; success or failure is far more likely to be determined by what you are bad at. The following are all summaries of specific examples I have witnessed;
- A creative genius produces a sumptuous looking catalogue -- but their fulfillment operations and economics kill the business
- A smart techy builds a wonderful website and succeeds in driving traffic to it through great SEO (Search Engine Optimisation) -- but the business fails because the product range is poorly sourced and not commercially priced
- A consulting business that delivers great projects -- but dies because it lacks the individuals who can sell them
- A designer creates a great product range, markets it well, prices it sensibly, succeeds in building distribution -- but lacks the financial savvy to finance the business properly, fails to understand the seasonal demands on working capital and the necessary stock needed to maintain service levels so business collapses when breaches bank covenants on over-draft