black people and money

Dr Boyce Watkins: This is one of the biggest mistakes being made by those seeking to start a business

Dr Boyce Watkins: This is one of the biggest mistakes being made by those seeking to start a business

by Dr Boyce Watkins

I wanted to share a thought regarding the importance of dreaming vs. doing.  I often hear million dollar ideas from ambitious entrepreneurs who truly believe that their idea is going to generate millions of dollars in wealth.  It’s not that I don’t believe them, but I often find that while ambition and energy are high, the follow-through sometimes leaves much to be desired.

When I ask detailed questions, such as “What’s your marketing budget?”  I’ll often hear, “Well, I don’t have any money for marketing, I was hoping that telling people like you about it would help it get off the ground.”

Not to say that this can’t be helpful, but you can’t send a rocket ship to Mars while just hoping that you’ll have enough fuel to get there.

Additionally, I’ll see cases in which a very strong idea dies because there is no follow-up on behalf of the business owner to actually see the idea come to life.  It takes seconds to come up with a business concept, but thousands of hours of hard work to make it into a reality.  Most people just don’t do the work because they don’t realize how hard it actually is to reach the goal they’ve set for themselves.

Here’s the problem:  It’s very difficult to build a million dollar idea without a marketing budget, planning, a strong team and a desire to execute.   Also, if you’re not willing to do the work, then your business idea simply represents words coming out of your mouth and nothing more.

I want to encourage you to make sure that you’re realistic about your dream.  Pay attention to where you are, what kind of budget you have and how much time you’re putting into the business to ensure that it matches the depth of your goal.  For example, if you’ve got a plan to build a million dollar business, it’s nearly impossible to do this without investing thousands of dollars every month in marketing.  If you’re not ready for that level of commitment, you may want to scale down your objective to secure something more attainable, and then go for the big dream after the little goals have been accomplished.

Dr Boyce Watkins is a Finance PhD and founder of The Black Business School.  You can learn more about his program on how to start a business by visiting BlackMoney103.com. 

 

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