Recently, my wife and I were reminiscing about the TV shows we watched when we were kids.
We started talking about shows like Laverne & Shirley, The Monkees, and Happy Days.
We thought it would be fun to watch these shows with our kids, so we went on Netflix and rented the first season of each of them.
The shows brought back a lot of great memories. Particularly Happy Days...as The Fonz is one of the great TV characters of all time.
One of the Fonz's lines really struck me. As you may remember, the Fonz used the phrase "Sit on it" to essentially tell others to "buzz off."
It's a pretty funny phrase when you think about it -- sit on it -- as it's not really that derogatory.
But, it turns out that in entrepreneurship, it is one of the most derogatory phrases you can possibly use.
Let me give you an example. The other day, I spoke to an entrepreneur (let's call him Joe) with a neat idea. But there's no possible way Joe's going to be successful.
Because I met someone with the same idea two years ago at an angel network meeting. And that entrepreneur raised money for the idea and has been working on it and improving it every day since then.
So, even if Joe is the better product developer, marketer, leader, etc. he can't succeed. Since his competitor now has a 2-year advantage over him.
The WORST thing you can do as an entrepreneur is to "sit on it" or sit on your ideas. Rather, you must act on them. If not, someone else will. There are simply too many other entrepreneurs out there.
The saying "the richest place in the world is the graveyard" is really applicable here. Why is it the graveyard? Because that's where the billions of ideas go that were in the heads of entrepreneurs who never acted on them.
If you have an idea for a new business, you must take the first step. Or you really can't call yourself an entrepreneur -- you're just a "dreamer." Sorry to be so blunt about this; but it's the truth.
So take the first step.
I believe the first step is to develop your business plan. The business planning process forces you to really think through your idea, prove it's viable (or not), and create an action plan for transforming your idea into reality starting now (not later).
So, if you've been sitting on an idea, STOP. Take action now. Don't let Fonzie say "sit on it" to you.