As a second year Wharton MBA, my friend and I entered the Wharton Business Plan Competition. We made it to the semi-finals and, with an abundant amount of optimism, we pushed forward with our venture. In short, it did not work out. Along the way, I learned a few lessons, and I offer them here. Failure, after all, is a great, if painful, teacher.
A great idea is not enough
Having a great idea does not mean having a great startup. While it may seem brilliant to arrive at a clever business idea, it is merely one of many pre-requisites for entry into the entrepreneur club. Success depends on the execution, not the idea. Anyone can have ideas, few can execute them.
