Key Lock Theory of Success
When you stick the correct key into a lock a magical thing happens. The teeth of the key push the pins up into the proper positions, allowing the lock to rotate; and unlocking the lock.
Businesses follow this same concept.
Let me explain.
When trying to build a successful company you are trying to get all the pins lined up so you can rotate the lock. If any of these pins are out of wack it will not turn.
The different pins are product, marketing, sales, and capitalization.
Let’s go through this.
Product: Is the item or service you are selling competitive?
Marketing: Do you have an avenue(s) for getting your company in front of potential customers in a cost-effective manner?
Sales: Do you have a convincing story for why these customers should give you their hard-earned money?
Capitalization: Do you have the cash to scale and fund your business?
Now that we have the definitions out of the way, lets go through and explain what we mean by getting the pins lined up.
Let’s say your business sells sunglasses.
Your sunglass company has the most amazing story to tell customers, your sunglasses are made of recycled ocean plastics, you’ve lined up dozens of partnerships with retailers across the country to sell your product, and you raised $1 million from investors. But, your sunglasses completely suck. They fall apart on the first wear and stain your face.
Do you think this company will be successful?
No, because the product is horrible.
Now, let’s say another business sells sunglasses
Their glasses are also made of recycled ocean plastics, and they are good. Their glasses are resilient and super stylish. Investors were foaming at the mouth to hand them over their money. But, they haven’t launched in any stores and have no way of getting in front of customers.
Will this company be successful?
No.
I hate to be the bearer of bad news, but having a great product isn’t enough. Go to any local craft fair and you will see tons of amazing individuals who make amazing things, but will never make it out of the craft fair because they can’t line up all the pins. They can’t figure out the sales aspect, or get enough money to scale. They are stuck at the starting line.
The main thing I am trying to communicate is that it is not enough to do one thing great. You have to do it all great. Success is a journey, it is not a destination, you will never have it all figured out, but you must keep improving.