Failure of The Pudding Palace

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The Pudding Palace never made a ripple on the business scene. Poof! It appeared. Poof! It vanished.

But, there it was, for a glorious moment in time, a store dedicated to pudding! Paper bowls, plastic spoons and all. I can still see the handmade sign and metal folding chairs.

Florescent lighting and bare walls gave the Pudding Palace the feel of a prison cafeteria. It didn’t help that two stores down, one of the mall’s largest stores actually looked like a palace, comparatively speaking.

The Pudding Palace, I kid you not, was someone’s revolutionary idea. I don’t want to offend pudding lovers. But, who came up with the idea of putting the word pudding next to the word palace!

4 reasons The Pudding Palace failed:

  1. Small or no problem. The Pudding Palace didn’t meet a felt need. Great ideas seduce people into sharing solutions that don’t have problems. A solution without a problem is dangerous.
  2. Personal attachment destroys objectivity. It doesn’t matter how much you love your idea if no one else does. The glory of pudding blinded someone.
  3. Poor execution. The Pudding Palace didn’t look like a palace.
  4. Internal conversations. I guarantee the Pudding Palace owners only talked with friends, family, and pudding lovers. They never discussed their idea with a successful business person or potential customers.

5 more reasons great ideas fail:

  1. Fear of losing what you have. Great ideas often require letting go of worn-out ideas. Organizations can’t innovate and stay the same.
  2. Perfectionism. Execute imperfect ideas. Improve as you go. (Pudding Palace not withstanding)
  3. No Champion. Never give a great idea to a talented unbeliever.
  4. Lack of alliances.
  5. Too much too soon. Execute great ideas is small ways. Don’t worry about developing a program until you’ve put your idea into practice.

Why do great ideas fail?

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