If I had a dollar for every idea I’ve been exposed to, I’d be a wealthy man indeed. Ask any aspiring entrepreneur and they’ll share with you their lead idea. Poke a hole in it and they’ll share their next, and then their next. The determining factor on whether the idea will be commercially viable is:
1 - whether a market exists that will adopt it;
2 - that you can identify a customer that you can address; and
3 - you possess or can acquire the wherewithal to execute on it.
So ideas inherently do not lead to the value proposition, ideas in combination with a business model and execution are what lead to value, so ideas by themselves are cheap, just like talk. Entrepreneurship is about action. Ideas with action are valuable.
In our globally competitive marketplace I rarely encounter an idea that is unique enough to exploit a 1st-mover advantage. At any given time someone somewhere on the planet is thinking about the same thing you are. In my work with students, I seek not to dampen their enthusiasm for an idea, but do temper it by asking them to benchmark on other ways the market need is met. A quick search on Google and Hoovers provides a quick dose of reality. Generally, this leads to a sweeping change in the concept or underlying business model. Once in awhile an idea comes along that possesses considerable promise, then comes the tough job of orchestrating a model and plan to take it to market – this leads me to my next point.
While unique ideas may represent a competitive advantage or provide an executional head start to the entrepreneurial venture, these ideas must be acted upon and brought to market with a model that is superior to your competitors. Ideas with execution are valuable. Execution isn’t about providing a partial solution to all, it’s about providing a total solution to some, and broadening it to a total solution to all. An idea that is a total solution to your target market will make the venture and lead to market primacy. But you need to stay there…
OK, now that I’ve established that ideas won’t make you an entrepreneur, I’d first challenge you to ask yourself whether you are prepared to execute on an idea. If the answer is yes, then let me posit a few ways to get to the problem we posed at the beginning: ‘I’ve never had an original idea in my life.’
Where can you get an idea?
1. Look for a problem;
2. Look for an adaptation of an old solution;
3. Study lead customers;
4. Study other’s ideas and/or acquire them.
Now you cannot say you’ve never had an original idea in your life. Find an idea, execute and deliver on the value proposition.
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