So many people have a “great idea”.
They are convinced it’s going to make a million/billion dollars.
The reality is many people have a “great idea”. It takes a lot more than an idea to be successful.
In looking at ideas it’s important to look much further.
Is it truly a great idea?
Do you have the ability to execute it?
Is there a market for it?
Do you have access to the market?
Is it something you can be passionate about?
Let’s look at each of these?
Is it truly a great idea? This is difficult to figure. To some extent it’s actually the least important because if the answer to the other 4 questions are “yes” this question isn’t as important
Do you have the ability to execute? This includes everything from the expertise (or the access to expertise) to the funding to execute. Without the ability to execute, even a great idea will fail.
Is there a market for it? A great idea executed perfectly will fail if the market isn’t interested.
Do you have access to the market? Access might be through a great marketing plan, connections, a client etc but without access, even if there is a market for the idea, it wont do you much good. Too often, we still believe the theory “if we build it they will come” and that has lost a lot of people a lot of money.
Is it something you can be passionate about? Without the passion it’s difficult to put in the time and effort to take something from an idea to a successful venture.
There are exceptions to these five questions but they are rarer than most care to admit. One example would be something so innovative that there isn’t a market for it because nothing similar exists. In that case, you need to figure out how to create the market before trying to execute. Another example would be something that truly is so innovative that you are willing to take a chance on finding a way to access the market. The thing to remember is there are a lot less of these truly innovative ideas as people think.
The next time you are presented with a “great idea”, see if the person can answer yes to all of these questions.
Just something to think about.
Have a great day!