Million Dollar Ideas

What makes ideas valuable? Is it their novelty, their potential? Truthfully, ideas are not worth much. Ideas are a dime a dozen. For an idea to become valuable it must meet two criteria.

The idea must be worth something to someone. This is difficult to test. You have one of two options: expose it to the market and see if it has value and risk someone else taking the idea, or spend expensive time and resources to develop your idea and hope it fares as well as your projections. Tough decision. Perhaps the second criteria would make it easier.

Execution. If your idea is valuable, it will only realise that value once it is executed. This is where most ideas fail. Execution is the holy grail. When energy meets intelligence ideas meet creation.

Do they want it? Can you do it? Easy questions, hard answers. You can do what everyone else does and expect different results, “Let’s just build it and hope for the best.” or you can execute-iterate-test-execute.

This is the story of the tortoise and the hare. They tested it, it’s true.

 

Originally posted here.

Business Inertia

Every business, product, and idea faces an initial resistance. It has been coined as barriers to entry, or change aversion, or competition. It is the inherent propensity for an object in motion to continue along its current trajectory. Inertia.

The effort to change is perceived as greater than the potential benefit your customer will enjoy. This requires us to exert a force great enough for people to take notice. That might be marketing, or advertising, or maybe intentional customer inspiration.

You owe it to your potential customers to ensure they know about the phenomenal value you can add to their lives. If not, you doom them to a life of uninspiring solutions. Consequences of the decisions they made before they knew better.

Originally posted here.