So, you’ve got a business idea that’s finally going to make you rich…
Entrepreneurs lacking in experience tend to place too much value on ideas. They believe that all they need is the right, undiscovered idea and success will be guaranteed. But that’s an incredibly limiting way to think. By searching for the perfect idea, you close yourself off from all the good ideas that surround you everyday.
Even worse, when newbie entrepreneurs finally settle on an idea, they shelter it from the outside world. Since they place such immense value on their idea, they tend to hide it, over-protect it, and remain vague rather than get specific. This is another mistake of inexperience. Much like a child, exposing your idea to the outside world allows it to grow and mature. It gives you a chance to see the flaws and enhance the strengths of your idea before you make any costly mistakes.
In the same way that no man is an island, neither is any idea.
So then, how valuable are ideas? Well, I hate to say they’re worthless, but…let’s put it like this, is there a marketplace for ideas?
Think about it.
Is there a place you can go and exchange ideas for cash on the free market? If you set up a little cart on the side of the road with a sign that read “ideas for sale,” how much money do you think you’d make?
No matter how brilliant you think your idea is, if you try to sell just the idea itself, you’ll quickly find that no one cares. And seeing as how an exchange of goods for currency is the best way to determine the true (i.e. non-sentimental) value of something, you can effectively say ideas themselves are worthless.
The value people mistakenly assign to ideas should actually belong to execution. The fact of the matter is that ideas are the easy part. It’s bringing that idea to life and making it profitable that’s hard.
So, we now know four things:
2. Exposing ideas to the outside world is a good thing
3. Ideas are easy
4. Execution is hard
It’s not obvious at first, but knowing these four things makes it easy to come up with good business ideas. All you need to do is come up with ideas that acknowledge all four of these principles.
And there is a super easy way to do this…
Look around you!
Seriously. Everything around you made somebody rich. And the very fact that you (or someone) bought these things means there is a marketplace for these things. And anytime there is an existing marketplace, there’s a chance to make money. Contrary to popular belief, competition is a good thing! The more competitors there are in a marketplace, the more proof you have of people spending money in that marketplace.
So look at all the things around you. Think about the things you use on a daily basis. Consider the last few things you bought online. All of these things made somebody rich. And they can make you a good deal of money, too, if you’re willing to execute.
People often get caught up in the belief that their business idea must be new, or radical, or revolutionary. Realistically, the absolute best way to ensure your business success is to enter an existing marketplace and introduce a slight improvement or innovation over the competition.
Generating business ideas from the things around you satisfies all four of the principles above.
2. Ideas that are already out there are already quite exposed. The companies that make these products have already validated the market for you and found a product with enough strengths to survive in the marketplace.
3. Since you’re now receptive to the ideas that surround you, ideas really are easy now! No more waiting years for the “perfect idea” to strike.
4. The competition in the marketplace is already executing. And so can you. They’ve already done all the work, so you can just study the competition’s execution and implement what you like.
Doesn’t that make this whole daunting process of finding an idea and starting a business seem a bit easier? Of course, you’ll still have to put in the hard work, but when you approach starting a business in this manner, it’s not nearly as overwhelming.