I was with a lawyer recently and we were discussing the challenges of being an Entrepreneur. He proceeded to sum up for the prosecution by pointing out that 'anyone can have an idea- that's the easy bit. Turning that idea into money takes something else'.
Words of wisdom indeed.
To be fair though he had a good point albeit put with the grace of a sledgehammer.
And that got me thinking about the difference between Entrepreneurs with an idea and Entrepreneurs with vision.
For many great ideas never see their market potential .
And that's because turning an idea into action necessitates you taking that idea then proceed to completely dismantle it.
You know your toughest critic has to be yourself. That also extends to your idea.
So here are some 'ideas' taken from n2 growth for you to test on your ...idea.
1. The idea should be generated within a solid framework for decision. It should be developed as a solution to a problem or to exploit an opportunity. The idea should be in alignment with the overall vision and mission of the enterprise.
2. If the idea doesn’t provide a unique competitive advantage it should at least bring you closer to an even playing field.
3. Any new idea should preferably add value to existing initiatives, and if not, it should show a significant enough return on investment to justify the dilutive effect of not keeping the main thing the main thing.
4. Put the idea through a risk/reward and cost/benefit analysis.
5. Whether the new idea is intended for your organization, vendors, suppliers, partners or customers it must easy to use. Usability drives adoptability, and therefore it pays to keep things simple.
6. Just because an idea sounds good doesn’t mean it is You should endeavour to validate proof of concept based upon detailed, credible research.
7. Nothing is without risk, and when you think something is without risk, that is when you’re most likely to end-up in trouble. All initiatives surrounding new ideas should include detailed risk management provisions.
8. Adopting a new idea should be based upon solid business logic that drives corresponding financial engineering and modelling. Be careful of high level, pie-in-the-sky projections.
9. Any new ideas should contain accountability provisions. Every task should be assigned and managed according to a plan and in the light of day.
10. Any new ideas being adopted must lead to measurable objectives. Deliverables, benchmarks, deadlines, and success metrics must be incorporated into the plan.
Justin Floyd Visionary Entrepreneur building innovative businesses with people who are much smarter than me
Ideas and help for innovative Entrepreneurs http://cloudbank.typepad.com/forentrepreneurs/
