If every "great idea" became a business, how many businesses do you think we would have? We would likely have a lot of businesses but instead, the Bureau of Labor Statistics is reporting the unemployment rate at 9.4 percent for July 2009.
As discussed in the above video, the issue isn't that the ideas are not credible; the issue is that the idea is not fully complete. Sometimes people get excited about an idea and "put the cart before the horse," as the old saying goes. People launch a business and then try to figure out a business model.
Technology companies are notorious for doing this and many companies had to learn a hard lesson during the dot-com boom. Fortunately, it works for some businesses, but it is definitely not the preferred method for starting a business.
So, how can you turn your idea into a business model? To fully formulate and build upon a "great" idea, you need to:
It's easy to get caught up in the excitement of a new idea, but producing a business model to go along with the idea is the best technique for true success.
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Comments
Gets it right in a nutshell
Great advice for starting out on track!
Agreed, but more emphasis on accepting criticism...?
Something that bears a lot more emphasis in your piece is that those creating "the model" or who "have the idea" need to be accepting of criticism, especially from those closest to you. While their remarks may seem a bit more to the bone, they're almost always trying to help you see a side of your model that you may not have seen or though of previously. Take the time to nurture that relationship because in the end, even after ASKING for input from others, they may be one of the few outlets for "on-demand" input.
Thanks for a great piece and I look forward to more!
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