It's An Idea With Wings, But Will It Fly?

     The first step to starting any business or creating a brand is to have an idea of what you want to do. The idea is the very foundation on which every other thing pertaining to the brand or enterprise is built.  But what exactly makes an idea a good one?  I am of the opinion that it is the return on investment of that idea that determines how good the idea is.  
Unfortunately,  it takes more than just a good idea to create a profitable venture. Good ideas on paper do not necessarily translate to success in reality.  What is the reason for this?  

Good idea,  bad idea

Too Early Or Too Late

    Timing plays a key role in the execution of ideas. Idealab founder , Bill Gross,  once said "there are many factors responsible for why businesses succeed, and the biggest one seems to be timing. A good idea that appears before the market is ready for it can fizzle out despite its huge potential". 

     The key here is to understand the times,  know what is needed per time and work on that idea.  If you have an idea that the world is not ready for, don't discard it.  Keep it for later. 

     In the same manner,  an idea may also be too late to execute.  The market would have had their fill of a similar idea and you will just be fighting for scraps.  

It's Good,  But Is It Unique? 

     As we all know, there is nothing new under the sun.  If you have an idea,  a thousand other people may also have that idea.  If you are bent on pursuing that idea,  standing out in that field is the only certain way you'll succeed.  What is your unique selling point?  What do you have to offer that similar businesses don't?  What are your strengths?  What are your weaknesses?  How do you defeat competition?  . These are questions to ask yourself and to give serious thought to.  If you feel you can't offer anything different,  you're better off focusing on other ideas  before you invest too much in an idea that is more likely to bring failure. 

     Meticulously research the market you are going into,  get to know the competition,  look for loopholes and causes of customer dissatisfaction in that market and find a way to fix it.

      However,  keep in mind that there will always be new competition and find a way to hide or completely eradicate your weaknesses. 

Planning And Execution Deserve Equal Attention 

When you have carefully studied your market as well as your competition and you feel you have sufficient knowledge,  assembling your team is the next step.  An idea can only go as far as the hands that are entrusted to execute it can take it.  At this point,  human resource should be top priority.  

     You need as much skill as you need experience and the value of commitment should never,  never be ignored. 

Expectation And Reality Are Never The Same

A lot of times, I have wished for the power to be able to control fate,  to alter time and to predict the future.  The unpredictability of the world we live in can make a well drafted business plan look like something that was formed when someone was drunk. 

Business plans on paper give estimated expenditure,  estimated revenue,  and estimated markets.  In reality,  you may spend more,  earn less and have a market whose only interest is on paper. 

Uncertainty is a problem we can do almost nothing about and even after planning and execution have been careful carried out,  we never really know how it will end. 

Ever Evolving World

The world evolves over time,  and the need of yesterday may not be the need of today.  Technology is developing rapidly,  trends change per second,  and economies have more ups and downs than the best of economists can predict.  The implication of this is that consumer needs change per time,  and consumers may have more or less spending capacity. 

Allowing a business to stay static through these periods of change would surely be the greatest undoing of the business.  Successful businesses thrive because they evolve with the world,  they learn to adapt to circumstances  

The fact that am idea is relevant today does not mean it will be relevant tomorrow.