No I don’t want to sign your NDA. No I’m not interested in buying your idea. No you are not an entrepreneur by having an idea for the Uber for X.
It’s a common misconception that the “idea” is everything. But in the Bangladesh start up ecosystem this is even more apparent. Its understandable because there is so little trust in this society. But if you think the idea you had was so valuable, so precious, that even speaking a word of it to anyone could jeopardize your chances of success, thats just bullocks. If anything, getting feedback on your idea will allow you to get a better understanding of how you need to execute. Even Einstein needed people to bounce ideas off of! When it comes to ratio of execution to idea to generate a successful business, these are the numbers I stick with:
Successful Business = 1% idea + 99% execution
That’s right. Idea is just 1% of what it takes to succeed. You have an idea, now what?
In order for it to reach any sort of traction you have to do the following:
– Have a great team
– Fully understand your markets needs
– Market like a boss
– Have enough funding to sustain
– Get the timing right
And a host of other factors
Amazing execution can make an alright idea work. An amazing idea with poor execution won’t get anywhere.
All of this is part of execution and without it, your business is nowhere! Amazing execution can make an alright idea work. An amazing idea with poor execution won’t get anywhere. Want to sell your idea? Good luck, if ideas were so valuable, people would be buying them left and right!
In fact, the single most indicator that the idea is worthless is that millions of people start businesses yearly. According to Bloomberg, 8 out of 10 entrepreneurs who start businesses fail within the first 18 months . Let that sink in for a moment. 80% OF THEM FAIL. What is the difference between the 20% that succeeded and the 80% that failed? It purely comes down the execution. I’m sure there are plenty of coffee shops that are in the fail batch and success batch. Same idea, different execution.
An idea itself is also so vague. Most startups end up nothing like their initial idea. Its really the beauty in evolving your idea into something users want that creates traction. Some have done it, some failed.
Take Facebook for example. Mark Zuckerberg famously “stole” the idea from two of his classmates who hired him to create similar service. Was the idea that the classmates commissioned Zuckerberg to work on similar to Facebook? Yes, somewhat, yet Facebook flourished and those two classmates who launched ConnectU sooner after found no users. Why is that? Zuckerberg perfected his idea into an actual product, one that people wanted, unlike his two classmates.
Another example is myself with PrankDial. PrankDial is not itself that complex of an idea. Send a prank call to your friends, yet in the five years I’ve been running it I’ve seen over seven companies start and fail to execute the same idea. Of course PrankDial is a good idea, I have millions of users to back that up.
So get out there, collaborate, tell people what you’re working on. Don’t be afraid. If you’re truly passionate about what you’re working on, theres no reason you shouldn’t be the one successfully executing your idea like a boss.