Ideas are not so valuable; at least that’s what most people seem to say. While ideas in their nascent form are not so valuable, at some point they turn tremendously valuable. Booking Bus Tickets online is a very common idea with almost no value, but redbus.in was tremendously valuable – Where does the difference lie?
An idea becomes valuable when we turn ideas into commercially viable and valuable products or services. Turning an idea into something that others can experience, interact, use, and benefit from, is what makes an idea valuable. The more number of people who value a product or service, the more value attributed to it. Hence it is not surprising that with demand for a product or service, the value of the company grows. This actually means that the value of the idea keeps growing with certain actions effected on it. Is that what we mean when we say – execution is more valuable than ideation? In fact both pieces are important, and putting them together is what creates value!
The entrepreneur’s job is to constantly make an idea valuable. This means, he or she has to take up a lot of ideas, and attempt connecting them to opportunities. Once there is a good “Idea to Opportunity Map” (I2O Map as called in the book), it is time to design it into a potentially viable business. The reason to turn it into a viable business is to first ensure that the product or service actually has real demand. Once the company tests the viability of the business in the marketplace, it is then important to start looking at increasing the value of the idea. The way to increase value of an idea is to look at increasing demand for the product. Good Need / Opportunity identification along with well implemented innovative solutions create the possibilities of entrepreneurial ventures. Once this is done, the one thing that can truly catalyze this possibility is good quality marketing.
Ideas by themselves in their nascent form have no value. But when ideas are transformed into products, services or solutions that people love, they instantaneously become valuable. Only innovative and entrepreneurial people can give the idea its due.
Think about it!