Research has shown that almost anyone can latch on to a brilliant idea, the execution is what differentiates the wheat from the shaft. Ask any successful entrepreneur and you will learn that they’ll rather have an A-rated management team to execute a B-rated idea than to have a B-rated management team carry out an A-rated idea.
This exposition, in no way, seeks to downplay your billion-dollar idea, no. In fact, this piece dwells on how you can transform that billion-dollar idea into a billion-dollar project. Among a dozen ideas that you’ve had, at least one is indeed revolutionary and it promises to disrupt the world, no doubt, however, you need to get to work.
The inherent nature of man is to follow predefined paths and do as told. Time and again, we have seen the drawback of this approach to business. Trying to do the same thing over and over, expecting a different result is a very disturbing sign of insanity. Think of the successful startups we have now- Google, Facebook, Apple, Tesla, Amazon, etc. they all had a truly revolutionary idea. But did it end there? No! These founders devoted time, resources, and effort towards the execution of this idea.
After thoroughly researching some of the Fortune 500 companies, their founders, and how they emerged, we can safely put together nuggets which can guide you from idea to execution. If your ideas will ever see the light of day, you must do your part. Think of these as the must-dos in the entrepreneurial world.
1. Vet Your Idea Thoroughly
You probably think that your idea is the best thing that the world has seen. Well, there’s an inherent bias towards things like these so you should tread carefully. Carry out assiduous research on the subject matter. Are there existing ideas like yours? Are they successful? What is the cause of their failure? How can you do better? You’ll speak to as many people as you can, however, do not allow idea theft.
2. Gather the Best Team
If you want to go fast, go alone, if you want to go far, go in a group. As you know, the entrepreneurial race is a marathon, not a sprint, hence, you need to gather a team of like-minded individuals who are privy to your mission. The onus is on you to motivate and steer the team in the right direction though.
3. Clearly Define Your Goals and Objectives
Now, there’s a tendency for you to pursue every flash and flicker in the hopes of getting instant results. Resist this urge. You will eventually experience the blinding intensity of a truly illuminating idea. By then, you will be glad that you had one well-defined purpose and you stuck to it.
4. Study Your Market, Empathize With Them
A concise definition of your intended demographic is required. Is your idea appealing to children? Will it find usefulness in offices? Perhaps, special institutions such as hospitals or prisons? When you identify this, begin to think like a prospective buyer. What would you look out for? How can you provide value for money? It is a slow, tortuous process towards successful execution, but it is totally worth it.
5. Be Ready to Risk it All
Are you willing to drop out of school few weeks to your final paper just to dedicate more time to this idea? Can you quit your well-paying job with attractive perks to test your idea whether it’ll succeed or fail? Do you think it’s wise to invest all the earnings you have in this world in an unproven venture just because it’s your idea? Well, you should brace yourself.
6. Know that Patience is a Virtue
Corn takes a few months to become ripe for harvest, Cocoa, on the other hand, takes years. This is not to appraise one plant and put down the other, it is simply stating the obvious. Other ideas might develop in a short while and yours still appears futile after years. Don’t give up. It took Facebook, Twitter, Instagram, and WhatsApp different number of years to achieve the 1 billion users mark. Be patient.
7. Become an Expert at Sales and Marketing
You are the number one marketer for your idea. You are the most excited about the idea, you stand to gain a lot (arguably the most) if it succeeds, so it’s only right that you put in the necessary work to propagate the idea. You will be selling to investors, users, team members, business partners, etc. you should try as much as you can to be convincing.
8. Always Seek Avenues to Improve
What if we still used the first ever Macintosh that was built. Perhaps, we are still stuck with the first ever Android phone. Maybe we still had to use the same servers Mark used while he had only Harvard students on Facebook. These companies will go extinct as quickly as they emerged assuming they failed to innovate.
If it was so easy, we’ll have 7 billion Bill Gates in the world. However, it isn’t. In fact, out of about 3 billion internet users in the world, only a handful will take time to read this. Of this handful, only a select few will even remember the lessons. Of those who remember, you might be the only outlier who’ll take it to heart and become the next best thing. The world awaits you.