Thursday, 18 November 2010

Diary of a Start-Up: Mulling over the concept

Having a good idea is like when you see the girl of your dreams on a train – your heart rate quickens and you get that butterfly feeling in the pit of your stomach (maybe that’s just me though!). When your lighbulb goes off, everything seems possible – you will make the business grow, attract a huge customer base, create jobs, create a company culture, become profitable – sell the business and retire to Monaco! All of those thoughts and more flash through your mind in a micro-second and then it hits you – this is JUST an idea. It’s likely that 1,000 other people have the exact same idea and are at the exact same stage as you – in a nutshell – nowhere.

A concept means nothing. Ideas are ten-a-penny, it is action that counts. Depending on what your background is, having an idea that you love may excite, inspire and thrill you or equally, once the emotive joy has died down, it may scare the living day lights out of you – “I’m actually going to have to DO something” the voice inside says. That’s the difference between a fraction of the population and the rest: where most have an idea and park it neatly on the "To Do" shelf in their mind (probably likely to say, “I had that idea ages ago too” when they read about the latest millionaire who used "their" idea!) the tiny fraction put the concept into action.

What form of action that is depends, but typically, it involves a mixture of discussing it with friends and family and possibly jotting a few ideas down. But what next? When the talking stops and the excitement drains a little – where do you go with the next greatest concept the world has seen?

For me, it was to start with market research. Is there anyone else out there doing what I want to do, what are the barriers that could stop it from happening, who is the competition – would people WANT this at all?

JW

7 comments:

  1. I love this post James. I agree that ideas are cheap, and it is simply the execution that determines a project's degree of success. No exception. Most of us thought about Facebook, or in-flight entertainment, or mobile phones before they were ever invented. Only few take the necessary steps to exploit their ideas and create a business.

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  2. I am going to understand better when reading the whole thing :)

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