Wisdom & Insights

There is a perception among aspiring entrepreneurs around the world that if you just have one great idea, you can get rich. While this may be partially true, there’s a lot more involved.  

 

Everyone wants to “make” money. In reality, we all have to “earn” money. The only way to earn money is to create value in the lives of others. While a good idea can help you create value, you must add the vital ingredient known as execution. Ideas are merely creative thoughts and dreams. They don’t become a reality until someone executes that idea in the real world.  

 

Most of us wish we had come up with the idea for Uber. Uber is now the largest transportation company in the world, and they don’t even own any vehicles. It is a tremendous concept that has made its founders and early investors fabulously wealthy, but it’s important to note that it wasn’t just the idea that made them successful. It was their execution of that idea in the marketplace.

 

It’s interesting to note that three years before Uber ever launched, there was a company called Magic Cab that had the exact same idea, but they failed to execute on their idea, and both riders and drivers were frustrated with the process. The idea alone, without execution, led to frustration and financial failure.  

 

While we all want to have that great innovative idea or concept that will be the next big thing, it’s important to remember that people are becoming successful every day with tried and true concepts that are decades or generations old. Whether it’s a dry cleaner, a pizza parlor, or an auto repair shop, people are succeeding because they execute on their ideas and create value for the people they serve. New ideas seem fantastic, fun, and flashy, but they have additional layers of risk that are not present in more traditional businesses. When you are the first one to blaze a new trail, you have no example or direction to follow, and it becomes hard to form expectations and projections because there’s no previous track record.  

 

Everyone wants that one great idea that will change the world. The only thing you need do to have a great idea is to go through your daily routine, wait for something bad to happen, and ask yourself, “How could I have avoided that?” The answer to that question is a great idea. Taking it a step further, the only thing you have to do to turn your great idea into a business success is to ask one more question. “How can I help other people avoid that problem?” Whether it’s a brand-new idea or an age-old business model, the key to success has always been and will always be in solving other people’s problems. Since problems seem to always proliferate, the opportunities are unlimited.

 

As you go through your day today, find new ideas or old ones that solve problems.

 

Today’s the day!

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~ Jim Stovall