The Fallacy of the Great Idea
Below is my manifesto proposal for Change this. Â Please vote for it at www.changethis.com/proposals/1754
Many entrepreneurs feel that they cannot start a business without a great idea. Without one they believe it will be impossible to be successful as someone else will have cornered the market first. Only by venturing into uncharted territory can they achieve their dreams. This is the fallacy of the great idea.
In truth, most â€˜great ideasâ€™ will never make their investors a penny. True, some companies have made billions from a unique product, but close inspection of many world beating businesses reveals that their unique selling point is hard to pin down. Can anyone honestly tell the difference between Coke and Pepsi? And at the end of the day, McDonalds and Burger King both sell burgers.
The simple truth is that it is perfectly possible to create a thriving business without a big idea. In fact starting up with a tried and tested idea is very sensible. Entrepreneurs should not be embarrassed by not having a claim to be original. The real key to success is focus and brilliant execution.
Thanks to Felix Dennis for the inspiration.