Folk get super excited when they come up with a great idea, they scramble to write it down in case it’s forgotten, and they get quite possessive about it, wrapping it up in pinky promises and NDAs to protect it from being snatched away.
But humans are ideas machines, ideas are a dime a dozen (actually no scratch that, that’s way over their market value). If you’ve watched just one episode of Dragons Den you’ll know that Touker & co. aren’t investing in ideas, they’re buying the ability to execute it well.
Almost everyone has a section of their notes app full of random ideas for a screenplay or the next big thing. We’re all so online nowadays that most of us have had at least one amazing idea for an app.
There’s still this belief that the only thing stopping you from giving Bezos and Zuckerberg a run for their Scrooge McDuck money is one magical app idea. So why aren’t we all rolling in it?
The unfortunate truth is that an idea, on its own, half-formed or unexecuted, doesn't really have any inherent value. It’s not worthless or meaningless, it’s just not really anything until you do something with it. In reality, it’s mostly about the execution.
In his book, 'Anything You Want', Derek Sivers uses the following example to compare the value of an idea vs. the value of an idea when it’s executed:
Awful idea = -1
Weak idea = 1
So-so idea = 5
Good idea = 10
Great idea = 15
Brilliant idea = 20
No execution = $1
Weak execution = $1,000
So-so execution = $10,000
Good execution = $100,000
Great execution = $1,000,000
Brilliant execution = $10,000,000
So, as Derek points out, the most brilliant idea with no execution is worth $20. And even that might be a little generous. A brilliant idea, brilliantly executed? $200,000,000.
And to show the true power of execution, if you take an awful idea and execute it brilliantly? You could end up costing yourself a lot of money. Obviously these are finger-in-the-air numbers but you get the gist.
Taking an idea and building it into a fully fledged app with active users and a steady revenue stream is a big job. It’s not a hobby or a side hustle, it’s a business. It takes a lot of work.
If you're sitting on a great idea - either destined for the app stores or digitising processes for your own established business, we can show you the ropes and help you turn it into something real ✨