Friday, November 19, 2010

On Venture Capital Worthy Ideas

For years I have been giving those with good ideas (I won’t call them entrepreneurs because they haven’t necessarily decided to drop everything to pursue their dream) the following advice: share, listen, revise, share, listen, revise, rinse, repeat…
I have often found that wannabe entrepreneurs are frequently obsessed with issues of confidentiality, which renders discussions awkward and generally a waste of time. “What if somebody steals my idea?” is a common refrain. Well, let’s put it this way: somebody with this mind-set NEVER gets funded, so there should be no concern about anybody stealing anything. For first-time entrepreneurs (and I’d argue second-time entrepreneurs and beyond), crowd-sourcing the refinement of your idea and plan is what will help make it a reality.
An idea is simply that: an idea. It isn’t a company. It isn’t an execution plan. It isn’t staffed by great people to help drive design, development and monetization. So many inexperienced to-be entrepreneurs are over-focused on the idea without the essential understanding that EXECUTION is what makes ideas come to life. Execution is what drives happy customers and enables them to be monetized. And if you are inexperienced in how this transformation process works, you’d better get a group of smart people on your side to help you or your idea will amount to nothing, regardless of its potential.