Ideas Manifesto: Innovation [ . ] Business [ . ] Profit
[ . ] = [ GAP ]
Inspired in a question I received on QUORA, where I’m answering on Startups, Entrepreneurship, Innovation, Investment, Finance, Networking and other related subjects
Together with fallacies, entrepreneurial funding traps, lack of knowledge, 0 focus on learning, absence of comments on great books and modern startup methodology, and other things that drive me crazy about the current Startup Ecosystem, I continuously see prospective entrepreneurs, startups in every stage, Angel Investors, recognized Venture Capitalists, “Gurus”, Professors, specialized magazines, newspapers and more players linking incorrectly Ideas with Success or Profit, encouraging everyone to look for “the next BIG idea”.
So when answering the following question on QUORA, without noticing, I generated some kind of Ideas Manifesto. What do you think? Let’s build together!
QUESTION: “Which idea can take me to 1.000.000 US$ profit a month?”
Ideas do not give profit
Ideas do not even give revenue
Ideas are not even Innovation
Ideas can maybe be or lead to the Invention part of Innovation.
Innovation = Invention + Execution
And for an Innovation to generate profit there´s a long way to go
You can´t associate directly any business idea with a certain profit
Not even if you design a whole virtuous Business Model
Not even if you talk 1 on 1 to a relevant part of your target customer segment and discover their patterns: pains and gains
Not even if you build a perfect product or service by knowing what your customers desire
Not even after you test all the missing parts of the Business Model
Not even if you have a wonderful sales roadmap with great lead generation, predictable and profitable sales conversion
Not even Multinational prestigious companies can assure to launch a new product without 3 zeros variation (%) on demand estimation
The distance from and idea to 1.000.000 US$ profit is ∞
PLEASE! Don´t search for an idea, follow your purpose, your vision. Don’t dream or copy an idea, design a Business Model. Test the problem (pains or gains in customers’ jobs to be done) with whom you hypothetically consider your target segment, listen, ask open questions, don’t speak to convince or to sell, once again ask, listen! Pivot, Iterate, develop the customer together with your business model and product or service. Follow methodologies! Read. Apply. Learn. Improve your execution! Read. Apply. Learn.
Try not to listen to the Startup Ecosystem players. Build your own inner voice by reading, applying, and internalizing your learnings.
What do you think? Let’s learn together! But don’t tell me you have an idea!
If you liked this article you can also read:
What Google Gets Really Wrong on Entrepreneurship / Why Entrepreneurs Shouldn’t get Lured Into The Current Startup Ecosystem / The Startup Hacker Forbes March / Talent and High Performance Teams: driven by purpose / Marketing Driven Disruption / Entrepreneurship through Networking / Don’t Allow Anyone to Determine your Growth or “Potential”
More on Francisco Santolo, Serial Entrepreneur, CEO Scalabl, Board Member & Co-Founder at over 40 companies