Idea Misconception

What I have done wrong when ideas popped out.

I used to be that idea guy who has all these business plans written for different industries, preparing to dominate the world. Not joking.

Well, reflecting upon myself and observing others, I think the Idea Misconception is not just suffered by myself, but an epidemic. Here are some truths that I have learned about any startup ideas .

Truth 1: Ideas are intrinsically worthless

I think this has been quite often said: ideas are worthless without execution. Often times, people simply procrastinate on the execution part. They think having a wonderful idea is some work done, but in fact they have got nothing done. I used to be one of those dreamers, until I have realized how much time I've wasted just thinking in my room. Stop dreaming. Wake up from your ideas and start doing.

Truth 2: Good ideas take time

Ideas have different stages—if it is a new idea popped out of nowhere and without any previous contemplation, chances are it’s a stupid idea, or that someone has already done that idea ten years ago. Great ideas often require some background on related subjects—either you have worked for the industry for years, or you have been experiencing the problem yourself, and have been thinking and searching a solution for a while.

Even as a student for many years, my previous startup ideas aimed to help students weren't perfect. The ideas only got a little better with extensive research and customer development. In the end, you just realize even more problems that are out of your ability to solve. However, this is not always the case. I hope you have a genius idea too, so stay longer with the problem, said Albert Einstein, and you might get lucky with a solution.

Truth 3: Startup ideas are monetizable

There are too many startups that fail because in the end they simply cannot charge customers for anything. A “cool idea” is not enough. If you cannot earn a dime with your idea, you are just doing a hobby, which is where I find a lot of my ideas belong to. Great startup ideas are based on real market needs. They solve real tough problems, thus customers reward them with money.

So next time when you think you have a “cool” and earth-changing idea in mind, stop for a moment. Think: what big problems are you solving? Is your solution good enough that customers will pay you? The latter requires some tough business strategies, especially when two sided models are presented—you are solving problems for some (normal citizens), but your customers are some others (advertising agencies). Start reading startup books to learn.

Truth 4: Great ideas come by teams

I didn't realize this until I participated in a hackathon hosted by my school. When you are with a group of people brainstorming ideas, bad ideas are invalidated quickly and more good ideas are put on the table. Research is more efficient with each member specialized in one area. Your customer development process is faster by X00%, X being the number of team members.

If you are a business student, you probably have learned that teamwork is essential for problem solving and execution within an organization. It makes perfect sense in the startup scene as founders are desperately trying to solve problems for their customers. Stop writing business plans just by yourself. Get a team and do it together.

Truth 5: Ideas are good

Don't get discouraged, ideas are the sources of innovation that accelerate the world. For founders, they are the beginning of grand visions. Ideas are new and exciting. I personally love, love, love discussing ideas.

If you have an idea, don't be complacent about it. Start researching and thinking about possible business models. Start talking to your customers, friends, family. Even better, get a team and brainstorm everything together. Just don’t keep it to yourself.