Why ideas are overvalued and execution undervalued
Entrepreneurs protect their ideas like their own children. Many entrepreneurs are unwilling to discuss their ideas unless an NDA has been signed. However, I believe that most entrepreneurs protect their ideas to their detriment.
In my opinion, the execution of the idea is far more important than the idea itself.
The world is full of great ideas.
Thinking of the idea may seem like the hard part, yet every venture that ever was started with an idea. However, every venture that ever was doesn’t exist today so many must have failed at some point in their execution.
Protecting ideas to the detriment of execution will undoubtedly lead to failure. Start-ups need to create excitement and hype among customers, investors and potential talent, and this involves getting your idea into the world.
Successful execution of a good idea is more important, and more deserving, of an entrepreneur’s energy and time. Further, it is a better reflection of your entrepreneurial skills and abilities.
Establishing a team, attracting investors, creating a product or service, and eventually scaling are just some of the challenges an entrepreneur faces when executing a good idea. Each of these stages has its own pitfalls and will require an entrepreneur to quickly adapt and evolve.
TAKEAWAY: Whether you are already on the journey of a new venture or still at the idea-generation stage, it is important to realise that the successful execution of an idea is far more important than the idea itself.