The biggest myth that exists in the entrepreneurial ecosystem is that “Ideas are the most important thing in a startup.”
Well for me, it is overrated. Ideas are not important at all.
What if you have a trillion-dollar idea but you never executed it in your whole life. On the contrary, you have a very common idea, similar to that of many other startups, but you executed it extremely well, overcoming the loopholes that their models have.
Don’t you think your idea will automatically become a billion-dollar idea?
It is never about What you do, it is always about How you do.
Every other wantrepreneurs is waiting for the magical trillion-dollar idea to become the next Apple, Google, Facebook, and Amazon.
Do you really think that these companies started with the same business model that you see them today?
Facebook was not the first social networking site.
Amazon started with selling books, today they sell almost everything.
Do you really think selling books online is a trillion-dollar idea? Did Jeff Bezos think of this on the first day?
The answer is no.
But over time, he adapted and became better over the years to make Amazon, the business giant it is today.
The real power lies in the execution. He started working on it, without even thinking about the uniqueness of the idea.
Let’s talk about the revolutionary man, Elon Musk. His Tesla Motors is stealing all the limelight today, but is Elon Musk the first person to come up with the idea of Electric Motors?
Well, he isn’t.
His success boils down to his vision, execution, and never-giving-up attitude.
Even in the Indian ecosystem, Our unicorn Startups like Ola, Paytm, Byju’s, Flipkart, Zomato, etc. are not the ones who worked upon a unique idea, It is all about how well you execute.
Now let’s imagine, you came up with a unique idea that no one had ever thought about and you start working upon it.
Don’t you think it would be much harder for you to convince the investors, clients, customers to make them believe that they needed it? Or your idea can really solve their problem.
There is always a rebel against the new ideas when they began because people are not aware of that.
This is what exactly happens with the SpaceX, of Elon Musk. No one ever showed any interest in his idea until he succeeded. But he had invested millions of dollars from his own pocket and faced 3 failures . Do you really think everyone can do that?
It is what happens with unique ideas.
Instead, imagine the other situation, when you wanted to start something people are already aware of. A business model that is already successful and validated.
You can find out the loopholes in the existing ideas, and improvise them to make your USP. Don’t you think people will surely understand it better than your unique idea?
It is better to get a piece of an existing pie than to create a new one.
Peter Thiel, the co-founder of Paypal and author of Zero to One, calls it, “Last mover advantage.” It is often, not the pioneer who reaps the rewards of innovation in the market but the predecessors. The one who understands, learns, and improvises upon the mistakes.
So, don’t fall into the fallacy of unique ideas. The real entrepreneurs are the ones who execute, not the ones who came up with unique ideas.
Unique ideas are hard to find and extremely difficult to execute, it’s upon you whether you want a harder way or an easier way to succeed.