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Do You Have a Business Idea or Just a feature?

I am an ideas man, I love new ideas and see no greater joy than in an idea that lived to tell its tale. This is probably the case with most of us and one of the reasons is we know how difficult it is to execute ideas. Execution therefore holds the higher ground in the sacred land of entrepreneurship. Entrepreneurs, VCs, Startup Beings all harp on execution. This often means that when all is being said, ideas seem to get a raw deal. Questions are immediately posed on its execution without deliberation on how to make the idea a better one first. Heck my last post was on jumping on ideas.?

The point is is that just because there are a plethora of ideas around doesn’t mean there are a plethora of good ideas around. Personally I have a knack of thinking all ideas are good and equal. Off late I am realizing that perhaps they are not, there are like in every other thing in the world good ideas and bad ones. And one needs to build expertise in finding the good ones and shaping them. A good idea is one that builds business and a bad one or a vanilla idea is just a feature.?

The differences are usually marginal which makes the process harder (yes it is a process). It boils down to the scale at which the idea is thought for. Many people start a business idea based on a problem, that’s a good start but that’s not a good enough reason to start off, if you know the difference between the two. The difference between good ideas and bad are often the difference between product features and product philosophy. Good ideas are bound on philosophy while plain ideas are bound to features. Good businesses are wound on good philosophies not feature sets. If you’re looking at ideas for business then take a look at the idea you have and see if it is just a feature you’re going to add to the value chain or completely new way of looking at the chain. For instance, are you the same old idea with a twist, if you’re going to start your elevator pitch with – I am that business but with a Twist I will probably want to get out at the next floor. Even if you have an excellent opportunity to do the best job of building it, but if you are building a feature and not a business it probably might not be of much value to anyone but the market leader in your space.?

Execution matters ..big time. But don’t forget that it is also about what you’re executing. So the next time you’ve an idea, start shaping it into a business first. A business goes beyond you and your product while a feature remains at just that.?

I’d still say jump on ideas, but just look at what you’re jumping into, recognising a good idea is part of the execution.?