“Ideas are a dime a dozen. Ideas are cheap while execution is expensive.”
That quote was written by a wise man named Hiten who has some great thoughts on business. I would also add that execution is hard and time consuming. It would be impossible to execute every seemingly good idea that pops into your head.
Whether you’re an entrepreneur looking for the next big thing or a loyal employee trying to innovate for your company, you need to be skilled at throwing out the bad ideas.
It’s similar to the marketplace of ideas, first referenced by Justice Oliver Wendell Holmes Jr., then adapted by John Stuart Mill. In short, the marketplace of ideas encourages ideas to flow freely, trusting that only the best will survive the test of time.
The business market is always in flux, and the best ideas are the ones with the ability to be adapted for change.
Let’s say that you have one or two great ideas that you’re excited to share with others. Prior to getting your hopes up, do your research.
Is your idea viable? Has it been tried before? Does your idea effectively solve a problem? Is there research to validate any assumptions you’ve made along the way?
If you can answer all these questions and still feel that your idea is solid, casually run it by a couple trusted peers. New sets of eyes may be able to dissect problems you previously hadn’t considered.
You should also be conscious to take all feedback with a grain of salt; this is even true for the positive feedback. Those close to you may have the best intentions of being supportive, leading them to be overly optimistic.
Remember, constructive criticism is your friend. Work out any kinks early in the planning.
Once you have all your ducks in a row and you’re confident about every aspect of your idea, it’s time to yell it from the rooftops. Depending on your industry and situation, this might mean bringing your idea to executives in your office, discussing it with investors or talking directly to clients.
When more brain power gets involved, you’ll notice that your idea either blossoms into the beginnings of a well-executed plan… or falls on the floor with an inglorious thud.
Failure is a part of business. If your idea fails before you’ve spent a great deal of time or resources, consider yourself lucky.
When your idea begins the execution phase, be proud of the small accomplishments. However, remember to continuously set new goals and keep striving to reach them.