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Ideas vs Execution
Execute ideas to release their value
(Read web version.)
I have brilliant ideas that are going to make my fortune and I’m sure you do too. At least, that’s what we think.
The aim of this post is to convince you that testing and executing an idea is what releases its real value.
Value of an idea
Steve Jobs said, “Ideas without action aren’t ideas, they’re regrets.” Have you ever wondered why there is no market for ideas? Ideas are worth very little unless validated and executed. The value we create can be considered as an equation:
Value created = Idea quality x Execution effectiveness
Idea quality: Bad = -1, Poor = 1, Ok = 5, Good = 10, Great = 15, Brilliant = 20
Execution effectiveness: None = £1; Poor = £1k; Ok = £10k; Good = £100k; Great = £1m; Brilliant = £10m
Using this equation:
A brilliant idea without execution is worth £20 (= 20 x £1)
A good idea with good execution is worth £1m (= 10 x £100k)
A brilliant idea with brilliant execution is worth £200m (= 20 x £10m)
Hence, however good an idea is, it only has material value through its testing and execution.
Ideas versus Execution by Derek Sivers
How to build a startup without funding by Pieter Levels
How to evaluate startup ideas by Kevin Hale
This post suggests that the real value of an idea is in its execution, not in the idea itself. Next Sunday’s post shines a light on the question of how many users are enough to sustain a creator?
Until next Sunday, dust off some of those innovative ideas you’ve had in the shower and consider what steps you can take to test and execute them.