5 ms·

for sufficiently vague definitions of "idea".

by imsteve 19y ago

Shooter 19y ago
[for sufficiently vague definitions of "idea"] Upmodded. That is brilliant. As an entrepreneur, I have very specific thoughts on what constitutes a "good idea for a business." To me, it suggests that you have four things: 1. a keen insight into what a group of people (with money) want 2. you have a means of delivering a solution to those needy people 3. you have a way of targeting those needy people to let them know about your solution 4. you can deliver your solution at a profit. When I started investing in startups, I learned that my definition of a good idea for a business differs GREATLY from what many are willing to pitch to me as a good idea. Many people are willing to pitch a very nebulous 'idea.' There are also certain ideas prevalent in the startup community now that are MOSTLY or SOMETIMES true, but that I think people take too literally or misunderstand. "Ideas are worthless, execution is paramount." Look, if you have a truly great idea...execution becomes much less important. With a great idea (which implies an actual business model), you can make quite a few execution mistakes and still end up with a great business. If you stumble, investors are more forgiving and will usually find the help you need in the execution area. "Your final business is almost always different than what you initially intended to do" is another startup cliche that I think some entrepreneurs sometimes take too literally. This pearl of wisdom is basically telling you that you need to be flexible. Being flexible is very different that attacking an industry because it is hot and hoping something shakes out. "Get the users and figure out a profit model later. It is easy to monetize millions of eyeballs." Again, this may be mostly true for a certain class of business...but it can also be a ticket to FAIL. With apologies to Mrs. Robinson, I'm actually getting pitches like this: Entrepreneur: "I have a GREAT idea!" Me: "Yes?" Entrepreneur: "Plastics!!!" Me: "What do you mean 'plastics'?" Entrepreneur: "They're gonna be huge. Plastics are the future." Me: "What is your actual idea? How are you going to make money?" Entrepreneur: "Advertising?"
- run4yourlives 19y ago
  I keep thinking: "7 minute abs, man!"
- pius 19y ago
  Upmodded for gratuitous, yet relevant reference to The Graduate.
axod 19y ago
true :) ok, ideas are easy. Ideas that could potentially make a lot of money aren't too hard to come up with. Ideas that could be the next big thing, are also within most peoples grasp. Still think coming up with the idea is maybe 5% of the work. It's almost as bad as people who register what they think is a great domain name and think that's their website pretty much done now.
- Shooter 19y ago
  "people who register what they think is a great domain name and think that's their website pretty much done now." Another painfully true observation. There is a spectrum between being a complete retard and a coding ninja, though. There are plenty of sweet spots for entrepreneurs between the two ends of that spectrum.

for sufficiently vague definitions of "idea".

by imsteve 19y ago

for sufficiently vague definitions of "idea".

[for sufficiently vague definitions of "idea"] Upmodded. That is brilliant. As an entrepreneur, I have very specific thoughts on what constitutes a "good idea for a business." To me, it suggests that you have four things: 1. a keen insight into what a group of people (with money) want 2. you have a means of delivering a solution to those needy people 3. you have a way of targeting those needy people to let them know about your solution 4. you can deliver your solution at a profit. When I started investing in startups, I learned that my definition of a good idea for a business differs GREATLY from what many are willing to pitch to me as a good idea. Many people are willing to pitch a very nebulous 'idea.' There are also certain ideas prevalent in the startup community now that are MOSTLY or SOMETIMES true, but that I think people take too literally or misunderstand. "Ideas are worthless, execution is paramount." Look, if you have a truly great idea...execution becomes much less important. With a great idea (which implies an actual business model), you can make quite a few execution mistakes and still end up with a great business. If you stumble, investors are more forgiving and will usually find the help you need in the execution area. "Your final business is almost always different than what you initially intended to do" is another startup cliche that I think some entrepreneurs sometimes take too literally. This pearl of wisdom is basically telling you that you need to be flexible. Being flexible is very different that attacking an industry because it is hot and hoping something shakes out. "Get the users and figure out a profit model later. It is easy to monetize millions of eyeballs." Again, this may be mostly true for a certain class of business...but it can also be a ticket to FAIL. With apologies to Mrs. Robinson, I'm actually getting pitches like this: Entrepreneur: "I have a GREAT idea!" Me: "Yes?" Entrepreneur: "Plastics!!!" Me: "What do you mean 'plastics'?" Entrepreneur: "They're gonna be huge. Plastics are the future." Me: "What is your actual idea? How are you going to make money?" Entrepreneur: "Advertising?"

run4yourlives 19y ago
I keep thinking: "7 minute abs, man!"
pius 19y ago
Upmodded for gratuitous, yet relevant reference to The Graduate.

axod 19y ago

true :) ok, ideas are easy. Ideas that could potentially make a lot of money aren't too hard to come up with. Ideas that could be the next big thing, are also within most peoples grasp. Still think coming up with the idea is maybe 5% of the work. It's almost as bad as people who register what they think is a great domain name and think that's their website pretty much done now.

Shooter 19y ago
"people who register what they think is a great domain name and think that's their website pretty much done now." Another painfully true observation. There is a spectrum between being a complete retard and a coding ninja, though. There are plenty of sweet spots for entrepreneurs between the two ends of that spectrum.