ENTREPRENEURSHIP AND INNOVATION ONLINE COURSE

Kill Off the Idea to See Your Business Emerge: How to Become an Entrepreneur and Not Die Trying

by Francisco Santolo
February 2020

Ideas don't generate profit. Ideas don't even generate revenue.  People often mistake ideas as innovation and it's time we straighten things out.

There is a long way to go from an idea to real business! The ideation process can lead to an invention, but never forget that the execution and commercialization of said idea are key elements for achieving true innovation.

So once you figure out your idea, be mindful of the huge gap that still exists until the generation of profits.

Manifesto of Ideas

Ideas do not generate profit
Ideas do not even generate revenue
Ideas are not Innovation, only Ideation
Ideas can lead to the Invention part of Innovation.
Innovation = Invention + Execution
Or even better yet: Innovation = Invention x Commercialization
There is a long way to go from Innovation to the generation of profits
You cannot directly associate any product or business idea with profit.
Even after applying the best methodologies for Entrepreneurship and Innovation.
Not even after designing a great strategy based off your objective
Not even after designing a whole virtuous Business Model
Not even after interviewing a relevant part of your target customer segment and discovering their pains and gains
Not even after building a perfect product or service by knowing what your customers desire
Not even after you test all the missing parts of the Business Model
Not even after developing a wonderful sales roadmap with great lead generation, predictable and profitable sales conversion
The distance from an idea to profit is ∞

Not even multinational prestigious companies that know their clients can guarantee the launch of a new product without a variation of 2 zeros (%) in the estimation of their demand.

What then?

Don´t search for an idea. Focus on innovation. On the problem. Innovation is all about solving problems or exploring and exploiting new possibilities, it's not about generating "disruptive" ideas. Disruption cannot happen without execution.

Set an objective for yourself. Develop a suitable strategy. Design a virtuous business model that reflects said strategy. Test it with hypothetical target customers, actively listen to them in order to understand their jobs, pains, and gains. Help them reach their goals. Pivot, iterate, develop the customer together with your product or service.  Only after defining the customer's problem, can you work on finding a suitable sales roadmap. Do not invest money ahead of time. Apply methodologies.

Read.  Improve your execution.  Collaborate and interact with other Entrepreneurs. Do not lose sight of your purpose.

Learn! Learn!  Learn!

And most importantly, stop obsessing over ideas!

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