The Next Big Idea; How to Find it
Commitment and a passion to build are needed to create a great
business. Becoming an entrepreneur comes from seeing a problem and doing
something about it - it does not require a "great" idea.
Seeing the problem is all the timing required.
Big ideas cause disruption and are drivers to change. Today's
business and technology disruptions that create change include (1)
broken business processes, (2) out-of-date business models, and (3)
out-of-balance value chains where intermediaries provide no added value.
Disruptions create reflection and often signal major paradigm shifts.
For example, first there was DOS, followed by Windows, and then the
Internet. What comes next in information evolution is unknown. When
current orders of magnitude in better price/performance no longer
satisfy customers, redefinition of the added value concept becomes
necessary and big ideas emerge.
The Internet is a next big idea and a disrupter because it affects
both business and technology. For example, Amazon.com is a business
model that affects both commerce and technology. As a virtual bookstore,
it is not the traditional brick-and-mortar retail business but relies
instead on the Internet's infrastructure to take orders and conduct
transactions. It is a pioneer in ad hoc formulation of trial-and-error
practices in electronic commerce. It is the flagship of things to come.
The business drivers for new software or internet products are pain
and need. Business needs timely and accurate information for measuring
performance Creating benchmark performance solutions and their
measurement tools answer enterprise software concerns. This is a fertile
area for entrepreneurial talents.
Entrepreneurship involves listening and leading. Customers tell
companies what works and what does not; however, entrepreneurs do not
have customers to validate their ideas. As visionaries, entrepreneurs
lead the market by adding value. They develop and market their
innovations to meet perceived customer wants and needs. When executing
this function successfully, the market rewards the entrepreneur's
Entrepreneurs should not be afraid to be first. Gaining the
leadership position and timing it correctly are uniquely advantageous
circumstances in business. Taking an idea and making it a viable
business takes a lot of passion and work. To sustain this, it had better
be something that the entrepreneur enjoys, has fun with, and can take
If your dream is to build a company, find a way. A good idea is not
enough to make a business. There must be a decided commitment and
passion to dedicate your life to it. If you do, there is nothing more
professionally exciting or satisfying.
Penetrating a new market depends upon building a unique expertise.
From an investor's perspective, assembling a team that is the best in
class and complimentary to the entrepreneur is vital. Defensibility is a
factor where features such as deep intellectual property and business
alliances may allow attainment of critical mass before competitors.
Today, scaling the business quickly is necessary for success. Learning
at a faster rate than the market or competition means shedding and
Written by Judy Kong, Analyst with TECHdivas.com