What is an Idea ? Learn about a Business Idea:
“What is an Idea?”
This is a question asked by few! Most people ignore the very ‘realm of idea’; even though it matters a lot! There’re different types of Ideas, but all comes with a definite purpose. There are Business Idea, Entrepreneurial idea, Startup idea, Innovation idea, Professional idea, Marketing Idea, Money Making Idea, small business idea, idea that generates wealth, idea that helps you make money easily, idea that change life, ideas that fuel innovation, so on and so forth.
The objective of this article is to explain the multi-dimensional aspects of Idea; which will help you to evolve your Idea to grow in your life with conviction and purpose.
This commentary is about Business Idea and Why You must explore the nature of idea first, even before you embark on a journey to pursue your idea.
Let me organize my presentations into 3-key areas:
#1. The buzz about significantly high rate of startup failures
#2. Why take Idea seriously ?
#3. How to hugely benefit from your business idea ?
There is a lot to explain about the “Idea Dimension”. Most people do not understand the “Idea Dimension”, its origin, characteristics, its deeper power and holistic path to pursue an idea. I will explain more about the “Idea dimension” in more articles later. Subscribe to our Insightful articles and related Success Programs to benefit from the idea dimension. Ideas are fundamental to human-beings, in a sense that animals don’t get ideas that can lead them to prosperity and happiness.
#1. The buzz about significantly high rate of startup failures:
There is Idea with everyone! Yet very few are serious about their idea!
Yes, very few becomes seekers for pursuing an idea. Dominant majority of people, without realizing the nature of idea, simply embark on a journey to translate the idea into a mission and fail miserably. As per failory report almost 90% of all entrepreneurs fail.
According to an article in FastCompany titled, “Why Most Venture Backed Companies Fail,” 75 percent of venture-backed startups fail. In a study by Statistic Brain, Startup Business Failure Rate by Industry, the failure rate of all U.S. companies after five years was over 50 percent, and over 70 percent after 10 years. Please refer the chart below.
IMAGE SOURCE: U.S. SMALL BUSINESS ADMINISTRATION.
Financial Analysts and Startup Pandits give many reasons for failures, ranging from personal problems to unforeseen circumstances and market conditions! There is no dearth for “reasons of failures”. They all blame the failure of an idea to ‘external’ reasons. But very few “really” have pointed out the source of all the failures to the lack of seriousness in the Idea itself; the source of all possibilities or failures!
Next, I looked for sources of information of why businesses were successful. As per an article posted in Entrepreneur.com suggest that serial entrepreneurs that have prior success are more likely to have success, and that the best VCs are good at picking serial entrepreneurs. In that article, It reported 9- key ‘things’ about their success as below.
The nine key factors for success:
1. Founders are driven by impact, resulting in passion and commitment
2. Commitment to stay the course and stick with a chosen path
3. Willingness to adjust, but not constantly adjusting
4. Patience and persistence due to the timing mismatch of expectations and reality
5. Willingness to observe, listen and learn
6. Develop the right mentoring relationships
7. Leadership with general and domain specific business knowledge
8. Implementing “Lean Startup” principles: Raising just enough money in a funding round to hit the next set of key milestones
9. Balance of technical and business knowledge, with necessary technical expertise in product development
All of them hover around the fact that, the successful entrepreneurs took their idea seriously. They could clearly visualize the impact of their idea and exponential growth possibilities. When you work on your idea as a seeker, you will acquire insights to be leader and intuition to take the timely decisions.
The single most important purpose of all business idea is “to be successful in generating wealth with least effort and resource utilization”. In other words, Create a Experience of Joy with Wealth Creation. OR even better, Translate an idea into an Exponential Experience say, a Million Dollar Dream.
#2. Why Take Idea Seriously?:
Ideas fuel innovation. No ideas? No innovation!
Ideas trigger actions that creates value for people. No ideas ? No Value creation!
Ideas are often small, hazy and not so clear. Yet, No ideas ? No ‘aha’ moment !
Ideas are plenty. Yet only some ideas appeal and resonate with you!
You have an idea too and so does every other person on this planet.
Ideas are the starting point for wealth creation.
When You Pursue Your Idea, You simply choose to unlock your opportunity to be Wealthy and Happy
Because, Ideas provide you the path to “Be Extraordinary!
Whether Ideas reserved only for Entrepreneurs ?
No! There is idea all around you. There is an idea behind everything you like, wish and wear!
The smartphone you’re carrying is because of an idea. The watch you’re wearing is because of an idea. The way you travel is because of an idea. The way you dress is because of an idea. The way you earn your livelihood is because of an idea. The way you create wealth for yourself is also because of an idea.
Ideas are like your brand new Lamborghini. Say, you want to enjoy a long drive from east coast to west coast. If you don’t know how a brake, steering and accelerator of your brand new Lamborghini works, then there is high chance that you wont reach your destination, even with a Lamborghini.
For all wealth creation endeavour, ideas are the prime movers!
When you choose to ignore your idea, you end up being a job-seeker!
But what is an idea? And what are its characteristics. If you don’t understand the very nature of an idea, your idea, then you wont be able to take your idea to the next level with minimal efforts, time and money.
Ideas and value creation are inseparable! If you wish to holistically seek to pursue an idea, your idea, then its beneficial to understand the very nature of your ideas and follow the definite path to translate your idea into a successful wealth creation mission.
Dominant majority of people do not do so. Therefore, only few become successful in pursuing an idea. And most entrepreneurs fail in their endeavour!
I don’t say that, most entrepreneurs love failures. No, all of them want to be successful. Being Successful is probably the single focus of all their efforts and investments. But they don’t do the right thing. Infact, they don’t start right!
Dominant majority of entrepreneurs start realizing their idea with plan, strategy and implementation. All without even trying to understand the realm of idea dimension. It’s like most software developers begin coding to build a product even before they are clear about the requirements. They think they’re building the next big thing. Article in Medium.com mention that in reality, over 90% of them fail to do so.
Only few become successful. Ever wondered, why only few are able to pursue their idea and become wealthy and happy?
Idea Domain is Unorganized:
You have learnt that, Ideas are too critical to ignore! Yet, there are no Institutions anywhere in the world for “Research or Study” on Idea Dimension. There are many schools of thought and there are many experts. Experts; who most regularly analyse the symptoms of failures, but not the root cause! There are different understanding about an idea. Here is what Wikipedia explains.
“Ideas are usually taken as mental representational images of some object. Ideas can also be abstract concepts that do not present as mental images. Many philosophers have considered ideas to be a fundamental ontological category of being. The capacity to create and understand the meaning of ideas is considered to be an essential and defining feature of human beings. In a popular sense, an idea arises in a reflexive, spontaneous manner, even without thinking or serious reflection, for example, when we talk about the idea of a person or a place. A new or original idea can often lead to innovation”.
The definition in Wikipedia is broad, open ended and inconclusive. And there are experts, who come with many variants of the same thing!
“An idea is our imagination’s way of responding to a gap. A gap might be created by a question that doesn’t have an answer or a problem that doesn’t have a solution. We bridge the gap by forming a new association or connection. That’s an idea. People often confuse ideas with solutions. In my opinion, a solution is an idea that has already undergone the process of being evaluated, refined, and developed so you’re very close to bringing it to the world. An idea, by contrast, is closer to the wellspring of imagination. In the overall process, it is closer to the initial insight – the ‘aha’ moment”.
–Gerard Puccio PhD, author of “Creative Leadership” and the “FourSight® Thinking Profile”
Yes, its revealed to you at that “Aha” Moment. Revealed at the right Time ?!!
Ideas, Thoughts and Concepts:
Are they same ? No, they aren’t!
Thoughts are impressions created in your memory. In otherwords, Thoughts are “data”.
Concepts are a series of such related memory impressions.
We may have an idea or image of a mountain, a tree, a building; but we cannot surely have an idea or image of an argument or proposition.
If nature has made any one thing less susceptible than all others of exclusive property, it is the action of the thinking power called an idea, which an individual may exclusively possess as long as he keeps it to himself; but the moment it is divulged, it forces itself into the possession of every one, and the receiver cannot dispossess himself of it. Its peculiar character, too, is that no one possesses the less, because every other possesses the whole of it. He, who receives an idea from me, receives instruction himself without lessening mine; as he who lights his taper at my mine, receives light without darkening me.
Ideas are different.
In the same way, Your Ideas and publicly available Ideas are different too!
Your ideas are your own. You are fully equipped to evolve your idea. Your ideas are contextual, meaningful to your situations and some thing that you can evolve effectively than others. Just the way ideas which are not your and available in the public domain are those, which can be evolved less effectively, as they seldom resonate with your own.
Ideas have Purpose:
Every Ideas have a Purpose. There is purpose for you. There may be purpose for your customers.
There may be purpose for your partners, your employees and those who accompany you in your pursuit of an idea.
Every business, especially a new one, should have a clear and succinct expression of its purpose.
Ideas are way more powerful than we think and believe. The only way to translate and realize idea to be successful, is to first understand the nature of idea and then pursue idea within your own self belief and conviction.
Experiences are a better way to discover ideas. Experiences and Expressions are tied together through Ideas.
Your Ideas are therefore Your Expressions! They are unique and they have the profound depth, power and meaning and purpose. Its just that, when you understand its multi dimensional purpose, you will start believing its vastness and then follow your instincts to pursue your idea.
We have spent years of research on the idea dimension. We have success programs to realize your idea; whatever is your idea. You can get started free to benefit from our deep research and success programs. Get Started Free Today!
Let’s explore about a Business Idea:
A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole.
Most business ideas are developed through a half-baked linear process! The approach results only in small incremental improvements, but mostly lost in poor product innovation, lower chances of customer delight and of course lost opportunity.
Transcending Idea is about evolving Idea into Exponential Business Idea.
The characteristics of a promising ‘exponential’ business idea are:
Unique and ahead of Time
Problem solving with customer delight
Profitable with hugely market leading positioning
An exponential business idea is often linked to its creator who needs to identify the business’ value proposition in order to launch to market and establish competitive advantage.
Here’s how to come up with an exponential business idea in 3-steps:
#1. Become an Idea Seeker: To start looking for ideas you need to stop accepting the world as is and start viewing it through a lens of how it could work properly. Seeker, means one who explores What works and what does not in a given scenario. This is the most important process step, but often ignored.
#2. Idea Visualization: Ideas can evolve through a series of manifestations or manifestations within manifestations. But each of the manifestations must be “complete” meaning, self propelling and self sustainable.
#3. Idea Validation: Take your idea through a validation of purpose for yourself, your organization, your customers, your employees and your partners.
Ideas & Innovations:
For businesses this could mean: creating new ideas, new product development through research and development or improving existing services. Innovation can be the central focus of a business and this can help them to grow and become a market leader if they execute their ideas properly. Businesses that are focused on innovation are usually more efficient, cost effective and productive. Successful innovation should be built into the business strategy, where you can create a culture of innovation and drive forward creative problem solving.
Innovation is at the heart of all great companies. It’s what propelled them to where they are and the reason they continue to grow and thrive. A business may have focus area for Innovation too, such as :
Marketing Innovation: The way you connect with your target audience
Business Innovation: The way to create Your Business Model, the way you generate revenue
Growth Innovation: The way you grow exponentially. Just like how Apple, Google, facebook, Amazon, Tesla, Uber built multi Billion Dollar business in less time as compared to other brick and mortar business.
Spiral approach to business model innovation explores how successful companies are embedding innovation into the fabric of their organization. For them, innovation is a way of life — and requires following a process to remain at the top of their game.
The most innovative companies follow a spiraling, iterative approach that embeds innovation in every aspect of the organization. This enables them to:
1.Take advantage of changes in the external environment
2.Continually revamp their business models to achieve competitive advantage
3.Innovate to obtain specific business outcomes, such as increased agility or customer engagement
Power of Your Idea:
The single most important aspect of any idea is its “ability to evolve exponentially” with less time, as compared to now widely adopted linear path.
Idea grows spirally with brute force!
When You realize the sheer Power of Your Idea with Insights, your chances for innovations expands significantly.
Very few entrepreneurs realize this. There are examples of business, realizing this force and have benefitted immensely. Apple, Uber, Tesla are some examples.
Examples of innovation:
Apple was a $2 billion company in 1997, then it jumped to a $700 billion valuation in 2015 as a result of the innovation that came from the Macbook, iPod, iPad, and iPhone.
Tesla built an electric car with exceptional aesthetics and efficiency, which has helped build the electric sports car company earn a market capitalization of $33 billion, with revenues up 54% since 2014.
Uber was founded in 2009 and has become a $50 billion company in just 6 years, with its simple yet unusual idea of getting a taxi with the press of a button that has completely revolutionized the way we travel.
These successful companies were built on sheer innovation and we can see how valuable they have become in the short time they have been around or have been focusing on innovation. When we compare Tesla’s value to that of General Motors, we see that the market capitalization of General Motors is $53.98 billion today in which the company has been around since 1908 whereas Tesla was founded in 2003 and has achieved 50% of General Motors value within 12 years.
Points to Ponder:
Many Modern Technology driven business like Google, Uber, Tesla who have quickly made huge strides in building their market capitalization as compared to other Business, primarily because, They could Transcended idea into path-breaking Innovations that drives “Exponential Experience”! Remember Google was not the first company to come out with Search. Tesla was not the first company to come with electric cars. In India, way back in 1998,there was Reva, an electric car by Maini Automobiles, Bangalore.
When I created “Spandhan B2B” Supply Chain Platform from an idea stage to a 5000 brands strong vibrant eco-system in less than 8-months, I had a much larger vision and wanted to Transcend that idea into a global Innovation in Modern Retail. I had already laid down the foundational blocks and rolled out the first working version in 2007, which was well adopted by globally reputed brands. The platform to this date managed over $2.5 Billion transactions. The same platform had all the foundational blocks to blossom into a global innovation with exponentially higher transaction levels that would drive Exponential Experience in its next version. But the people around me were challenged by limited perspectives and did not support my case.
I faced similar resistance from people with limited outlook in another instance too. But, these engagements have given confidence in my approach to realizing Idea from a Transformer perspectives and not merely as a professional.
Transcending Idea into Innovations is not about small incremental improvements. Its about creating Exponential Experience to drive rapid Growth for people, brands and business with worldwide impact. Its about creating a paradigm change that would benefits large number of people and business.
I am working on the Idea Dimension with a mission to make that impact, so that, this generation of modern entrepreneurs would leave our legacy behind that will take the next generation to a level we could only imagine.”
What is an Idea ? The answer to the question can not be covered in a single article. Idea is a too vast and complex paradigm. As probably, you have noticed that, Idea is a single most potent force that has the power to change the world for better. The idea can come in all size and scale. Let’s admit that, Idea belongs to a different world. You need to come out of your paradigm to recognize the “Idea Dimension”. There is so much to explain about “Idea” that one blog post can not do justice to its depth and vastness. I will post additional articles on the Idea Dimensions.
You can be key stake holder in this mission, as I know, You too have an idea to explore and Transcend. Therefore, Subscribe here and look forward for the next article on Idea. I will promise that, you will benefit from these discoveries.
In this article, I probably just touched the tip of the iceberg! I have explained what some of the popular community like “Wikipedia” understands. I have also read explanations by many experts on the Idea. I have picked only a couple of them here. While I have great regard for every expert, I think Idea dimension can not be mastered by one expert. Its like If you want to understand Medicine, there is No One Person or a University. Its too vast and complex subject than Medical Science!
That’s why extraordinary people of the ancient times and many Gurus and Maharshi’s, advise you to be a “Seeker”, because there is no end to exploration. The more you know, the more you will know, how much you don’t know!
Taking Idea seriously is “What We Do”! Our belief that, Idea is a single most potent force that has the power to change the world for better is “Why We Do”.
About ‘Transcend Idea’ Mission:
90% of all entrepreneurs fail, inspite of a vibrant modern entrepreneurial support ecosystem, globally well connected digital infrastructure and growing market opportunity! Established businesses shy away from bold innovations due to perceived high risk of failure.
On one hand, People face problems of Money, Health and Inequality and on the other, Creative Aspirations among entrepreneurs are increasing like never before. There is serious flaw in the way humanity at large understands “Idea”; the only ‘thing’ that has potential to drive change and make a difference.
You need a simple, path-breaking approach to address the challenge. We believe, that understanding the “Idea Dimensions” is necessary to accomplish the objective.
It’s our mission to show you the definite path to Transcend your idea into innovations within your own means and possibilities.
We welcome People, Brands and Business to benefit from the mission. Contact us today to explore further.