A key component of the Art of Business is recognizing and evaluating big ideas as good opportunities. Notice that big idea ≠ good opportunity. There are many factors influencing the big idea-good opportunity diagnosis, including market readiness, growth potential, gross margins and many others. Ideas interact with real-world conditions and entrepreneurial creativity to determine opportunity potential.
A good idea is just a tool in the hands of a creative entrepreneur. Finding a good idea is the first step. Turning that idea into an opportunity is part of your challenge as an entrepreneur. Opportunities do not step up to you and present themselves with a clear price tag and a value. Rather, it is up to you to use your creativity, do the proper research and figure out if an opportunity can be built on the big idea. And, you need to do it quickly.
The paradox
Entrepreneurship requires a significant amount of careful preparation and planning but is, at its core, fundamentally something for which you can’t plan. The highly dynamic character of markets and technology make it virtually impossible to model and envision the future. You can spend a ton of time examining the competition, conducting customer research, and building financial models to produce a comprehensive and carefully prepared business plan that is obsolete by the time it hits the streets.
Should I just wing it?
No way. You need to invest in thorough research and evaluation to shape an idea into an opportunity. All of the hard preparative work in researching the market, figuring out how much it will cost to implement the big idea and adding up the potential payoff will shape the opportunity. Very, very few ideas make it through this process and turn into opportunities without being modified by the process. Research and evaluation is all part of the creative process. Like an artist shaping a lump of clay into a piece of ceramic art, you will constantly shape the big idea and reevaluate your options in light of the information you gather.
The importance of decisive action
Timing and decisive action are just as important as the opportunity analysis process. Decisiveness in recognizing and seizing an opportunity can make the difference in the successful implementation of an opportunity. Because the big idea-good opportunity analysis is not a straightforward calculation, you will never have an iron-clad promise of success. Don’t wait for the perfect time, because there will never be a perfect time to take action. Opportunity is a moving target, so when you have enough information to tip the odds in your favor, take decisive action before the opportunity passes you by.
Predicting the unpredictable
Evaluating and executing on a big idea is not neat, tidy, linear, or consistent, regardless of how much time or effort you put into the process. To be successful as an entrepreneur, you need a bias towards action founded on considerable thought and planning. So, to turn a big idea into a good opportunity, do your homework, prepare to execute and hold on for the ride of your life.
“If everything’s under control, you’re going too slow.” – Mario Andretti




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