A widely-known lore in innovation tell us that if you already have the “best idea”, the only problem left to be solved is the execution. The truth is, the real search challenge begins with a good idea: finding the value proposition that customers want, which is embodied in a profitable, scalable Business Model.
In contrast to the what most of us conceived as entrepreneurial dogma, coming up with the best idea isn’t the real challenge, nor is the execution. Although, clearly you still need to have a successful execution, and you need a vision of where the opportunities lie. The real challenge and the toughest part in innovation is finding the task of the idea and the vision of the future, and putting it into something that actually works.
The Need For A Viable Business Model
Many businesses fail. In fact, 7 out of 10 startups were not able to deliver the expected. The leading reason behind the failures is a missing Viable Business Model. You can say that it could be because these failed businesses just pursued a bad idea. It can be true, but from what we see, the downfalls resulted from the absence of testing and adapting of ideas until the chances of them to work get high. These startups who failed, probably focused on the execution of ideas that seemed good enough.
As said, finding the best idea is not the real challenge. Seeking for a value proposition, an efficient business model that works are the difficult part. For that, Steve Blank, the initiator of the Lean Startup movement believes that a startup is more of a temporary organization that’s looking for a scalable and a repeatable business model.
Execution is Critical
Still, many established companies believe in the old myth saying, everything is about getting the best idea. These entrepreneurs believe that once they got the idea, the next step will be all about its execution. Companies must learn that once they ventured on innovation, their only job is to reduce the risk of executing a bad idea.
The search problem, which begins once you find the best idea includes a two-step procedure:
- Design and shape ideas fast using the Business Model Canvas and Value Proposition Canvas.
- Test all the angles and theories that would make the idea work, and search for hints or proof that you’re taking the right path.
After gathering enough evidences that confirm you’re on the right path, that’s where you will proceed to the execution. During this phase, what you need to do is to scale your idea, and get the business reach the next level.
Watch this interesting video that sheds light on the subject:
The post The Critical Key to Successful Innovation and Entrepreneurship Are Not Ideas appeared first on Feras Antoon Reports.