Monday, February 22, 2010

Great Idea vs Golden Opportunity

I had an opportunity to be in the midst of some venture capitalists, and one of them asked a question that I will not forget in a hurry.

"Do you have an idea or an opportunity"

Tokunbo Ishmael

I reflected on this question for a while, and I strongly feel that it changed one of my thought processes.

I have always believed that ideas change the world, but I have also seen reality play up, and have learnt that ideas are not enough.

In fact, everybody has ideas. Our minds are constantly coming up with things to do. Ideas on what to make for dinner, ideas on what to wear, ideas on what your friend should be doing, ideas on how your party should be, etc.

Now whether you eventually do anything about it or not, is a different ball game, but let's clarify this. Ideas are everywhere, and you think of them all the time.

Now, a lot of people are waiting for "that unique idea" that will make them blow. I'm sorry to burst your bubble, but if you have been alive as long as I have, you must have realized long ago, that there is absolutely nothing new under the sun. What is rare however, is the ability to execute the idea and turn it into a profitable business. Without this, your business is heading for the ROCKS.

So what makes an opportunity different from an idea, you may ask.

Opportunities are as a result of a need. Before you go about calling yourself an entrepreneur, ask yourself or do a research on "Who needs my services". Most times people discover opportunities from personal experiences; some others just observe or come across it by chance.

Secondly, you need to find out if people are willing to pay for this service. Are you ever going to make profit from this business or can you generate cash flow in a short time.

Thirdly, does it align with your personal interests and skills set.

Fourthly, do you have the required knowledge and relationships to leverage on to build a competitive advantage?

Finally, Is it the right time?

Do yourself some good, give this a thought.

This is not Rocket Science.

I assure you.



Anonymous said...

True words Steph.

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