The Fallacy of the Great Idea
August 04, 2010
"Many entrepreneurs feel that they cannot start a business without a great idea. They believe it will be impossible to succeed without a completely new concept, as the market will already be cornered by established businesses. Only by venturing into uncharted territory can they achieve their dreams. This is the fallacy of the great idea. [...] The simple truth is that it is quite possible to create a thriving business without a big idea. In fact, starting up with a tried and tested concept is very sensible. The real key to success is focus and brilliant execution. Yes, the world needs people with grand ideas who are willing to take big risks to further progress, but the world also needs small businesses creating jobs, and entrepreneurs should not be embarrassed about not having a claim on originality."