Questionable reasons to become an entrepreneur #4 – I have a great idea

By Rajesh Setty on Sat 22 Dec 2007, 7:25 AM - View Comments

On a lighter note, the only time to become an entrepreneur because “you have a great idea” is when you are sure that God personally sent you that idea with only your name put on it.

Many times you may feel that you have a “really good idea” and it is worth betting your farm on it and start a company. However, chances are that MANY other people in the world may have the same “really good idea” at the same time you had it.

A good idea is golden but that is only a starting point. A good idea is necessary but not sufficient to succeed. Without one, you may be at risk of a premature death. But with one, there is no guarantee of success.

When you have a great idea, the questions to ask yourself is

1. Now that I have this great idea, do I have the right configuration to execute and make this dream a reality?”

2. Can I convince the marketplace that I can make this happen?

When you look at what it takes to put together a configuration that can execute on an idea, you will see that in most cases, coming up with the idea is the easy part.

Next time when you pitch your cool idea and get turned down, think and see if it was THE IDEA that was turned down or whether it was their assessment that YOUR ABILITY TO EXECUTE on that idea that was turned down.

Wish you all Happy Holidays and the very best with your pursuits.