As we have traveled around, and as I have built businesses in the last 10 years, I have realized that most people are full of good ideas.
(Ask Carrie. I come up with at least 3 good ideas every day.)
At the same time, most people believe (or at least say), “If I could just come up with a good idea, I could be rich.”
Having a good idea from the beginning is important.
Example: “I’ve just come up with a GREAT idea for a breakfast cereal.” The world doesn’t need another sugary breakfast cereal, and even if yours is better than every other one out there, you probably won’t become rich with a new breakfast cereal.
Having a good idea is important.
But Action/Execution of your idea is the most important thing.
Next to that also is having the right Timing.
If you introduced a revolutionary breakfast cereal in 1975, you might really have had a shot at being wealthy by 1985.
But in 2011, the timing for introducing sugary breakfast cereal (in America anyway) is gone. People already have their favorites.
I think it’s probably something like this:
- Ideas are worth 1/5 the value of timing.
- Ideas are worth 1/10 the value of Action/Execution.
- This makes timing worth 1/2 the value of Action/Execution. Acting on something is 2x more important than being in the right place at the right time.
Idea * (Action/Execution * 10) * (Market Timing * 5).
Ideas are great, but they are multiplied by what you’re willing to do to put them into the world.