I stumbled across this amazing blog post about ideas and execution by Derek Sivers and was immediately blown away.
The basic article discuss how ideas have little to no value, it is all about the execution of an idea that determine how much the idea can be worth. The idea of a execution multiplier.
Derek Sivers explains with the following concept:
AWFUL IDEA = -1
WEAK IDEA = 1
SO-SO IDEA = 5
GOOD IDEA = 10
GREAT IDEA = 15
BRILLIANT IDEA = 20
NO EXECUTION = $1
WEAK EXECUTION = $1000
SO-SO- EXECUTION = $10,000
GOOD EXECUTION = $100,000
GREAT EXECUTION = $1,000,000
BRILLIANT EXECUTION = $10,000,000
“The most brilliant idea, with no execution, is worth $20.
The most brilliant idea takes great execution to be worth $20,000,000.
That’s why I don’t want to hear people’s ideas.
I’m not interested until I see their execution.” via oreilly.com
This is the most brilliant concept I have seen in a while and hit me like a slap in the face. I have millions of ideas day in and day out, but executing them, well I have been slacking in the department in the past, but trying to change.
Ideas are just thoughts, they need to be ironed out and eventually executed. Recently I had an idea about some SEO tool and wanted to executing them. Myself and another partner have been working on building these SEO Tools, that I am sure my readers would want to use. These SEO Tools have mainly been developed based on a idea of automating SEO optimization. I had this idea, but can’t be worth that much, but if executed, it can be vary valuable. So I want to improve on Derek Sivers post by discussion automation as in an Idea is worth little to nothing, executing an idea has a multiply and automation well, that can raise the number to a high power. The automation of a product can also be the repackaging of a product, just checkout 37 Signal’s post on Making Money Twice. You want to automate processes so you can leverage the idea/execution as another stream of passive income. As for my SEO Tools I am hoping to demo the product by end of month, but always looking for beta tests, so contact me if your interested and/or do some SEO work of your own.
A couple of weeks ago, my SEO idea was just that, and idea, but with some help, this idea can be executed and later automated to bring in a steady stream of passive income. While working on executing my own idea (or any idea) you need to surround yourself with like minded people who ask tough questions, give advice, and can help put you in contact with people who can help. Well, early this week I received an email about Ultra Light Startups and was blown away after I saw what Ultra Light Startups promote (Low permanent headcount, low overhead, low budget, and outsourcing) and how they can help (network,share ideas, work together). I have been looking for a group of entrepreneurs who help each other take ideas and get them executed and out the world, hopefully this is it! For myself I do not want to just see myself succeed in a business, I want to help everyone I can and make it a win/win. Much like cashflow, the goal is not to get yourself out of the “rat race”, you want to get everyone out of the “rat race”.
I will be sure to write up a whole blog post about the event. Ultra Light Startups is focused on ’100% participatory’ and even offer a discount for those who “demo” a idea, how awesome is that. I will be attending their next meeting Thursday October 2nd 2008. So if you are in the NYC area and want to meet some entrepreneurs, register now.
I really am looking forward to this event and hope to meet other entrepreneurs who have taken ideas and executed them by building a low overhead business via outsourcing and working with one another. I am a big fan of multiple streams of passive income. By offering a group that encourages you to take an idea and act on it that requires small amounts of money, well.. I am just really excited. As I said, I will be posting the full story and review in my next post. I hope to see you there or at another meetup/networking event in NYC.Tags: Entrepreneur, idea, startup