Friday, November 19, 2010

The Fallacy of the Great Idea


The simple truth is that it is quite possible to create a thriving business without a big idea.

Yes, the world needs people with grand ideas who are willing to take big risks to further progress. In truth, most “great ideas” will never make their investors a penny. True, some companies have made billions from a unique product, but close inspection of many world-beating businesses reveals that their unique selling point is hard to pin down. Can anyone honestly tell the difference between Coke and Pepsi? And at the end of the day, McDonalds and Burger King both sell burgers.

In almost any industry you consider, the incumbents will be stuck in their ways. Small, nimble businesses can quickly integrate the latest ideas into their offerings. A lack of resources can act as a great spur to thinking laterally. Make it a mission to implement industry best practice into all areas of your business, and the next “great idea” may be a seemingly minor change you make to an existing industry.