The Fallacy of the Great Idea

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 have been cornered by established businesses. Only by venturing into uncharted territory can they achieve their dreams. This is the fallacy of the great idea. 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.

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Can anyone honestly tell the difference between Coke and Pepsi? And at the end of the day, McDonald's and Burger King both sell burgers.

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.

The Fallacy of the Great Idea

There are a lot of “idea people” in business. A “great idea” is a novel product or service, something which has not been done before, but sounds like a sure-fire winner. It is something that takes your breath away, something bold and daring and sexy. Unfortunately, although a unique product can generate huge profits, it is also usually highly complex, risky, untested, and difficult and expensive to build. The fallacy of the great idea is that, in order to start a successful business, it is necessary to have a groundbreaking new concept.

 By falling for this fallacy, many entrepreneurs eschew more simple business plans that have a higher chance of success in favor of risky, complex projects that could make them fabulously wealthy—in the unlikely scenario that they succeed. Don’t get me wrong. If you feel that you have an idea that is going to be a true world-beater and you have the tenacity, skill and resources to pull it off, then by all means go for it—and good luck to you. However, having a brilliant idea is not nearly as important as finding a business model that works.

Dreaming up the next Google will make its founder a billionaire, but there will be thousands who do not make it. The simple truth is that it is quite possible to create a thriving business without a big idea.

GREATEST THOUGHTS by Trevor Ginn is an entrepreneur and blogger who lives in Bethnal Green, London, UK. His online nursery business, Hello Baby, is unashamedly unoriginal, though, at least in his opinion, well executed. He is also a consultant at Vendlab and you can follow his exploits at trevorginn.com and on twitter @trevorginn.