Published: July 09, 2007

When is a Great Idea No Idea?

Share With Friends

This is a concept that a good friend of mine recently brought to my attention. He didn't actually state the concept - instead, he proceeded to tell me about a great idea he had for solving one of the world's great telephony problems. He said that whoever could solve this problem will make billions of dollars. I agreed that he was probably right. So I asked him if he could implement the solution to the problem. He said he didn't know, but whoever could do so will make a lot of money.

In other words, he had no idea of how to implement his great idea.

This is a common situation for entrepreneurs who are ceaselessly on the lookout for the solution to the next big problem. While it certainly beats building a solution for a problem that doesn't exist, it doesn't put dollars in anyone's pocket.

If you can't solve the problem, then you aren't going to be able to monetize the solution for your benefit.

So, as you are working hard every day to build your company, or as you're building your career, align yourself with people who can solve problems or secure the services or the abilities of people who can do so. It's great to identify the problem - and it's always great to ask how you can monetize the solution to the problem - but if you can't actually solve it, then you can't monetize it and put the dollars in your pocket.

About Joel G. Block

Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker and advisor. To bring Joel into your company, please visit www.joelblock.com or www.growth-logic.com.