When ideas won’t make you money

There is a common misconception that all you need to do is have a brilliant idea and “woo hoo” you’ll make millions. In part, it stems from the statement “ideas make money” (or something with a similar spin) but that statement is incomplete. An idea by itself won’t make you money.

An idea is merely a thought, an intangible concept, and until something is done with it, it will only ever remain an intangible thought or a concept. Having an idea is part of a process and unless the other components of that process are adhered to, it will only ever remain an idea.

Here’s the thing. Ideas needs to be acted upon, they need to be implemented and put out into the world. Simply having an idea is a complete waste of time unless you do something with it because the world is full of ideas that were never acted upon.

But here’s the other thing. Just implementing an idea doesn’t mean it’s going to make you money either, because unless someone wants to pay you for it then it’s pretty much worthless. In business, a good idea must solve a problem or exploit an opportunity.

Which leads to the other part of the process which is to find a gap. Be it a gap in the market, a process gap, product or service gap, skill gap, performance gap or other, it must address a gap because gaps are where problems and opportunities lie.

And that needs to be done first. Most organisations and people get the order wrong. They have an idea, implement it, and then try find a gap for it to fit into to. Not the other way round.

1) Find a gap

2) Have an idea

3) Take action

So yes, of course ideas are valuable and will make you money BUT only if they address a gap and you do something with them.

Nigel Collin, Business Coach and Author of “Game of Inches”

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