A friend of the family just graduated (is graduating?) from college and is asking a loaded question: “should I jump into a solid job or stay on the outside and chase my big idea?”
I never answer that question – I’m not smart enough to try / smart enough not to try. But this one was amusing since J doesn’t know what his big idea is yet. He just knows he wants it to be big, and he wants it to shatter stuff (the Earth, presumably.)
Paul Stamatiou just posted on a similar topic as well. And seeing that he has 33 replies, I’m going to assume it’s an interesting topic and add to the conversation. (We’ll see how many comments I get.)
So, here’s my question: why does an idea need to be big (J) or unique (Paul) to be worth chasing?
The ideas that generate the fastest revenue are the type that provide solutions to existing problems. These are the scenarios that typically find other players already chasing.
But who cares? Competition shouldn’t scare you off. It should do the opposite.
Consider the idea of paid reviews. Gaining online exposure is a clear need for a huge market, and several players are currently addressing that need through [paid review] networks.
You could look at the space and shy away based on the number of competitors already providing solutions. Or you could consider the fact that these solutions are despised by many professional bloggers and assume there’s room for improvement.
It’s an idea that’s neither big nor unique, but that doesn’t mean it’s not worth chasing. There’s all kinds of room for college grads / friends of the family / anyone else.
Good luck.
5 Responses to “In pursuit of big ideas”
Not sure if I am commenting because I have quality input, or just to comment and make you feel good :) Here is what I think makes an idea “BIG” though for most people…myself included many times.
“BIG” is often just a reference to “MY” idea – the one I am pursuing now. This idea could be completely unique, a slight knockoff, an enhancement, or a flat out copy of another idea. What makes it “BIG” often is not that it is revolutionary, but that the market is big, can support multiple players (maybe even hundreds), and you think you can do one step of the process better so your idea becomes big…whether it is marketing, production, sales, etc. And, in doing so, you will not change the world, but will change your life (at least in your mind) by making money.
This may not encompass Paul or J, but I believe it encompasses 95% of “BIG”. Why else does a community of 150,000 have 30 lawn mowing companies? Because for 30 people, this is their “BIG” idea…they did not realize they just created a big job. Yet, their intentions (except for the 2 that just love grass) are to have crews, cut lots of lawns, take the winter off (at least here) and make much more than they could have at “a job”.
What I find in life is that BIG ideas are really just a pursuit of what YOU want to do or think you can do better than others at a given time. No new wheel, but a wheel with new tread. Sorry for shattering the notion of BIG ideas for that 1 in 1000 that have the chance to even be considered for BIGness.
Now, on to my next BIG (or at least copycat) idea…I will call it an “enhanced idea”.
I’d much rather come early to an idea than late. And I want that idea to start a revolution.
You don’t need a revolutionary idea if you’re smart. It’s not so much about how “good” or “big” your idea is; rather it is more about how well you can implement it (and how quickly). (Although if you do have a revolutionary idea, that makes it extra special — but you don’t need it to be revolutionary.) This is a really old post, and not entirely the same as what you’re asking, but Joel covers the general concept nicely:
http://www.joelonsoftware.com/articles/fog0000000074.html
No matter what your idea, you are going to have competition (eventually, if you don’t from the start), and more than likely there will be room for more than one or two big players. Consider Electric Pulp. Everyone and their mom can build a website these days, and supposedly with Ruby on Rails they can be really cool, interactive, websites. So why is EP still in business? Because they’re (you’re) very good at what they (you) do.
That being said, since J doesn’t even have an idea in mind (Earth shatteringly original, or just something he thinks he can do better) I would encourage J to take a job and work on any ideas on the side until he can make one of them pan out. Unless, as a recent college grad, he has deep pockets.
I’ll take a small idea with potential for huge demand vs a huge idea with limited demand.
@Greg – I understand your perspective – constantly pushing on ideas regardless of how novel / big each seems. It’s funny how some lock on and some don’t, never in relation to how “good” the initial idea seems.
@Chris – that means you’ll be getting chased vs giving chase (see Paul’s comment.) I’m not sure which I prefer.
@Paul (bnPS) – I agree with everything you wrote. I’m going to act like I wrote it myself.
Okay, the market seems to be big enough for big ideas, small ideas, unique ideas, innovative ideas, improvements, enhancements – and we should not limit ourselves by striving for one particular one. But what are we looking for then? Marketable ideas? Popular ideas? Buzzable ideas? Airborne ideas? I don’t know. But unless you do something for fun there is always one factor that makes an idea of any kind worth something or worth nothing: the market and how the market responds to it.
And I think what most entrepreneurs-to-be are looking for are ideas that can be successfully launched on the market – no matter how innovative/big/unique the resulting product is.
But what are those ideas?
Where are those ideas?
Who and what determines the success of a launch?
What will “fly”?
What will be popular?
What do people want?