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102 Key Principles for Success

Principle 84 - Are Ideas Worthless?

I know that I have hundreds if not thousands of ideas. Some people say they're worthless. Being able to execute the idea is where the value comes from.

Matter of fact you can't patent an idea.You can patent a design, device or method but you must describe it in detail for the patent office.

Even then a very small percentages of patented ideas ever make money.

But ideas are worth something. Everything you have including the phone and keyboard I'm typing on, the train I'm in, the knapsack I'm carrying, the clothes I'm wearing all started with an idea.

There is worth in an idea, but it's the execution where the real value is.

If you're good at ideas then pair with someone who's good at execution. If you're good with execution then work with people who are good at ideas.

Almost any idea you have is being thought of by at least one of the other 7 billion people on the earth. Even the first to market isn't necessarily the one who gets the biggest prize. It's the one who best executes.  

So what is execution of an idea? Some skills that might be needed to get an idea executed:
  • Patent
  • Prototype
  • Getting investors
  • Risking money
  • Risking time
  • Finding skilled people
  • Acquiring tools to help
  • Planning
  • Managing
  • Testing
  • Training
  • Legal issues
  • Business Model
  • Marketing/advertising
  • Persuading

So ideas aren't worthless. They're just a small part of the process to go from idea to profit.