20-video series #14: The fallacy of the big idea: think timing, execution, and funding a sound business model
Feb 18, 2023
Welcome to my new 20-video series, on the 20 Next Level Wealth steps to designing and then living your dream life.
The dramatic landscape changes over the past few years have created a unique opportunity for you to design and live your dream lifestyle.
In this 20-video series, which I filmed while travelling around Europe, I've aimed to articulate everything important that I've learned about personal finance, business, wealth, and designing an ideal lifestyle...into just 20 short blog posts!
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Big ideas are a dime a dozen
If you go down to the pub and have a drink with mates, you’ll often hear someone say how they have a great idea for a business.
It might be selling a new brand of clothes, or opening a new type of restaurant, or delivering a service to businesses in the city.
Or creative folks might have an idea for a product which nobody has ever thought-of before: hotels for pets, or drone-delivered donuts, or whatever.
Execution is key
The truth is, anyone can come up with a great idea for a business.
But nobody cares about people with great ideas, unless they can execute on them.
I can have a business idea right now.
Let’s think…an app for meditation while travelling on aeroplanes, an online laundry collection service, “the Uber for school transport”…or whatever.
Of course, an idea on its own is largely useless…without execution.
Anyone can have an idea; only a few will execute.
Focus on delivery
If you read the biographies of successful entrepreneurs and business people, you’ll often find that they had no unique idea at all.
Oftentimes they disrupt existing industries, and they simply adjust course as they go along.
Only a select few people experience great success from just an idea.
In fact, there can be a fallacy in the concept of the big idea, because people become totally pre-occupied with endlessly fine-tuning the idea, instead of successfully executing on bringing the product or idea to market.
Get started. Build a following. Write a blog, start a podcast, write a book.
You can then adjust course as you go.
I discussed this further in the short video below.
Tune in here.
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Whenever you’re ready…here are 4 ways I can help you manage your own money and go next level wealth:
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