The Myth Of “The Golden Idea”

By | 2010/11/27

For many aspiring entrepreneurs, generic there is big road block that stops them from actually realizing their dreams. This road block is called the “Golden Idea”. Many people wait for that golden idea that will take them to the level of next Microsoft or Google. Unfortunately, cure most people fail to realize that the Golden Idea is actually a mirage. You feel that you will get to it, sale but hardly ever do you “get” a golden idea.

The Myth - Golden Idea

The Myth - Golden Idea

If you ask for a definition on the Golden Idea, it would be something like this: It is an idea that has never been implemented before and has almost the clear potential to be successful.

Now the contradicting business fact that we have seen over the ages is that almost no business can guarantee success. In fact, most statistics on startups would scare you. Some success rates such as, first-time entrepreneurs only have an 18% chance of succeeding are actually quite intimidating.

I have met many people who tell me that they are interested in entrepreneurship. My next obvious question is – what business would you like to do, and their replies are heart-breaking. Replies like, “I still do not have good business idea,” or “I am waiting for a good idea” are answers that make some things pretty obvious. Things such as:

  • You lack courage to take the leap into entrepreneurship.
  • You are a windbag. The simple fact that you talk more about entrepreneurship rather than actually doing it.

The real fact behind the golden idea is that, it is an endless wait. Most people are misled by the concept of “golden idea for business”. They feel that the most successful businesses are based on a “Golden Idea” while in fact, the reverse is actually true. The most successful businesses are based on refined ideas on business that already exist in the market.

When Facebook entered the scene, there were a lot of other social networking websites as well. Mark Zuckerberg would not really call his website a Golden Idea because 1) There was no sure chance it would succeed, 2) There were already a few other social networking sites on the internet.

So the above paragraph is a practical illustration on why not wait for a golden idea. It is much better if you take on an entrepreneurial venture where you are strong and have a good knowledge about. The golden idea is a myth and it needs to be addressed with awareness.

Too many people lead lives without knowing the genius entrepreneurs within them because they wait for the golden idea. The best idea is where you analyze the business areas of your interest and see if there are businesses that could use some more refinement, can you  provide the same service in a better manner? More cost-effectively? These could be the questions that can make your startup successful. Creativity is an important asset in entrepreneurship.

Hope this post helps you overcome the obsatcle of waiting for that perfect business idea. Because frankly, no idea is perfect in the busines world. Do let me know your views on this below.

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