Epiphany. Eureka. Idea. How much is an idea worth? It is virtually worth nothing. Really.
The great products we see today are brought forth by some kind of thinking process. We call them concepts. Or imagination. Dream. Before we see products, a thought process must take place.
But how important is an idea? If we are to put a tag price to a very important idea, how valuable an idea is in dollar terms?
In his post “Ideas Are Just a Multiplier of Execution“, Derek Sivers gives us an idea how to determine the value of an idea.
Derek says, “Ideas are worth nothing unless executed.” That is true. Here’s how he explained his method of idea valuation:
AWFUL IDEA = -1
WEAK IDEA = 1
SO-SO IDEA = 5
GOOD IDEA = 10
GREAT IDEA = 15
BRILLIANT IDEA = 20
NO EXECUTION = $1
WEAK EXECUTION = $1000
SO-SO- EXECUTION = $10,000
GOOD EXECUTION = $100,000
GREAT EXECUTION = $1,000,000
BRILLIANT EXECUTION = $10,000,000
If we take a look at Derek’s formula, ideas are “just a multiplier.” A great idea is virtually worth nothing.
Why it is important to take note of Derek’s formula?
Companies that are after innovation are looking for people who have great ideas. People with great ideas are often found in companies’ pool of “valuable assets”.
But these companies are missing the other half of the formula. Are these ideas executable? Can they execute these ideas?
Yes, you get the idea. Unless ideas are getting executed, they are as such. Ideas. Figment of imagination. And those people with great ideas? Overrated.
Photo Courtesy of sinead-marie via flickr.
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