What makes a good idea?

I constantly get stopped by countless people in the street and on business trips who want to tell me about their new business idea. They say it is ‘the next big thing’, a ‘game changer’, a ‘revolution’.

Many of the ideas, I am afraid to say, are not what they think they are. From my experience, ideas can become far too complex too quickly. Hence, I feel that an idea needs to be based on a few simple principles.

So what makes a good idea?

Something new –

You only need to look at what the iPhone has done to our generation to be truly inspired to create a product that can revolutionise the globe. In your mind, you may envisage a new way of doing something, or a system or product that does not exist yet: that’s where all the great concepts have started in someone’s mind.

However, the saying goes that the graveyard is filled with all the best inventions that have never happened: most are too scared of the risk of giving it a go.

I say get over your fear! If you have an idea, then that is step 1: step 2 is bringing it to the world at all cost.

Research your idea, talk to people in the same field or industry and raise funding to give it a go; you never know until you try! After all, if Google teaches you anything, it’s that small ideas can be big.

Something better –

Many ideas or products we have to day started as improvements or fixes for existing items. I remember hearing that when Henry Ford produced the Ford Model T, many thought it was unbelievable. Some even argued that cars would never be produced better than this.

But just look at the cars we have today and how far they have come since then; we don’t have wooden wheels for instance!

Think of things we already have and ask yourself: how could they be improved to make them a truly globally competitive and useful product?

Something Cheaper –

People are always looking for value for money in this fast-paced new world. An idea that brings people a same or better service at a lower cost will almost always triumph. Amazon made this the foundation of their business model and look where they are today. That could be you – find some new way of manufacturing a product or service that brings it in at a cheaper price and you could be onto a winner!

Summary – 

Every person will come up with a few good ideas in their life. But only few act on them. In my life I have seen: the birth of the Internet, Facebook, Google, smartphones and so much more and yet I am only 26. 

Imagine all the truly great things to be created in the next 26 years. Will you be the one to create the next Uber or AirBnB? The one to revolutionise an industry? The one who’s name will be forever associated with creativity, entrepreneurship and innovation? 

The key is giving it a go and not being afraid to fail. Just think: what if it works? Indeed, I remember reading a quote somewhere that said “20 years from now you will be more disappointed by the things that you didn’t do than by the ones you did do”. I don’t think you can say it better than that.

After all, it is ideas that shape the course of history and it can be you who provides history’s great new direction.

Mark Wright