Today I want to talk to you about ideas versus execution.
Hard Work and Hustle
Hard work and hustle is critical to success in business and in life. But over the last few years, most people really emphasize how important execution is. Everyone says everyone’s got an idea, it's all about who can execute, talk is cheap.
And I'll be the first to tell you that is 100% true. If you’re not going to actually do the work, you're probably never going to find true success. If you're not willing to keep continuing to put in the work, you won't find happiness, fulfillment, long term money.
But we are getting to a point where it's really important to start seeing value not only in the ideas but in the market selection.
Got A Million Ideas?
Now here’s a quick story. A couple years ago, I met this guy whose company had been purchased by Google. He was given a new assignment. They had a huge budget and his task was to come up with something they can spend this money on. And the guy said, “Oh man, I got a million ideas.” And they came back and said, “Yeah that's nice, we need a real idea. We need an idea that we can we can put all this horsepower behind and we have a billion dollars for your budget. We just don't have ideas that are good enough yet.”
All of a sudden it went from having a million ideas and saying you can execute on these and any of them could become a business, to realizing that it's easy to come up with potential ideas that may work on a very small scale, but it's hard to come up with ideas that will work on a bigger scale or in more competitive markets.
Companies like Google, Amazon, Facebook and any of these bigger companies have the same problem. Their biggest problem is not finding people or executing on them or having money. It’s that they don't have good enough ideas.
How to be a Winner in the App Business
A lot of people in the app business are still in that tunnel vision mentality of it's just about the execution. Like that is enough to be a winner in the app business.
And what I have been trying to tell you is that the idea, or market research, understanding the opportunity that you are going after, the people that you are serving with your business, is actually where the real money is.
The execution, the information is all out there. You can sit down and learn how to make an app business. But if you don't have the right market selected, if you’re not solving a problem, not actually serving people in a way that they care about, if you don't have the right idea going into all this, all the work can be very difficult to turn into a business.
It’s a more competitive world now where prices, templates, and labor are cheaper. It's easier than ever to get this information and get an app in the store. But now a lot of your work has to be in the research. It has to be in picking the right idea, taking the right audience.
Missing the Human Element
Many of you are putting out amazing apps, with terrific products that may very well have worked in less competitive markets. But you're missing the critical element which is the human element. The success stories in our community are the ones who spend a lot of time thinking about the people they're building apps for and the problems that they're solving.
The problem is that you have not clearly identified your market and the problem that you're solving for your market. You haven't done the research so you don't understand who these people are yet.
And that's an easy problem to solve. Just go hang out with these people, go join their stuff online and build relationships, and you will start to see results happen.
It has to be about the people. It has to be about the idea, the market, the problem you're solving. Go focus on the people when you want to build a business.