Discussion in 'Entrepreneurship | Startups' started by Kaustubh Katdare, Feb 3, 2009.
Silence is golden, golden...
Though, I sense a return fire from the unfallable Biggie Happens when two types of opinions are polar to each other, mostly out of confusion.
At the risk of creating even more confusion, I'll try to "realign" our discussion before it goes off the rails.
We need to redefine the parameters of the arguments and derive possible conclusions.
I think the original argument was about having an "idea" (it is a subset of innovation), instead of being innovative in general. So, whether you need a new idea, or focus on an existing idea, the execution plays an important role too. Check.
Innovation includes doing anything that is unique or better than your competitors or predecessors. Thus, innovation includes execution as well, but it is not a superset of it. Check.
We can now distinguish from an idea that is innovative, or an idea that is existing. We can also distinguish an execution that is innovative, or an execution that is duplicate of another. Check.
We can state that existing ideas or execution might be patented, so it cannot be duplicated. Check (maybe).
So, basically, we can try assuming that there are four ways to be a successful entrepreneur. Innovative Idea + Innovative Execution, Innovative Idea + Old Execution, Old Idea + Innovative Execution and Old Idea + Old Execution. Check.
Thus, the type of successful entrepreneur you want to be depends on the market you are operating in. Check.
Now, there are a gazillion different types of markets and potential ones. We know that a market is defined as any place that has a buyer (demand) and seller (supplier). Each type of market (and subsequently their products) have its own unique characteristics. Check.
So.. I can personally conclude that, depending on what market you are targeting (or creating), how much of the ratio between an "idea" and the "execution" varies. We can also now add in the "innovative" factor for each. Since we are mentioning so many different scenarios.. from tech start ups to newspaper guys, there is no point in debating.
Lets just stick to one shall we? Pick a market.
Agreed. I guess I messed with the 'innovation/invention' thing. Let's stick to 'innovation' here.
The concept of calling newspaper boy entrepreneur is not mine. I got that concept while attending a presentation by 'The Indus Entrepreneur' (TiE) Organization.
Ash & Durga have valid points and I don't deny. The examples I took were mostly tech-entrepreneurs [not Sir. Richard Branson; who got started with a magazine called 'Student'].
I have many examples of successful entrepreneurs who didn't do a single innovative [as in something 'new'] thing, yet built successful businesses.
That is why I say, entrepreneurship is not about innovative ideas.
Note: Me and Biggie mostly don't agree with each other's views
Biggie, this time you are right. Entrepreneurship is not always about an innovative idea. Let us take CE for an example (although I agree that we are not a 'business' yet). The concept of forums existed. We (you) probably just took a cue from there and established this enterprise solely for engineers. That was innovation. Over the three years, we have come a long way. We have 32k members, we have teams, our activities are structured and most importantly, we now have others who understand and believe in our dream.
There was no innovative idea here. But the application of an old idea, the execution and the management was spot on!
So.. in a sense, if there was no innovative action by Biggie, CE would not exist?
I do concede with Biggie's point, too, that entrepreneurship is not ALL about innovative ideas. As a reminder though, it is strongly dependent on circumstances and target market. Since we are engineers here, we'd tend to be technologically biased. We all know that technology progresses at an exponential rate, thus new ideas play a key role.
I disagree Mayur... the concept of forum did exists but hasn't CE been innovative in projecting the forum in a different way? We see interviews with top engineers, the project lab, the CE avenger, we had the blog intially. We have tried all the ideas to be innovative. Because we understood that only providing a forum won't do. Its important to give more in order to make world better for living. And if we don't innovate then how would the 'better' word fit in?
I mean if I am getting 'C' for long time,i am accustomed to it, note that i am satisfied. But unless i get 'B' no one can say now its better. What is the difference if you are on the same platform as your competitors? Only a different market segment doesn't work magic! Because each market segment has different needs.Only catering to the needs is not sufficient in todays world.An Entrepreneur has to innovate because he has to face an informed market.
@integratdbrains: I'm not sure what are you disagreeing at. I think this is what I meant. I just said the idea was not innovative, thats it. By the way, welcome back to the forums. Hope to see your continued presence this time around.
Now don't pull CE in!
Concept of forums existed. Concept of engineers forum existed. We didn't do anything new. We are executing stuff (and so far quite successful) differently (from other engineering forums) and so we have survived.
Come on. I'm always right! [ Muwahaha ]
This is a new debate topic
Agree. Entrepreneurship is 30% about new ideas and the rest is finding profit opportunities.
For me - Entrepreneurship is succesful execution of the innovative ideas. There are million people on the earth who have trillions ideas, but there are onle a few who executes them succesffully and those are the true entrepreneurs.
Look at Biggi ... He is among the one
I guess success of entrepreneur to large extent is based on luck. Of course knowledge, expertise and intuition are important factors, but I have seen many times that people did not succeed in some business, while other did, but those others were not cleverer or more experienced.
I believe that the idea may or may not be innovative but the process of implementing the idea should be innovative then our business grows.
I agree with you
Well, one thing I can tell you.. depending on what you do, its quite hard to be an entrepreneur during studies
I guess you'll need dedication to successful execution of ideas.
What Biggie said is on the dot. Entrepreneurship is about finding a gap and fulfilling it. It may or may not be linked to Innovation.
To put it succinctly, it is about making a difference.
Dude - Know the story of Google? Two PHD folks - a project - evolves into a startup - then into a billion dollar company that rules ...
No excuses? Not everyone in this world are like them, Bill gates, or [insert popular entrepreneur whoever had a unique history regarding college]
I don't know how you managed in your final year of studies, but I'm totally pressed for time. I do have a small business with friends, but all of us are so busy with our studies that things are progressing too slow. It would be much easier if we had pursued something that aligns with your interests and field of study.. which is one of the reasons Sergey Brin pulled it off quite well.
Well, maybe you should drop out . College drop outs notoriously amass wealth in the long run.
I'm just joking . You can very well start working on your venture once you graduate.
They were human being even you are human being...
They were drop outs, you manage to continue.. what's extra was there in them which is not in you. Probably a bit of extra confidence and their strong desire to do the things. Ash Boy !!! have beleif in yourself.. if you have desire you can do better then those legends.
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