How to Be Lucky: Ideation X Implementation
Napoleon said it first, “I do not want a good General, I want a lucky one”. Since then numerous people have prayed for, “I’d rather be lucky than good”.
For an entrepreneur, attracting luck requires being good at the process of identifying and implementing an opportunity?
It is ironic that we often search for clues, on what to do, when the straight forward path is provided to us in the definition of the words.
Idea
- any conception existing in the mind as a result of mental understanding, awareness, or activity:
2. an impression; opinion; view; belief:
3. A form, the look or appearance of things as opposed to its reality:
4. A plan; scheme; intention:
5. Synonyms: thought; conception; image; notion.
Implement
- Put into effect; to fulfill; accomplish:
2. Synonyms: execute; apply; put into action; put into practice; carry out/through; perform; enact.
Innovation
- Act of affecting change in the established order:
- Introduction of something new:
3. a new idea; application of better solutions that meet new requirements, inarticulated needs, or existing market needs; Something original and more effective and, as a consequence, new, that “breaks into” the market or society.
Our working definition falls out of these definitions:
Innovation: An Idea that is Implemented
Or, as the engineer in me likes to formulate:
Innovation = Ideation X Implementation
If either Ideation or Implementation is zero (sub par) then there is no Innovation. A 100% on Ideation with 0% Implementation, or vice versa, still gets you a 0% on Innovation. The design ought not to be to get Idea and Implementation, both, at 50%. Half-hearted combination of Ideation and Implementation is better than nothing but not lucky enough.
We have to 100% in each to get lucky!
(In order to pay attention to both Ideation and Implementation, refer to a quick 3 Q screen Are-you-an-entrepreneur-3-q-self-administered-foolproof-test.)
Generating Ideas and looking for Opportunities, within them, has to be separated. Being efficient here is not important. What is required is to be effective. See Generate-good-ideas-the-worst-thing-you-can-do.
In order to be effective we expand the two phases of Ideation and Implementation into the various, detailed, 9 steps. (The rationale of these steps was described in Opportunity-identification-process.)
Ideation
- Ideation: Generate Lots of “Raw” Ideas.
(Various Posts on the process of engaging all the mental faculties for Ideation was briefly covered in You-have-a-brain-for-heaven’s-sake-use-all-of-it.
2. Key Ideas: Select from the numerous ideas by asking the Question: Is it an Opportunity for me today?
(The rationale for this powerful question was given in Ideas-are-dime-a-dozen-opportunities-are-priceless)
Visualization
3. Various Screens: To find out how Good is This Idea?, Does It Fit?, Internal Issues, External Issues.
The thorough screening of the Key Ideas is to find the weaknesses in them for the purpose of reducing or eliminating them. In studying new ventures we reach an interesting insight:
Success: Comes from doing a bit better in a number of things.
Failure: comes from doing any one of a number of things poorly
Process of Success Creation: is, therefore, the finding and one-by-one reduction of areas of risk.
(A preliminary approach to the process of screening by finding the holes was outlined in 9-questions-to-answer-before-launching-your-boat)
Opportunity
4. Opportunity Enhancement: Polishing the Idea till you are comfortable with it.
5. Business Plan: Preparing the Idea for the Gating Process
Implementation
6. Crafting: Developing the MVP
7. Resource Acquisition: Team, Money, Advisors
8. Improvement: Scale, Pivot, etc.
Innovation
9. The Result: A Potential New Opportunity. You are ready to attract luck!
Each of these steps will be described in detail in future posts. Meanwhile your suggestions, Questions and Comments are invited.
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Dr. Rajiv Tandon is an Entrepreneur, Educator and Mentor. He facilitates peer groups for CEOs of fast-growing companies in Minnesota. To learn more, sign up to get the email newsletter.
