Every business starts with a small idea. It is always conceived as a simple solution to the existing market problems. But on the contrary, it is always assumed that the success behind a startup is a big, bright idea. But there are chances of a startup a small simple idea startup achieving success more than any complicated business idea. The only difference between a successful business and a failed one is the process of execution.
It is also important to acknowledge the significance of a great idea. On the other hand, without proper execution, an excellent idea will wither away. The founding stone of a successful business startup is to have an idea that can be polished and grown. The next stage is the execution of the idea. Only with implementation of an idea one can distinguish if it is good or bad. One can gauge two types of success factors. One is having the right ideas and the other is execution of the right ideas.
Just having a great idea is never enough. The most important factor is execution. One of the major examples, is that of the Wright Brothers. There have been innumerable people who had the idea of building a flying machine. But it was the Wright Brothers who along with having the idea of building a flying machine also executed the same successfully. This is the reason; the Wright Brothers are credited with the invention of flying machine.
Ideas & Market
When ideas are valued from a market point of view, the right market for every idea is always to be found. Finding the right market fit for an idea comes under the purview of proper execution. Timing is the only other most important thing than a startup idea or its execution or finding the market. The old saying: “being early is the same as being wrong” fits apt in this situation. Executing the right business idea perfectly in a potential market quite ahead of its demand time leads to failure too. In such cases, the customer base isn’t ready to accept or integrate changes in the existing way of life. If the right startup idea is properly executed in a new or growing market, the startup business is sure to see success. Hence, timing also plays in the success story of a business startup and its innovative idea.
Most people incorrectly assume that a company or an entrepreneur achieves success only because of a big, bright business idea. In reality, the majority of successful startups have quite a few things in common. Not all successful businesses have a brighter idea than their competitors. In very few instances, is the idea of newly innovated. It is a combination of pre-conceived failed ideas tweaked a bit and pushed into the market at the right time. It is not always right to owe all credit to execution. The existing market conditions are one of the pre-emptive that needs to be taken into consideration.
Unexecuted ideas are not worth anything.
Some of the most successful movies of the last couple of years justify the conclusions reached above. The 5 top movies from the last few years are:
- Marvel‘s The Avengers (Marvel comics started in 1961)
- The Dark Knight Rises (Batman first appeared in 1939)
- The Hunger Games (based on a trilogy released in 2008)
- Skyfall (James Bond originally created in 1953)
- The Hobbit: An Unexpected Journey (based on JRR Tolkien’s fantasy, was first published 1937)
These are some of the examples from the film industry. It is an industry that people can relate to easily. The ideas are all pre-conceived and with a little tweak, proper execution at the right timing has become nationwide blockbusters. The same happens to business ideas too. All business startups kick in with simple ideas. But those are either renditions of existing ideas or versions of different failed ideas with a chance of making it right at the present market scenario.
Startups & Thailand
Thailand is the gateway to Asia’s business hub. It is one of the most lucrative spots in the world to start a business. Opening a business in Thailand is the first idea that hits one’s mind when looking for initiating startups. Business opportunity in Thailand is extensive and more lucrative when compared to other parts of the world. Startup consulting services and consulting firms in Thailand help individuals skim through the relevant business ideas, develop it more, register the viability of the idea in the existing market and help set up the business to make it more profitable and gain a stronghold.
Processed Food Market
If the case of the processed food market of Thailand, is considered, it gives one relevant information and helps establish the fact that every business idea is good, only if it is executed properly at the right time.
Till about a few years back, all the startups that had thought about setting up factories in the processed food market was not able to achieve any foothold in the market. This was due to many factors. For one, the market was still not developed enough to integrate processed food into the lifestyle of people. There was only a niche demand for the same & one in which the market already had a chosen few. Unless more demand was being created, all startups with new ideas on processed food were not able to establish their market hold.
With the changing times, the demand in the market for processed food items percolated from the niche to almost being a necessity. It created demand and space for new startups to invest and revive huge returns. This in turn also created a space for companies to invent or recreate a new demand on the existing line of products. These new business ideas were all taken from existing ideas but were new in the market. Proper execution of these nascent ideas, helped create market demand and thus at the right time, revive great returns.
In all these years of demand and supply in the market, new business ideas are created, rejected, or accepted with a boom, make companies successful and thriving and others with poor execution lose their stand and make its way for the next business idea. Every business idea has the probability to shine and make its own mark. With the help of startup consultants, business, and marketing consultants, one can always have the right mix of a team to help flesh out a budding idea to a powerful startup idea.
Startup consultants, do not negate or accept a business idea on its face value. Each and every idea is given equal importance, is fleshed out with extreme dexterity, and is given a value proposition that makes the idea lucrative. One needs a good insight at the prevailing market conditions to broaden the simple business idea or solution one has thought of. This weighing out of options should be done to minimize the chance of losing out on investment and make a complete failure of one’s business idea.
A business always gets a strong foothold with the right mix of innovation (idea), planning, and marketing (execution) at the right market condition (timing).
Interesting Reads :
- How can a Startup Consultant Help you to Run your Business
- What kind of person makes the best entrepreneurs
- Why Thailand is a good business destination
- Is Marketing really needed for a Startup company?
- Is it Worth Investing in Thailand this year?
Latest posts by Andy Aditya (see all)
- 2022 – Strategies for the hospitality industry to bounce back - May 14, 2022
- Overview of Thailand’s Startup Ecosystem - May 7, 2022
- Critical Success Factors for Startups in Thailand - April 29, 2022