Evaluating Ideas And Ability To Institutionalize

It is the age of ideas and startups. An interesting idea is no more a figment of imagination and the business ecosystem gives us an opportunity to execute the idea by building institutions of wealth creation and service delivery around it.

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A young professional who moves out of the portals of formal education seeking a career does not have to depend on building a life as an employee, if she has the ability, know-how, and a bright idea. There is guidance, support and finance available for the bright ideas.

But the tragedy of surfeit of opportunity is the 'curse of the plenty'. We see many ideas but the lack of focus, intent to delve deeper into the nitty gritty along with hesitance to work out the details of execution continue to downplay the ideas. Efforts to build ideas ground up also get lost in the clouds of valuation' and the discussion of exit before the 'entry' is complete. The confusions are often multifarious. What constitutes a good idea? What are the essential components of scaling the idea into an organisation? What are the dos and don'ts? These are just perhaps the tip of the iceberg - the startup entrepreneurs and investors grapple would be a gazillion more.

There is ample advice available as well. From profound theory based on the successes of large organisations across industries to veteran investors who have amassed massive wealth for their portfolio of investments and the entrepreneurs, they placed the bet on. But often one can see some common threads which run through these pearls of wisdom and here are some top-of-the-mind points to ponder not just for the entrepreneur but also the investor.

Product Market Fit (PMF)