The Plan

Entrepreneurship is the engine that drives this economy.  Without entrepreneurs growing their concepts in garages and home offices, companies such as Google, Apple and Motorola would not exist.  If you have a great idea, the first thing you need to do is sit down and write a business plan.  A business plan organizes an entrepreneur’s ideas into a well thought out road map to grow your business concept and is the single biggest reason why business ideas do not make it to market.  Entrepreneurs are classic big picture thinkers but need to fill in the details of their business plan and how they plan to execute upon this to ultimately be successful.

The Idea

For entrepreneurs, the idea is so important.  The idea is the starting point in which your business concept takes flight.  Every entrepreneur needs to do is to ask yourself a simple question.  Does my idea fulfill an otherwise unmet customer need in the marketplace or significantly improve upon an existing business model?  If the answer is realistically yes, it is time to begin writing your business plan.

A Great Idea

Russ notes that the definition of a truly great idea is not how you slightly change an  existing business model inside the current business eco-system, rather how you plan a new idea on where the business eco-system is heading.  For example, instead of trying to develop a new app that might change the world, think about where the internet is going and devise your business concept that way.  The founders of Pinterest, E-Bay and Amazon are all great examples of forward thinkers who validate this model.