Creative thinking to meet a specific need, which could be a product or service or both, generates an abundance of new ideas. Yet, many new ideas have no value if they are not commercialized.
Entrepreneurs are people who create new businesses by implementing and commercializing these new ideas.
The formula for entrepreneurship success is:
Entrepreneurship Success = New Idea * Commercialization
As this simple formula shows, it is important to note that success is a multiplication of a new idea (invention) with the commercialization.
We know in mathematics that, if one of the multipliers is zero, the result of a multiplication will be zero. Thus, both multipliers have to be greater than zero to have any success. And, of course, the greater they are, the greater the resulting success will be.
I have met with numerous people around the world who claimed that they had almost the same exact ideas for some of the successful new businesses. Yet, they were not successful entrepreneurs themselves since they did not implement the idea. They simply neglected the second part of the success equation.
It is a fact that ideas are important, but they have ZERO value, and no real use if not correctly commercialized. In Turkish there is a saying which summarizes this - "fikrin bini bi para" which roughly translates as "the value of a thousand ideas is a penny."
Each budding entrepreneur must remember that success in entrepreneurship always depends on the level and quality of the implementation in providing new products or services that ease or change people’s lives.
In net, great ideas are everywhere, but, what makes them successful is the effort that goes into implementing them. If a new idea cannot be implemented/commercialized, then the entrepreneur must come up with a new strategy to move forward.