Why your idea isn’t worth anything
This post is in response to the news of Resy, the app where diners can buy reservations, being acquired by American Express.
Not too long ago, a friend came to me and pitched an idea. The general idea was for an app where someone goes to a busy restaurant for you, puts your name in and texts you the approximate wait time. You would pay them a fee for the service and you wouldn’t have the burden of standing around a crowded restaurant that doesn’t take reservations. He had the perfect name for it. Rezy.
We did about 5 seconds of googling to discover that it already exists, right down to the name. Maybe it wasn’t the exact idea but close enough to forget about it forever.
This is the exact reason why your ideas aren’t worth anything. Ideas are the easy part. People love to claim that they had the idea for Facebook/Uber/Instagram/insert billion-dollar app. It is extremely easy to sit around, smoke weed, and come up with the answer to, “Wouldn’t it be awesome if there was an app that could…” Very few people will actually go out and execute on those ideas. The people who do are the one’s who win. It took years of struggle before any of these companies reached the valuations that they are at today. I would contend that the founders/CEOs of these successful companies could turn any half-way decent business idea into a multi-million dollar company. It is all about the hustle, the ability to make people see the value in what you bring to the market.
Too many young entrepreneurs think that it is their idea that needs tweaking when in reality it is their work ethic. Work on building a successful company, not exiting for a billion dollars. Work on building a culture of positivity, gratitude, and reciprocity with your workforce instead of seeing them as a means to an end. Pick an idea and go execute.