How much is your idea worth? It depends...

The following is the original and the rewrite can be found by clicking here. 

First of all, I should point out my career has involved working in a cutting edge industry where the work was fun and challenging; offered me the advantages of travel, expense accounts, bonuses and stock options - Great times, invaluable experience, and a body of work to be proud of. I don't do that anymore... I'm now involved, more and more, with people who have an idea and are passionate about bringing to life. It's a wonderful opportunity I have been afforded...

I was at a networking event recently, which brought entrepreneurs and seed investors together for mentoring and guidance. It was there, I met someone who could be considered a "poster child" for the modern entrepreneur - His new economy "Uber-esk" idea, a very slick website, and an air of confidence that you could not help but like... did I mention he was still in his third year of university? That same week, I also met a person who was being creative with expanding the business, another who was wrestling with how to manage through a current cash flow problem, and then ended the week having dinner with two close friends*. 

In our conversations, we discussed our business ideas, our visions for the future, the challenges, and what we were doing; with excitement in the possibilities. We were creating value and worth with our ideas; the revenue we expected to generate or the valuation of these ideas with our favorite seed investors. It was here, that I realized the worth of an idea was much more than just monetary. And how valuable ideas really are - 

• Ideas feed your life goals - We all should have life goals, and as they say, "they should be BIG, so you can grow into them". Ideas are the birthplace for meeting those goals.
• Ideas drive accomplishment - "I have an idea, why don't we do this..." (or some other iteration), sets activities in motion, and this is how accomplishment happens.
• Ideas feed knowledge - more often than not, an idea will lead to something that you have not done before; simply said, "you will have to learn how to do it".
• Ideas feed your well-being - Ideas, by their very nature develop creativity, accomplishment and success. All good feelings.
• Ideas are self perpetuating - Ideas beget ideas, particularly if they are shared... "That's a great idea and that makes me think of this idea... we could probably try this... that gives me an idea..."
• Ideas are the birthplace for solving problems - If you want to solve a problem, the largest list of ideas you can come up with will hold the answer.

Ideas are curious little things though... it's not what they are, but what you do with them, that defines their worth. Three options come to mind -

• You bring your idea to life - this is simply where you dedicate your energy and emotion to your idea; then work very, very hard to make it a reality. It's fair to say the more complex the idea, the more of a roller coaster ride it will be - Don't forget to enjoy the ride.
• Give your idea away to someone who will make it a reality - if you have decided not to make your idea a reality, let someone else do it. What is served by holding onto it?
• Holding on to an idea and doing nothing - There is no advantage to holding onto an idea and doing nothing with it - It's even worse when you say you are going to make your idea a reality and never make the attempt. 

The worth and value of an idea is in its execution... the shame of an idea, is not attempting to execute on it at all.

gpe 

* Dinner with Big D and The Duke was a good time and I wish them great success with their ideas.

The problem statement... a solution to a runaway meeting.

A meeting can be defined as a gathering of two or more people that has been convened for the purpose of achieving a common goal such as sharing information, reaching agreement, etc.* - With that said, meetings are one of those business topics that are easy fodder for opinion, which more often than not, isn't flattering.

Dave Barry, the Pulitzer-Prize winning humorist said, "Meetings are an addictive, highly self-indulgent activity that corporations and other organizations habitually engage in only because they cannot actually masturbate". I myself can still remember a meeting where a team, after 45 minutes, had still not come up with a name for themselves, I truly don't know if they ever did, as I just left to go do something more productive... see how easy it is to take shots. It is not my intention to spend any time on the "six easy steps for a more effective meeting", as the Internet can serve you very well that way. I did however, want to spend a minute or two on how the "Problem Statement" can be used to effectively stop a runaway meeting. 

A while back, I found myself in a "we have to fix this meeting"... six or seven people around the table brainstorming and as you may appreciate, it was a free for all with conversation from every direction. About ten minutes into the meeting, a very wise financial leader asked a very simple question that brought the meeting to a very abrupt and silent halt.

"What is the problem statement we are trying to solve for?"

It was very apparent we really did not know what we were there to discuss, let alone solve for. After about five or so minutes of reflective comments and open thoughts, we rallied around a half-baked problem and finished the meeting. I actually don't know if we had another meeting on the subject, but then again, I may have blacked it out.

As a quick definition, a problem statement is a concise description of the issues that need to be addressed by a problem solving team and should be presented to them (or created by them) before they try to solve the problem*. Asking what the "problem statement is" comes in handy as a galvanizing question in meetings when the objective is to solve a problem - It is also useful to sort out meetings that don't seem to have an objective.

This brings me to another point... all meetings should have articulated objectives:

• A meeting to share information.
• A meeting to plan (includes meeting to take advantage of an opportunity).
• A meeting to solve a problem.
• A meeting to reach agreement and manage next steps.

In my opinion every meeting should begin with the meeting's objective and the problem statement that the meeting is trying to solve for. But again, everyone has opinions on meetings.

gpe

* definitions are from Wikipedia

"The most effective way to do it, is to do it."

Amelia Earhart said this... 

"The most effective way to do it, is to do it"

If you are not familiar with Amelia Earhart, she was an American aviation pioneer and the first female pilot to fly solo across the Atlantic Ocean. During an attempt to fly around the world in 1937, she disappeared over the Pacific Ocean; she was declared dead in absentia in 1939 at the age of 41.

I really like what Amelia has said, as it gets to the heart of an important component of effective execution... now having said this, I know of at least one lovely, yet skeptical friend, who thinks that this contradicts previous thoughts I've had on effective execution. I believe it is with the words "do it" and the possible perception that they are "fanciful" or "spontaneous", creating an air of something "less effective or trite" when it comes to effective execution. I look at it a little differently, and in fact, see great power in the words "do it".

For the sake of illustration, let's change Amelia's quote to - "The most effective way to execute, is to execute." Now this feels more formal, more "business like", more structured... something to this effect:

• There has been a formal review of the situation.
• A formal process to develop a plan of action.
• The appropriate resources were aligned to implement the plan.
• A time and event schedule has been developed with regular operating mechanisms to keep us on track.
• Testing where applicable is conducted.
• Reviewed readiness.
• Approval to "implement".
• Implement.
• Gather feedback 

All very structured, very measurable, very actionable and very intellectual. Sometimes though, particularly as you get closer to "implementation", it never gets fully implemented, delayed or never quite happens. But how can that be, it seems so well thought out? Simply put, decisions and actions are not simply intellectual activities but also emotional.

We have to contend with our feelings, as these emotions can bring the best laid plans to a grinding halt... the risk of being wrong, being misjudged, making a mistake, compromising your security, compromising status, etc. can result in a range of negative emotions such as fear, shame, dread, disappointment, embarrassment and frustration. All of which will challenge the most well thought out plans.

So back to Amelia's quote, "The most effective way to do it, is to do it" speaks to the power of how the words "do it" resonate with the emotional side of the human spirit... drawing out the human energy of courage, tenacity, sacrifice, and confidence, just to mention a few - Allowing a person to overcome their doubts and fears and make the emotional decision to "do it". You just have to look as far as the motivational quotes that are hanging everywhere, feeding our emotional resolve... something to this effect: 

• "You only need your approval. Anyone else is a bonus."
• "The cave you fear to enter holds the treasure you seek."
• Courage doesn't always roar, sometimes it is the quiet voice at the end of the day saying, "I will try again tomorrow".
• "Dreams come in one size, TOO BIG, so you can grow into them."
• "What would you attempt if you knew you couldn't fail."
• "There is only one way to avoid criticism: do nothing, say nothing and be nothing"
• "On the other side of fear lies freedom"
• "The number one skill in life is not giving up"
• "Accept responsibility for your life. Know that it is you who will get you where you want to go, no one else.

At the heart of all effective execution is the emotional decision to "do it" and setting the energy of the human spirit in place to get it done. With that resolve established, all you need is a well thought out execution plan.

Rest in Peace Amelia Earhart.

gpe