Entrepreneurship is often romanticized with the notion of a "lightbulb moment," where a fully-formed idea for a successful business suddenly materializes. However, according to Catalina Daniels and James Sherman, authors of "Smart Startups: What Every Entrepreneur Needs to Know—Advice from 18 Harvard Business School Founders," this concept is a myth. Based on interviews with 18 HBS graduates who founded notable startups, including Rent the Runway and Blue Apron, Daniels and Sherman emphasize that successful business ideas typically do not originate from a sudden revelation.
In their book, the authors highlight that nearly half of the entrepreneurs interviewed had no initial idea but a desire to create something. Two primary strategies, "deliberate ideation" and "organic ideation," emerged from their findings. Deliberate ideation involves a methodical process of exploring various ideas over an extended period, as seen in the case of Plated's co-founders, Josh Hix and Nick Taranto, who spent six months researching concepts before settling on Plated. On the other hand, organic ideation involves entrepreneurs slowly recognizing business opportunities related to trends or problems in their daily lives.
The key takeaway from the interviews is that building a successful business idea is a process that often involves trial and error. Entrepreneurs may not have a clear vision from the outset, and the path to a viable idea can be nonlinear. It requires a willingness to explore, learn, and iterate.
The authors stress the importance of testing the viability of an idea using what they term the "ideation triangle." This involves evaluating the size of the opportunity, relevant skills, and passion. The size of the market, possessing relevant skills or partnering with those who do, and maintaining passion for the idea are critical factors in determining a business's potential success.
Despite the inherent risks and uncertainties, entrepreneurs are encouraged to embrace the journey, understanding that failures are part of the process. The myth of the "lightbulb moment" is dispelled, and the emphasis shifts to the ongoing evolution and refinement of ideas.
By recognizing that successful ideas often evolve over time and through various iterations, aspiring entrepreneurs can approach their ventures with a realistic mindset and a commitment to continuous improvement.
