Ideas Are The Currency Of The New Economy

Business strategy

Ideas are the currency of the new economy. This has been quoted by Richard Florida, an American urban studies theorist. And it suddenly caught my eye because this is very true and yet unspoken. Not everyone around us is vocal about ideas and their importance.

An idea is like an atom. Everything begins with it. Think about a country. The way it will be governed, its constitution, its leaders, the number of states, the kind of economy – everything began with an idea. Later only did it take a defined shape with a lot of strategic planning and timely execution. And now when we are in 2020, I do feel that an idea is something that will give us, as an economy an added advantage. It will benefit the humanity in general too.

Let us take an example of Arunachalam Muruganantham. He is a social entrepreneur from India. He was the one who invented low cost sanitary napkins. It changed the way people saw menstrual cycles and women. It was just an idea. But it transformed the lives of women forever. A film is also made on his story. You can watch it on Netflix. It’s called Padman. I’d ask you to watch this and gain more insight.

What Can You Do To Save Your Ideas?

I’m sure you might have faced a situation like this: you might have thought about a very successful idea in your mind. And may be, you didn’t give it the required action or didn’t trust it completely. A few months later, someone just started a business like you wanted. Now all you can do is regret. Hence, I’ll always suggest you to have a small journal or pocket diary with you at all times. I do this. I know it seems difficult to carry one at all times. And that’s okay. You can also jot down your ideas immediately in the ‘Notes’ or any other application in your phone. A lot of such ideas can come and go.

Now the next question is: how to decide what is best for you? The answer to this is very simple. The idea that stays with you everyday, the one that you cannot stop thinking about is the one you should go for first. Almost everything is taken in the world. But how you personalize it with your individuality and experience makes all the difference.

An Action Plan

An idea requires planning with a strategy in place for complete success. An idea which stays in notebook without an action is wasted till its last potential. There are a number of steps that one can follow to get started. This is of course not exhaustive in nature. But it will give you an overall picture of the process.

  1. Do a thorough market research for your idea and check its feasibility. See what other people are doing in the same field. See the competition. And use their weaknesses to your advantage. If there is a cafe in your area that provides brilliant food but no proper sitting arrangement, you can use that to your advantage by giving delicious food accompanied by a soothing and relaxing ambience where people can and sit for hours.
  2. Make your own mission, vision and value system. That is, the principles that will govern your company. These are the small directives that won’t allow you to deviate from your path.
  3. Now chalk out a plan for investment. See from where it’ll come from and the risks involved.
  4. And then assess the requirement of people. Write down responsibilities and duties for each job. Provide them training if you have to.
  5. Also, it is very important to reward people for their good work and teach them for their mistakes.
  6. In the end, re-evaluation of the idea, which now is a plan, is very important for continued growth.

If possible, start small and then broaden your business. This way you’ll get time to grow and save simultaneously. And finally, always have a plan B and C ready in case you need to use it.

I hope you enjoyed reading the blog post. There are yet many things left to be covered. We’ll see that in part two. Till then, see you!

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