God has gifted mankind with an extremely powerful ability to think and execute. This ability leads to the several innovations that we see around us everywhere. Each one of us, working or studying have a set of our own ideas. Not only this, even a little kid has his/her own set of ideas of executing a particular thing or defining a particular instance. These set of small ideas lead us to innovating new things with proper execution which also shows a sign of growth in one’s mental ability.
Ideas aren’t meant to be just thought of and putting in trash. If this was the case, and each one of us would have just thought of something and not worked on it, then we would have all sat idle and wouldn’t have seen such beautiful creations around. Having said that, how many of us do you really think execute our thoughts governing ideas? Only 10% of people bring their ideas under execution. There are many factors affecting it directly or indirectly. Objective of exploring the idea is understand how the idea and people are getting engaged right from conceiving the idea to measuring the results.
These days, we find a lot of people being designated as an entrepreneur. But, do we know exactly what does the term mean and what is entrepreneurship all about? It is a process where people with a vision come forward to exercise initiatives and start a venture in order to grab an opportunity and make the best out of it. These visionary people are known as entrepreneurs. And these people are the ones who are the risk takers and provide the risk capital. They carry the expertise to monitor and control all the business activities.
Nescode has come across a wide range of entrepreneurs over the years. We have realized that these entrepreneurs were not something that they were by birth. Over the period of their life, they developed an ability to generate ideas and carried all zeal and enthusiasm to innovate something in the interest of mankind. These belong to those 10% of the people who are not afraid to take risks and work under their vision giving their ideas an all new outlook, taking a shape of successful innovation.
Being situated in Bangalore, the hub of startups, Nescode has encountered several startups being set up and shut down on daily basis. Entrepreneurship or executing an idea is not just mere restricted to the execution or the desire to execute one’s idea. Any idea being executed without a proper base, strategy, or shape is worthless. Startups are the sole outcome of budding entrepreneurs who carry a short term or a long term vision. It may be very easy to start a startup, but, is highly difficult to sustain it.
In this competitive growing world, entrepreneurs should not just only focus on starting a venture, but, also to think about the diversity and culture. Please understand here that, diversity is not just about gender, It is also about bringing in people with different skills. Likewise, Culture means to fish from a pool of people with whom you can work for long hours sharing ideas. Startups are the result of these innovative ideas, which entrepreneurs come up with. When it comes to the people within the startups, each one of them has their individual ideas. But, till what extent do you think that it is evident that they are able to apply or execute these ideas? It would be around just 5%. These may be due to the economics of the company. There may be a valid idea with the workforce but, the startup economics might not be able to justify it. It is easy to begin a startup but, really difficult to institutionalize one.
It is very important to understand what does institutionalization mean. More than the common people, it is important for the entrepreneurs who are setting up their startups with a vision to understand and abide by this term. Institutionalization of an idea is to fine tune the idea inline with social and business framework and make it scalable enough to be accessible to the mass. The ideas that we are talking about may be structured or unstructured. Unstructured ideas are the ones which randomly comes to the people’s mind. These have both the possibilities of being feasible and not feasible. On the other hand, the ideas that come up in the minds of the governing authorities of the organization or the strategic unit of the organization, are structured data, as, they have some underlying thought and research process attached to it gives it a degree of better feasibility.
For institutionalizing any startup idea, there are some prerequisites involved. First is exploring the regulatory reformations needed to institutionalize a startup organization. The second prerequisite is to assess the stakeholders. This is in general the most vital process too as the decisions may hugely depend upon the stakeholders. Moreover, there is always a high risk involved as there may arise multiple disputes among the stakeholders itself affecting the startup institutionalization. The third necessary step is to analyze the degree of feasibility of these ideas by an expertised governing authority. Any idea cannot be just implemented directly. There has to be proper justification, causes and implications of those ideas. The degree of feasibility is also to ensure as to by what rate is the idea being successful.
Institutionalization is a complex process in itself. It is not an important point to ensure whether the idea is structured or unstructured. Rather, the point lies in ensuring that whether it is a structured idea or an unstructured idea, it has a better degree of feasibility. Structured data is much feasible as it involves better research and thought process by the decision makers. But, unstructured ideas may at times yield better results if implemented, provided, it gives a stable and apt justification. Innovative growth is a really creative and difficult process. You step ahead in the venture, and you will find 1000 more people rushing in the same domain with even better ideas. Institutionalization is both a multi-level process as well as an outcome. The managers at big firms know how difficult it is for the market leaders to create innovative growth businesses. Building an organization that produces a steady stream of growing businesses is really difficult, but, those organization who are able to attain it are differentiable from their competitors.
Let us take an example of Facebook. Yes, our very own social media site where kids, youth and elders all are highly active on this platform since its inception till date. A random idea struck up the founder Mark Zuckerberg’s mind. He started implementing his idea with not much of an insight about how successful the platform would be. But, his idea worked out and is successful to an extent which he had no idea about when first that idea struck up. Hence, unstructured ideas may at times do wonders. Also, we should have a common understanding that the success of an idea is measured with the percentage of its feasible implementation. Before implementation, the stakeholders or the authorities set an expected percentage at which they think the idea may work. Suppose they set at 30%. If after implementation, the idea works out to be near to 30% is considered successful. If it is around 40% i.e., more than the benchmark percent setup, then, it is considered to be a good feasibility, and henceforth.
Evolving ideas are a root of any innovation. Innovative ideas leads people to setup a startup themselves and work on the vision set up by them and work with each other to attain the goals. Institutionalizing budding ideas is of great challenge as not only the feasibility but, also the economics comes into the picture. This means that it is a vital entity when it comes to implementing any ideas. We, at Nescode, help you understand such vital processes and provide you will world class consulting. Please take a step ahead and allow us serve you.