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Successful innovators not only consider the practical applications of their ideas—will this product solve a problem or fill a need—the entrepreneur in them also weighs whether the idea will be sellable. In other words, will anyone want or buy the resulting product or service?

Ideas are the lifeblood of the entrepreneurial spirit. They are the sparks of innovation, the kernels of “what might be.” But ideas alone are not success. Ideas represent potential. Without execution, ideas are just that—ideas. They are pie in the sky dreams and wishful thinking. Many ideas fail to see the light of day—whether they…