I use the term "fool's gold white space" to highlight a common problem for innovation. People see a market that doesn't exist, and assume that one should exist.

Make sure that you take the time to think about how other companies might respond to your idea, both those companies already in the market you plan to target as well as others that might imagine targeting that market.

The sad truth is as difficult as the first mile can be for entrepreneurs, it is doubly tough inside most large companies as innovators can face some significant headwinds.

First you document your idea. You should be comprehensive, but that doesn't mean you have to produce a doctoral thesis length plan. Rather you want to make sure you have touched all the different things that have to happen to succeed. Then, you evaluate your approach. The goal here isn't to figure out if your idea is good or bad, but rather to begin to figure out what are some of its weakest elements.

So many people tell me that they aren't creative or they aren't innovative, and it's just not true.

Aside from the equivalent of blowing up the lab or letting a pathogen escape, the only failure is spending too long or too much money to learn.

If you work on a new product launch, spent time in a new geography, or work to develop a completely new skill, you have no choice but to figure out new ways to solve problems.