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Entrepreneurial opportunities exist because different people have access to different information. What is an idea for one entrepreneur may be an opportunity for another who has the resources and the means to execute it. An opportunity that exists without the means to execute it does not have value. It is simply an idea.

Quick Case: Qualcomm is a name that for many doesn’t immediately ring a bell, despite the fact that the company is responsible for the functionality of devices that we rely on every day. Qualcomm is the telecommunications and semiconductor company responsible for—among other things—3G cellular technology. Qualcomm also holds patents for the technology that powers 4G connectivity and is a leader in the 5G space. When the company was founded in July of 1985 by former University of California, San Diego professor Irwin Jacobs, he didn’t have a business plan or a particular product in mind.

What the founding team did have, however, was an abundance of engineering talent in their small team and the vision that wireless connectivity would change the world in even more dramatic ways. Former Qualcomm CEO Paul Jacobs (son of founder Irwin Jacobs) said of the company’s foundation, “Having visions which are out there allows people to have creativity. The main force of a company is shaped by a vision.”¹

The takeaway from Qualcomm’s story is that Jacobs and the rest of the founding team started a company knowing what they wanted to do and how they wanted to change the world. They did this knowing that they had a well of technical knowledge and a firm belief in their vision.