Today’s tip of the day comes from Naval Ravikant — entrepreneur, investor, and co-author of the Venture Hacks blog:

[I]deas do not have the merit that we were all raised believing. You do have to pick the right space, but after that, execution is everything.

Here’s a quick confirmation test — go back to your classmates and pick out the smartest ones, and then the hardest working ones. Now look at who is successful.

A certain base level of intellect and idea-formation capability is required, but beyond that are strongly diminishing or even negative returns.

Consequently, the best entrepreneurs display a lot of chutzpah. They aren’t fazed by the competition, nor do they see shadows in every corner. They are their own biggest competition.

– Naval Ravikant, Co-author, Venture Hacks

Click here to read his entire post at Venture Hacks