1. Spot a Problem 2. Do Problem - Your domain fit ( Are you willing to spend the waking hours of your day thinking about the domain, and improving things) 3. Come out with solution. 4. Build Prototype 5. Validate...(more)
It's all about the overall business plan execution than only technology or idea/concept.
This reminded me of the post by Seth Godin on the 1000 ideas that he had the students attending his 6-month MBA course come up with as the first deliverable. Check it out - some of you may want to take up an idea or two. He is allowing you to use the ideas and execute them.