Derek Sivers has a lovely post about this topic. He says that "ideas are just a multiplier of execution".

Check it out: http://www.oreillynet.com/onlamp/blog/2005/08/ideas_are_just...

Funny how even with great idea and execution, there is an element of luck involved as he concludes "and, who knows, maybe succeed, too".

So, awesome idea, flawless execution that preemptively outdoes competition, and being lucky.

I _LOVE_ those odds anyway :)

I noted that : - With a great idea but bad execution, someone else will probably do it better.

sometimes, but sometimes not. think twitter, foursquare and the similar: phenomenal idea but horrible execution.