What To Do With Your Million Dollar Idea
So, you have the next million dollar idea.
So do hundreds of thousands of other people.
And yet, despite all of your brilliance, none of you are millionaires yet.
What’s up with that?
It turns out that ideas aren’t really worth any money at all.
Your Million Dollar Idea Needs Million Dollar Execution
Andy Warhol pretty much summed it up when he said “ideas are in the air.”
Here’s the thing:
People are pretty intelligent.
Most people, if prompted, could probably come up with a million dollar idea within a few minutes.
Ask a child what they want to invent, or ask a housewife to describe a machine that would make her life easier, and you’re bound to get a spark of brilliance.
But you can’t monetize a thought.
Ideas are worthless…until someone has the initiative to execute them.
[bctt tweet=”A million dollar idea needs million dollar execution, else it’s worth $0.” username=”kitty_lusby”]
Anyone can find a goldmine, but if you’re going to get rich, you still have to dig.
The majority of individuals who think up the “next big thing” never get farther than thinking, or perhaps talking about it.
Some people take action, but stop when they realize it’s work bringing ideas to fruition.
There are those that undermine their success by trying to find the shortcut to success…
And a few manage to realize their ideas admirably, but never get traction because they overlook the all-important 3rd requirement.
The Formula For Success
You’ve probably heard this formula before:
Ideas + Action = Results
I’m sorry to tell you this, but it’s just not true, even with a million dollar idea.
The real formula looks more like this:
You’ve got to have all 3 before you see profits.
The idea should be thoroughly brainstormed and tested.
The execution determines whether or not that idea comes to fruition, and the quality of the finished product.
The marketing takes that well-executed idea and shares it with the people to whom it matters – and without this part, everything else you’ve done is worthless.
There’s good news, though:
You don’t have to do all 3 things yourself.
It’s easy to leverage somebody else’s million dollar idea instead of inventing your own.
No, I’m not telling you to “steal” an idea.
Though, since ideas have exactly no value without action, the notion that you can STEAL an idea is, in fact, silly.
Sorry to break it to you, guys, but plain old ideas are public property.
Still, I’m not advocating that you ask around and see what other people think.
Through a little something called product licensing, you can form a partnership where you execute someone else’s licensed idea and pay them a percentage of your profits.
On the flipside, if you’re an idea person and you know you lack follow-through, you can license your ideas to entrepreneurs who have capital and motivation, but not necessarily imagination.
In these types of arrangements, the person who executes makes 90% of the profit.
The idea-haver makes, at best, 10%.
Because ideas are worthless without execution and marketing.
Profit is great, but it isn’t usually glamourous.
If you’re not good at marketing, budget more capital than you think you’ll need towards spreading your message.
If you are good at marketing, still budget more capital than you think you’ll need towards spreading your message.
Especially if you have a finite amount of resources – time and money – allot at least half of those resources to marketing, and even that’s being conservative.
Just because you write a great book, that doesn’t mean anyone will read it. Your widget might have the potential to be the next big thing, but it will never be a thing at all if the right people never find it.
You can invent the most elegant, cost effective, brilliant solution for a major problem that everyone has.
Still, people need to:
- Know about it
- Believe it
- Want it
- And buy it
And if they don’t, then you haven’t really solved anyone’s problems, have you?
If you spend all your time and capital in research and development, then end up with a fantastic product you can’t sell, you’ve effectively wasted all those resources.
What kind of action will it take to make your idea a reality?
Get a piece of paper and a writing implement. Let’s do homework.
Write down your idea.
Now, outline the steps that it will probably take to make that idea a reality.
You don’t have to do heavy research and get everything correct right now – you’re just getting an overview of what execution will probably look like.
In other words, it’s okay to guess.
Once you’ve got a basic framework written down, look back at your idea.
Is it worth the effort?
Can you actually execute this with your current resources – time, money, and skill?
If it looks promising, you can do your actual research now…but don’t waste time doing in-depth research on something that isn’t practical to execute.