The Million Dollar Idea In 2018
Everywhere I look, there's someone with a million or billion dollar idea! It's either some type of business, product or service that is going to change the world or be a huge hit and make tons of money!
Or....there are the ones that see a huge hit and then say "I had that idea loooong ago"!
As an entrepreneur, I love brainstorming sessions. It's a brain exercise, fun and motivating! But it's a bit annoying at the same time when you come across these "idea people" who never do anything...
Ideas are cheap. People talk about ideas all day long. bla bla bla bla bla.....
It means nothing and it is nothing until the idea is properly executed. Turning a good idea into reality determines who will be the winner, not the one that just dreams all day.
I understand planning for a business is tough and there are a lot of concerns. I talk about a lot of ideas as well and sees what sticks. But once I have 60% confidence I can execute in an idea that I like, I'll just do it and see what issues I run into!
There are 3 main types of "idea people":
1. The Pessimist
It's very difficult to plan for every angle to be perfect. And almost every business there's competition. You must think this is "duh" statement. But if you think hard carefully, every time you want to do something, there's always a friend that will tell you so and so is already doing it and a million reasons why you shouldn't do it.
So what??!?! You job is to figure out how to do it better! Richard Branson started Virgin airline because he saw how poor the service was with these giant established airline companies. If it was someone else, they would say oh...there's United already who dominates the U.S. market and there's British airway, so on and so forth.
To counter this statement, someone would probably say Richard Branson is a billionaire and that's the reason why he can do it or afford the risk. (Keep in mind he almost lost his fortune because of this venture)
Well, let's come closer to someone more attainable. How about me? I started a iPhone case accessory business in late 2015. An industry heavily dominated by big players and extremely saturated. The idea came from a half an hour phone conversation. I thought it was a good idea, did a little research and created a new company.
I'd like to say MIKOL is still doing pretty well till this day and growing. Definitely not Goliath in the market, but we have a small position in this industry.
Sure, I've ran into a lot of problems. And yes, I'm still trying to figure out how to grow the business more. But is it profitable? Certainly! Is it fun? Absolutely!
2. The Advisor
These are the ones that are very friendly in providing their advice and "insight". Why did I parenthesize insight? Well...these are the ones that probably have watched too many Shark Tank episodes or read a lot on success stories. So they "know" how to start and run a business. These are also the ones judging your ideas and telling you what you should do instead like an advisor or consultant.
Don't get me wrong, they are good for reference because usually these type of people are very knowledge and educated. You can use them for advice, and to help you think, but make sure you don't let them take lead.
Because, the funny thing is, these type of people usually have never started any businesses. You ask them why they haven't started one or what happened to the previous idea they had about starting a company, there's usually a billion reasons why they couldn't start one, can't start one or it's not the right time for them. They are so smart, that they over analyze and scare themselves out of doing it.
Rarely will there be a perfect business for you to run. Just go do it and overcome any obstacle your way. You can also take a different route if it ends up being easier. Be flexible!
3. The Idea Man
These types are usually quite creative and they do have pretty good ideas or what we call dreamers, It's good to brainstorm with them and see what other angles they can think about. They are usually fun to hangout with and talk about life because they are filled with out of the box ideas. But because they are so free spirited, maybe that's also why they usually are not very good at execution. They usually know themselves!
So you must be thinking about is the million dollar idea!?
The million dollar idea is to not get too caught up with the idea and build good habits and learn to properly execute an idea. People are too focused on what's the next google, facebook, airbnb, that they lose focus about what a business is. The idea is just the beginning, execution is the what matters and will make the difference.
Ask yourself why you want to get into business?
Is it for money? Because plenty of jobs, investments, businesses make money. You can start a restaurant, laundry service, cafe, they all make good money if it is done right and you get to be your own boss.
You want to change the world? There are plenty of non-profits to join that can make an impact.
You like the idea of being your own boss? Start a e-commerce business, it's easy. I can get you setup in 14 days and you can be a business owner.
Being an entrepreneur is not easy, there is a lot of hard work and planning involved. But if you enjoy the process, then it's fun and addicting! Don't get your panties in a bunch about the next idea or upset that someone else is executing your idea.
I've spent a decade in China. Trust me, I know how it sucks when you see your idea getting stolen and used. But hey! You snooze you lose! No one to blame but yourself.
If you stop chasing the money and see it as a game, it's so much fun. It's like working out at the gym for gains. Lifting weights, doing cardio is hard work and sucks. But as you get stronger, look more fit, get better at what you are doing, it becomes addicting cause you want more and you want to be better. Business is the same.