Categorized | Business Advice

Million Dollar Ideas


Million dollar ideas are the ultimate goal in starting a business or offering a revolutionary product or service. When talking to marketing strategists, corporate successes, or even the world’s industrial and financial elite, they will all tell you the same thing: most million ideas rarely make it into existence because they never move beyond the conversational plane. We’ve all done it. Sat around talking to friends or family, came up with an idea that we saw as incredible but either lost the motivation to progress with it or let the lack of funding stop us at the gates. Well here are some helpful tips to get you on your way to cultivating those ideas that may increase your personal wealth in the near future, in an easy to follow three-step program.

Research

Whether you are a first time inventor or entrepreneur or part of a well established company or manufacturer, the one thing you all have in common is the need to conduct market research. Everybody has ideas that they think have the potential to make millions if not billions in annual sales, but the need for the product or service and the desire to see it succeed are two very different concepts that have little to do with each other, as well as your product lines chance of success. Do your research. Just as if you were thinking about investing your money into stocks or bonds, or currency, you should take the same steps in researching for (1) to make sure that your idea isn’t already in production, (2) patented, or (3) already been tried and failed. When I was in college, I had a professor talk to us about citing our examples and sources in term papers, and in his words, “new research is rarely original” so not to say that your idea isn’t new or revolutionary, because it very much could be, but there is a good chance that someone else has already come up with the idea. The importance this plays, as far as initial research falls into the distinction that you will spend relatively low amounts of money in primary research then developing the product or service and having to stop or give up due to patent infringement.

Funding

If you are looking to make million dollar ideas succeed and are from a working class – it is very likely that you do not have the initial capital needed to upstart your new business. For some, this is a dead end, because due to lack of credit, or income or assets to wager a loan against, seemingly kills the dream due to lack of funding. Now there are other options, if you have a line of credit or can get a line of credit, it is very possible that you could charge your business start up costs against that line of credit, and slowly pay it off via monthly installments. It is also very possible that you could sell a percentage of ownership in your idea or company to a private or capital investor, in which you would not be in complete control of your companies destiny, but would then obtain the funding needed to grow the business. The drawback here, is that unless you already have the product or service cultivated, and are showing lines of distribution and steady or increasing sales, it is very unlikely that you would gain the attention of seasoned and successful investors.

Million Dollar IdeasApplication

Application and development of your product and service is the hardest part to this three step equation. It is the most difficult, because what it takes out of you, often costs the most in being very, very taxing on you. By taxing, I mean the overall level of commitment and stress that you are going to have input and deal with on a daily basis. Unlike in following the corporate structure of capitalist nations, where if you are lucky, you can work that 9 to 5 job, and leave your work at work until the following day, owning your own business, or giving birth your million dollar idea, from this, you get no vacations, no time off. You are constantly at the helm to the success of your idea. And it is going to take some years to grow before you will be seeing any type of major or acceptable amounts of profit, usually. Obviously no two companies or ideas work in the same verbatim, but don’t assume that you’re bout will be any easier than the person before, because that would truly be a costly mistake that could indeed cost you the success of your million dollar idea.

So I will leave you with my ever guiding personal philosophy to help guide you through the levels of progression, and the hardships ahead, remember nothing ever worthwhile, ever came easy.

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