Over the last week I’ve had the opportunity to spend time with my brother in law in MN. After being married for 4 years this really the first time we’ve had the opportunity to hang out. I’ve learned a great deal about him over the last several days. The biggest thing I’ve learned is that he is a man of many great business ideas and unlike some his ideas actually have merit and would do great in the marketplace. Do you have a friend or realative likes? Maybe you’re this guy?
The million dollar question is: How do you turn these great ideas in to a profit. Below are a list of points you will need to consider to accomplish this successfully.
1. Choose one idea and move as fast as you can with it. If you’re creative by nature you probably have a new idea every minute. This is how I am and for awhile I didn’t know how to control this trait. They way I’ve learn to harness this gift is by using my creativity to help develop my single idea and to make processes easier for clients. I’ve choosen to focus on a single task and not be vererd off course by anything that is unrelated to this task. This is mandatory for success. Choose which idea you will persue first an only focus on it.
So…how does one select which idea comes first? Choose a list of criteria and measure each idea against these criteria. What tends to be common for most people is having more time than money. If this is the case for you, choose an idea that you can develop today and make money with tomorrow (literally). Plan to build and develop this concept over the next 2-3 years. (This means blocking everything unrelated to this idea out for 2-3 years). Then use the money from this venture to fund your next venture.
Once you’ve choosen your idea it will be important to move fast? Why? Beacuse we are all interconnected and when you focus on a single idea it is released in to the Marco-mind or into a thought field that everyone subconsciously has access to. In computer terms it’s like putting you idea into an unprotected cloud. If you do not execute on this idea rest assured someone else will. Good ideas are never lost they simply go to other people.
2. Put Your Idea on Paper. Putting your idea on paper can take many forms. Most people think of business plan when I share this priciple. Obviously, you will need to make a business plan in time if you would like to acquire funding for your idea. However, initially, you will simply need to write down the products or services you plan to sell (in detail), who you will sell them to, and how will you reach these customers.
It is important to write your ideas down for 3 reasons.
I. So you don’t forget them (because you will if you’re an idea magnet)
II. So you have a guideline for moving ahead.
III. Writing is the first step towards manifiestation. The written words grounds your concept in the physical world.
3. Protect your idea. There are several things you can do to protect the idea you’ve choosen. The biggest defense of all silence and and speed to market. You may also need to consider other forms of protection like non-disclosure agrements, trademarks and patents depending on the idea.
Only discuss your idea with your inner circle or mastermind. This is a small group of 3-7 people that support your dreams and will provide you with positive feedback. These individuals should preferrably be more successful than you, have their own things going so you aren’t seen as a threat. Additionally, they should have solid connections and be cooperative in nature instead of competitive.
Keeping quiet keeps you humble and moving forward. It also protects your seedling or baby idea from naysayers and idea thieves as it develops. It may even be important to stay silent about your idea around your spouse or other family members, escecipally if they are risk adverse or have seen a substantial amount of your past failures. If you need to conduct reseach and you will do so without revealing your end objective when possible. Your goal should not to be to talk. Instead, you should focus on put points on the board then sharing your success. The former is day dreaming. The latter is marketing.
4. Set at definate date when you plan to have your idea on the market. This is not always easy. However, after you have quitely gathered the information needed from your various sources regarding time frame and and any possible expenses, set a realistic timeline for the completion of various milestones and ultimately the completion of your project.
Finally, work like you life depends on meeting this deadline.
What action help you bring new ideas to market? Share them with us here.