Advertising
Advertising

5 Ways to Profit from Good Ideas

5 Ways to Profit from Good Ideas
Light Bulb

    Turning a good idea into a successful innovation requires the glass to be full. A half full glass simply isn’t enough. There are many things involved in bringing a product to market successfully or turning an idea into reality and each one of them needs to be right, or at least close enough. The innovator starts the process with a set of resources and draws upon them until the idea, product or invention “sells”. This innovation process is like starting with a full glass that has holes in the bottom of it. The challenge is to find ways to plug the leaks before the glass drains completely and then make the glass overflow. Here are 5 ways to profit from good ideas.

    1. Assume your idea is terrible. Assuming an idea is terrible can be quite liberating. This is not the same as not believing in what you are doing and it is not about being negative. On the contrary, it is about changing the frame of reference to give due consideration to the real operating conditions. Consider the advantage of having accurate maps and a compass to navigate from one place to another rather than a ball of string and a vague idea. Having an accurate understanding of the conditions has its advantages. It prevents people and companies from squandering resources on dead ends or irrelevant excursions. Anyone moving forward who is positive, highly motivated and well equipped with accurate, relevant information and sound plans becomes virtually unstoppable. Eliminating the tendency to rely on untested assumptions can be done by simply assuming a product or idea is a terrible one and then taking steps toward making it better.
    2. Know your customer, industry and business well enough to publish a book. Writing is a process that distills thought. Corporate innovators are often asked to prepare detailed plans. Companies employ a variety of planning tools and they can be tremendous aids in working through the necessary thought processes. Everyone seeking funding who has approached professional finance people to get a project financed is aware that he or she is expected to come with a written business plan. The thought process that goes into the writing is more important than the document itself.
    3. Steal from others and let others steal from you. Copy, copy, copy. Originality is overrated. The advantages of duplication over originality are numerous. Something that has already become tried and true is just that: tried and true. That decreases the risk and uncertainty considerably. Duplicating something is less costly than producing an original. Something that has been in use has likely had a lot of the bugs knocked out of it and has already become perceived as useful and acceptable. For manufactured products, it is almost always less risky, faster, cheaper and easier to incorporate an existing part already in production than to design and make an original.
    4. Create a powerful network of outside advisors. The importance and value of having a powerful network of outside advisors cannot be overstated. Famous inventor Thomas Edison surrounded himself with the most powerful people in the world. He needed a great deal of help to develop his grand visions so he went to whatever lengths were needed to get that help. As an example of an Edison gathering, he had United States President Herbert Hoover, Henry Ford and Harvey Firestone at his 82nd birthday party in Fort Myers, Florida on February 11, 1929. Successful people are usually more than happy to share constructive insights and where appropriate will exercise candor if something seems off.
    5. Involve and embrace passionate customers in the development and marketing processes. For most types of innovations, there are ways to actively engage end embrace passionate leading customers in the development and marketing processes. This can happen at an early stage or long after a product or service has matured. Bringing customers in close can be a tremendous aid to the innovation process. Innovators would be remiss if they did not consider this approach.

    The above 5 ways are intended for those who are interested in achieving commercial success and maximizing profits from their ideas. There are many settings where making money is not a primary or relevant concern where these ways can still become quite useful. University researchers striving to gain a deeper understanding of our universe and natural laws are among those can benefit. Hobbyists and part-time practitioners can likewise apply them to their particular circumstances as they work toward meeting their project goals. It is not an all or nothing proposition. The key is to use them wherever they make sense to incrementally increase the success rates for turning ideas and inventions into successful innovations, however success is defined.

    More by this author

    The Golden Rule Of Referrals: Learn to Give a Perfect Referral Burn The Business Plan: Write a Book Instead How to Give a Killer Evaluation Increasing your Credibility in 30 days: How to Brag without Bragging How to build your business before quitting your day job

    Trending in Featured

    1 Is Procrastination Bad? The Truth About Procrastination Revealed 2 What to Do in Free Time? 20 Productive Ways to Use the Time 3 20 Time Management Tips to Super Boost Your Productivity 4 How to Take Notes: 3 Effective Note-Taking Techniques 5 How to Stay Motivated and Reach Your Big Goals in Life

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on March 31, 2020

    Is Procrastination Bad? The Truth About Procrastination Revealed

    Is Procrastination Bad? The Truth About Procrastination Revealed

    Procrastination is very literally the opposite of productivity. To produce something is to pull it forward, while to procrastinate is to push it forward — to tomorrow, to next week, or ultimately to never.

    Procrastination fills us with shame — we curse ourselves for our laziness, our inability to focus on the task at hand, our tendency to be easily led into easier and more immediate gratifications. And with good reason: for the most part, time spent procrastinating is time spent not doing things that are, in some way or other, important to us.

    There is a positive side to procrastination, but it’s important not to confuse procrastination at its best with everyday garden-variety procrastination.

    Sometimes — sometimes! — procrastination gives us the time we need to sort through a thorny issue or to generate ideas. In those rare instances, we should embrace procrastination — even as we push it away the rest of the time.

    Why We Procrastinate After All?

    We procrastinate for a number of reasons, some better than others. One reason we procrastinate is that, while we know what we want to do, we need time to let the ideas “ferment” before we are ready to sit down and put them into action.

    Some might call this “creative faffing”; I call it, following copywriter Ray Del Savio’s lead, “concepting”.[1]

    Whatever you choose to call it, it’s the time spent dreaming up what you want to say or do, weighing ideas in your mind, following false leads and tearing off on mental wild goose chases, and generally thinking things through.

    Advertising

    To the outside observer, concepting looks like… well, like nothing much at all. Maybe you’re leaning back in your chair, feet up, staring at the wall or ceiling, or laying in bed apparently dozing, or looking out over the skyline or feeding pigeons in the park or fiddling with the Japanese vinyl toys that stand watch over your desk.

    If ideas are the lifeblood of your work, you have to make time for concepting, and you have to overcome the sensation— often overpowering in our work-obsessed culture — that faffing, however creative, is not work.

    Is Procrastination Bad?

    Yes it is.

    Don’t fool yourself into thinking that you’re “concepting” when in fact you’re just not sure what you’re supposed to be doing.

    Spending an hour staring at the wall while thinking up the perfect tagline for a marketing campaign is creative faffing; staring at the wall for an hour because you don’t know how to come up with a tagline, or don’t know the product you’re marketing well enough to come up with one, is just wasting time.

    Lack of definition is perhaps the biggest friend of your procrastination demons. When we’re not sure what to do — whether because we haven’t planned thoroughly enough, we haven’t specified the scope of what we hope to accomplish in the immediate present, or we lack important information, skills, or resources to get the job done.

    It’s easy to get distracted or to trick ourselves into spinning our wheels doing nothing. It takes our mind off the uncomfortable sensation of failing to make progress on something important.

    Advertising

    The answer to this is in planning and scheduling. Rather than giving yourself an unspecified length of time to perform an unspecified task (“Let’s see, I guess I’ll work on that spreadsheet for a while”) give yourself a limited amount of time to work on a clearly defined task (“Now I’ll enter the figures from last months sales report into the spreadsheet for an hour”).

    Giving yourself a deadline, even an artificial one, helps build a sense of urgency and also offers the promise of time to “screw around” later, once more important things are done.

    For larger projects, planning plays a huge role in whether or not you’ll spend too much time procrastinating to reach the end reasonably quickly.

    A good plan not only lists the steps you have to take to reach the end, but takes into account the resources, knowledge and inputs from other people you’re going to need to perform those steps.

    Instead of futzing around doing nothing because you don’t have last month’s sales report, getting the report should be a step in the project.

    Otherwise, you’ll spend time cooling your heels, justifying your lack of action as necessary: you aren’t wasting time because you want to, but because you have to.

    How Bad Procrastination Can Be

    Our mind can often trick us into procrastinating, often to the point that we don’t realize we’re procrastinating at all.

    Advertising

    After all, we have lots and lots of things to do; if we’re working on something, aren’t we being productive – even if the one big thing we need to work on doesn’t get done?

    One way this plays out is that we scan our to-do list, skipping over the big challenging projects in favor of the short, easy projects. At the end of the day, we feel very productive: we’ve crossed twelve things off our list!

    That big project we didn’t work on gets put onto the next day’s list, and when the same thing happens, it gets moved forward again. And again.

    Big tasks often present us with the problem above – we aren’t sure what to do exactly, so we look for other ways to occupy ourselves.

    In many cases too, big tasks aren’t really tasks at all; they’re aggregates of many smaller tasks. If something’s sitting on your list for a long time, each day getting skipped over in favor of more immediately doable tasks, it’s probably not very well thought out.

    You’re actively resisting it because you don’t really know what it is. Try to break it down into a set of small tasks, something more like the tasks you are doing in place of the one big task you aren’t doing.

    More consequences of procrastination can be found in this article: 8 Dreadful Effects of Procrastination That Can Destroy Your Life

    Advertising

    Procrastination, a Technical Failure

    Procrastination is, more often than not, a sign of a technical failure, not a moral failure.

    It’s not because we’re bad people that we procrastinate. Most times, procrastination serves as a symptom of something more fundamentally wrong with the tasks we’ve set ourselves.

    It’s important to keep an eye on our procrastinating tendencies, to ask ourselves whenever we notice ourselves pushing things forward what it is about the task we’ve set ourselves that simply isn’t working for us.

    Learn more about how to fix your procrastination problem here: What Is Procrastination and How to Stop It (The Complete Guide)

    Featured photo credit: chuttersnap via unsplash.com

    Reference

    Read Next