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5 Ways to Profit from Good Ideas

5 Ways to Profit from Good Ideas
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    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.

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    Last Updated on March 13, 2019

    How to Get out of a Rut: 12 Useful Ways to Get Unstuck

    How to Get out of a Rut: 12 Useful Ways to Get Unstuck

    Have you gotten into a rut before? Or are you in a rut right now?

    You know you’re in a rut when you run out of ideas and inspiration. I personally see a rut as a productivity vacuum. It might very well be a reason why you aren’t getting results. Even as you spend more time on your work, you can’t seem to get anything constructive done. While I’m normally productive, I get into occasional ruts (especially when I’ve been working back-to-back without rest). During those times, I can spend an entire day in front of the computer and get nothing done. It can be quite frustrating.

    Over time, I have tried and found several methods that are helpful to pull me out of a rut. If you experience ruts too, whether as a working professional, a writer, a blogger, a student or other work, you will find these useful. Here are 12 of my personal tips to get out of ruts:

    1. Work on the small tasks.

    When you are in a rut, tackle it by starting small. Clear away your smaller tasks which have been piling up. Reply to your emails, organize your documents, declutter your work space, and reply to private messages.

    Whenever I finish doing that, I generate a positive momentum which I bring forward to my work.

    2. Take a break from your work desk.

    Get yourself away from your desk and go take a walk. Go to the washroom, walk around the office, go out and get a snack.

    Your mind is too bogged down and needs some airing. Sometimes I get new ideas right after I walk away from my computer.

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    3. Upgrade yourself

    Take the down time to upgrade yourself. Go to a seminar. Read up on new materials (#7). Pick up a new language. Or any of the 42 ways here to improve yourself.

    The modern computer uses different typefaces because Steve Jobs dropped in on a calligraphy class back in college. How’s that for inspiration?

    4. Talk to a friend.

    Talk to someone and get your mind off work for a while.

    Talk about anything, from casual chatting to a deep conversation about something you really care about. You will be surprised at how the short encounter can be rejuvenating in its own way.

    5. Forget about trying to be perfect.

    If you are in a rut, the last thing you want to do is step on your own toes with perfectionist tendencies.

    Just start small. Do what you can, at your own pace. Let yourself make mistakes.

    Soon, a little trickle of inspiration will come. And then it’ll build up with more trickles. Before you know it, you have a whole stream of ideas.

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    6. Paint a vision to work towards.

    If you are continuously getting in a rut with your work, maybe there’s no vision inspiring you to move forward.

    Think about why you are doing this, and what you are doing it for. What is the end vision in mind?

    Make it as vivid as possible. Make sure it’s a vision that inspires you and use that to trigger you to action.

    7. Read a book (or blog).

    The things we read are like food to our brain. If you are out of ideas, it’s time to feed your brain with great materials.

    Here’s a list of 40 books you can start off with. Stock your browser with only the feeds of high quality blogs, such as Lifehack.org, DumbLittleMan, Seth Godin’s Blog, Tim Ferris’ Blog, Zen Habits or The Personal Excellence Blog.

    Check out the best selling books; those are generally packed with great wisdom.

    8. Have a quick nap.

    If you are at home, take a quick nap for about 20-30 minutes. This clears up your mind and gives you a quick boost. Nothing quite like starting off on a fresh start after catching up on sleep.

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    9. Remember why you are doing this.

    Sometimes we lose sight of why we do what we do, and after a while we become jaded. A quick refresher on why you even started on this project will help.

    What were you thinking when you thought of doing this? Retrace your thoughts back to that moment. Recall why you are doing this. Then reconnect with your muse.

    10. Find some competition.

    Nothing quite like healthy competition to spur us forward. If you are out of ideas, then check up on what people are doing in your space.

    Colleagues at work, competitors in the industry, competitors’ products and websites, networking conventions.. you get the drill.

    11. Go exercise.

    Since you are not making headway at work, might as well spend the time shaping yourself up.

    Sometimes we work so much that we neglect our health and fitness. Go jog, swim, cycle, whichever exercise you prefer.

    As you improve your physical health, your mental health will improve, too. The different facets of ourselves are all interlinked.

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    Here’re 15 Tips to Restart the Exercise Habit (and How to Keep It).

    12. Take a good break.

    Ruts are usually signs that you have been working too long and too hard. It’s time to get a break.

    Beyond the quick tips above, arrange for a 1-day or 2-days of break from your work. Don’t check your (work) emails or do anything work-related. Relax and do your favorite activities. You will return to your work recharged and ready to start.

    Contrary to popular belief, the world will not end from taking a break from your work. In fact, you will be much more ready to make an impact after proper rest. My best ideas and inspiration always hit me whenever I’m away from my work.

    Take a look at this to learn the importance of rest: The Importance of Scheduling Downtime

    More Resources About Getting out of a Rut

    Featured photo credit: Joshua Earle via unsplash.com

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