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How to Not Go Broke on Your Million Dollar Idea

How to Not Go Broke on Your Million Dollar Idea
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    Before you bet the bank on your next million dollar idea, you should do a reality check to see if the idea is worth it. People often fall in love with their ideas and as a result can experience tremendous pain if it turns out the idea is a bad one.

    Developing ideas into commercial successes is generally difficult work since there are many steps involved and the odds of success are not very high. You need to approach this with a process orientation and come at it with sufficient leadership skills and abilities to carry it though. Thinking in terms of getting rich on a one shot idea or expecting someone else to take the leadership initiative while you sit back and wait for a million dollar check to come in the mail will not work. That is something that people with inventoritis do. They almost always meet with poverty and its close companion – misery. On the other hand, people with good leadership abilities and skills who are teachable and follow sound marketing processes have a much greater chance of enjoying positive financial and career-enhancing experiences. Persistence counts and people who can pull this off tend to do so repeatedly. Famous American inventor Thomas Alva Edison was a master of developing ideas into commercial successes and died a rich and powerful man after a long prolific life. He cranked out over 1000 patented ideas, many of which were commercially successful.

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    We have prepared a list of questions you can use as a way to perform a reality check on your idea. It is intended to help you determine whether or not you actually have an idea that is worth something. If you are in a company, you want to know whether this is a career builder or a sure fire way to have the security people escort you from the property and demagnetize your company identification card. No lunch, no watch. If you are an inventor or entrepreneur looking for the million dollar check, you want to know this too so that you or your spouse does not end up having to take a part time job at Wal-Mart to help cover the losses. Anyone with inventoritis should make special note of the following 10 questions that will help you determine if your idea is worth pursuing:

    1. Can you explain your idea to someone within 5 minutes using no more than a single sheet of paper and a crayon as visual aids?
    2. Can you define your marketing strategy in 5 words or less?
    3. Do you know your 6 best potential customers twice as well as they know themselves?
    4. If someone stole your idea today, would you be willing to proceed anyway?
    5. Are you willing to proceed if it costs twice as much and takes three times as long as your presumably reasonable estimates suggest?
    6. Are you willing to sell it door to door if required?
    7. Is your idea media worthy? – Have you asked?
    8. Do you have a network of credible and qualified advisors who can help you through the process and to help assess things at various stages of the process?
    9. If it fails, can you afford the losses?
    10. Do you believe any of the following statements?

      “The idea will sell itself.”
      “Everyone will need this.”
      “There is no competition.”
      “I don’t have a problem letting go.”
      “No one can copy it.”
      “No one has thought of this.”
      “The marketing is no big deal.”
      “‘Insert big company name’ will pay millions for this.”
      “It’s not about the money.”

    If you do believe any of the above statements derived from a list of common lies told by inventors who are the best known group of people trying to turn ideas into money, you likely have inventoritis. If you have inventoritis then stop right now. Do not bug your boss. Do not go to the bank, family or friends to borrow any money. Get the condition treated first or you will fail.

    Assuming your idea passes the above reality check, then before launching into a whole bunch of expensive technical work into turning the idea into reality, do more up front marketing work. If the idea is for a product, find an inexpensive way to prepare some samples or mock-ups then conduct further customer prospect interviews, focus group sessions, surveys, test marketing trials and so on while observing customer behavior and developing the business case for your idea. As the business case develops, apply reasonable resources in a reasonable way toward developing the market in a profitable way. Do this whether you are selling the idea to a single customer for a simple check or moving toward a full blown multi-million dollar product launch. The process should be roughly the same.

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    If your idea fails these above tests, then move on knowing you haven’t bet the bank, risked your job prematurely or unduly stressed your personal relationships. This is not the same thing as giving up on your ideas. It is much better to kill something that doesn’t make sense than to have it kill you.

    Peter Paul Roosen and Tatsuya Nakagawa are co-founders of Atomica Creative Group, a specialized strategic product marketing firm. Through leading edge insight and research, sound strategic planning and effective project management, Atomica helps companies achieve greater success in bringing new products to market and in improving their existing businesses. They have co-authored Overcoming Inventoritis: Happy About® Not flushing Away Your Innovation Dollars now available.

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    Last Updated on February 20, 2019

    How to Get Promoted When You Feel Stuck in Your Current Position

    How to Get Promoted When You Feel Stuck in Your Current Position

    Are you stuck in the same position for too long and don’t really know how to get promoted and advance your career?

    Feeling stuck could be caused by a variety of things:

    • Taking a job for the money
    • Staying with an employer that no longer aligns with your values
    • Realizing that you landed yourself in the wrong career
    • Not feeling valued or feeling underutilized
    • Staying in a role too long out of fear
    • Taking a position without a full understanding of the role

    There are many, many other reasons why you may be feeling this way but let’s focus instead on getting unstuck.

    As in – getting promoted.

    So how to get promoted?

    I’m of the opinion that the best way to get promoted is by showing how you add value to your organization.

    Did you make money, save money, improve a process, or some other amazing thing? How else might you demonstrated added value?

    Let’s dive right in how to get promoted when you feel stuck in your current position:

    1. Be a Mentor

    When I supervised students, I used to warm them – tongue in cheek, of course – about getting really good at their job.

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    “Be careful not to get too good at this, or you’ll never get to do anything else?”

    This was my way of pestering them to take on additional challenges or think outside the box, but there is definitely some reality in doing something so well that your manager doesn’t trust anyone else to do it.

    This can get you stuck.

    Jo Miller of Be Leaderly shares this insight on when your boss thinks you’re too valuable in your current job:[1]

    “Think back to a time when you really enjoyed your current role. I bet there was a time when this job was a stretch for you, and you stepped up to the challenge and performed like a rock star. You became known for doing your job so well that you built up some strong “personal brand” equity, and people know you as the go-to-person for this particular job. That’s what we call “a good problem to have”: you did a really good job of building a positive perception about your suitability for the role, but you may have done “too” good of a job!”

    With this in mind, how do you prove to your employer that you can add value by being promoted?

    In Miller’s insight, she talks about building your personal brand and becoming known for doing a particular job well. So how can you link that work with a position or project that will earn you a promotion?

    Consider leveraging your strengths and skills.

    Let’s say that project you do so well is hiring and training new entry level employees. You have to post the job listing, read and review resumes, schedule interviews, making hiring decisions, and create the training schedules. These tasks require skills such as employee relations, onboarding, human resources software, performance management, teamwork, collaboration, customer service, and project management. That’s a serious amount of skills!

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    Is there anyone else on your team who can perform these skills? Try delegating and training some of your staff or colleagues to learn your job. There are a number of reasons why this is a good idea:

    1. Cross-training helps in any situation in the event that there’s an extended illness and the main performer of a certain task is out for a while.
    2. In becoming a mentor to a supervisee or colleague, you empower then to increase their job skills.
    3. You are already beginning to demonstrate that added value to your employer by encouraging your team or peers to learn your job.

    Now that you’ve trained others to do that work for which you have been so valued, you can see about re-requesting that promotion. Be ready to explain how you have saved the company money, encouraged employees to increase their skills, or reinvented that project of yours.

    2. Work on Your Mindset

    Another reason you may feel stuck in a position is well explained by Ashley Stahl in her Forbes article. Shahl talks about mindset, and says:[2]

    “If you feel stuck at a job you used to love, it’s normally you–not the job–who needs to change. The position you got hired for is probably the exact same one you have now. But if you start to dread the work routine, you’re going to focus on the negatives.”

    In this situation, you should pursue a conversation with your supervisor and share your thoughts and feelings. You can probably get some advice on how to rediscover the aspects of that job you enjoyed, and negotiate either some additional duties or a chance to move up.

    Don’t express frustration. Express a desire for more.

    Share with your supervisor that you want to be challenged and you want to move up. You are seeking more responsibility in order to continue moving the company forward. Focus on how you can do that with the skills you have and will develop with some additional projects and coaching.

    3. Improve Your Soft Skills

    When was the last time you put focus and effort into upping your game with those soft skills? I’m talking about those seemingly intangible things that make you the experienced professional in your specific job skills:

    An article on Levo.com suggests that more than 60 percent of employers look at soft skills when making a hiring decision.[3]

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    You can bone up on these skills and increase your chances of promotion by taking courses or seminars.

    And you don’t necessarily need to request funding from your supervisor, either. There are dozens of online courses being presented by entrepreneurs and authors about these very subjects. Udemy and Creative Live both feature online courses at very reasonable prices. And some come with completion certificates for your portfolio!

    Another way to improve your soft skills is by connecting with an employee at your organization who has the position you are seeking.

    Express your desire to move up in the organization, and ask to shadow that person or see if you can sit in on some of her meetings. Offer to take that individual out for coffee and ask what her secret is! Take copious notes and then immerse yourself in the learning.

    The key here is not to copy your new mentor (think Jennifer Jason Leigh in “Single White Female.” Just kidding). Rather, you want to observe, learn and then adapt according to your strengths. And don’t forget to thank that person for their time.

    4. Develop Your Strategy

    Do you even know specifically WHY you want to be promoted anyway? Do you see a future at this company? Do you have a one year, five year, or ten year plan? How often do you consider your “why” and insure that it aligns with your “what?”

    Sit down and do an old-fashioned Pro and Con list. Two columns:

    Pro’s on one side, Con’s on the other.

    Write down every positive aspect of your current job and then every negative one. Which list is longer? Are there any themes present?

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    Look at your lists and choose the most exciting Pro’s and the most frustrating Con’s. Do those two Pro’s make the Con’s worth it? If you can’t answer that question with a “yes” then getting promoted at your current organization may not be what you really want.

    The two most important days in your life are the day you are born and the day you find out why. –Mark Twain

    Mel Carson writes about this on Goalcast that many other authors and speakers have written about finding your professional purpose.[4]

    Here are some questions to ask yourself:

    • Why is it that you do what you do?
    • What thrills you about your current job role or career?
    • What does a great day look like?
    • What does success look like beyond the paycheck?
    • What does real success feel like for you?
    • How do you want to feel about your impact on the world when you retire?

    These questions would be great to reflect on in a journal or with your supervisor in your next one-on-one meeting. Or, bring it up with one of your Vital Work Friends over coffee.

    See, what you might find is that being stuck is your choice. And you can set yourself on the path of moving up where you are, or moving on to something different.

    Because sometimes the real promotion is finding your life’s purpose. And like Mastercard says, that’s Priceless.

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    Featured photo credit: Razvan Chisu via unsplash.com

    Reference

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