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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 November 19, 2020

    The Gentle Art of Saying No for a Less Stressful Life

    The Gentle Art of Saying No for a Less Stressful Life

    It’s a simple fact that you can never be productive if you take on too many commitments—you simply spread yourself too thin and will not be able to get anything done, at least not well or on time. That’s why the art of saying no can be a game changer for productivity.

    Requests for your time are coming in all the time—from family members, friends, children, coworkers, etc. To stay productive, minimize stress, and avoid wasting time, you have to learn the gentle art of saying no—an art that many people have problems with.

    What’s so hard about saying no? Well, to start with, it can hurt, anger, or disappoint the person you’re saying “no” to, and that’s not usually a fun task. Second, if you hope to work with that person in the future, you’ll want to continue to have a good relationship with that person, and saying “no” in the wrong way can jeopardize that.

    However, it doesn’t have to be difficult or hard on your relationship. Here’s how to stop people pleasing and master the gentle art of saying no.

    1. Value Your Time

    Know your commitments and how valuable your precious time is. Then, when someone asks you to dedicate some of your time to a new commitment, you’ll know that you simply cannot do it.

    Be honest when you tell them that: “I just can’t right now. My plate is overloaded as it is.” They’ll sympathize as they likely have a lot going on as well, and they’ll respect your openness, honesty, and attention to self-care.

    2. Know Your Priorities

    Even if you do have some extra time (which, for many of us, is rare), is this new commitment really the way you want to spend that time?

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    For example, if my wife asks me to pick up the kids from school a couple of extra days a week, I’ll likely try to make time for it as my family is my highest priority. However, if a coworker asks for help on some extra projects, I know that will mean less time with my wife and kids, so I will be more likely to say no. 

    However, for others, work is their priority, and helping on extra projects could mean the chance for a promotion or raise. It’s all about knowing your long-term goals and what you’ll need to say yes and no to in order to get there. 

    You can learn more about how to set your priorities here.

    3. Practice Saying No

    Practice makes perfect. Saying “no” as often as you can is a great way to get better at it and more comfortable with saying the word[1].

    Sometimes, repeating the word is the only way to get a message through to extremely persistent people. When they keep insisting, just keep saying no. Eventually, they’ll get the message.

    4. Don’t Apologize

    A common way to start out is “I’m sorry, but…” as people think that it sounds more polite. While politeness is important when you learn to say no, apologizing just makes it sound weaker. You need to be firm and unapologetic about guarding your time.

    When you say no, realize that you have nothing to feel bad about. You have every right to ensure you have time for the things that are important to you. 

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    5. Stop Being Nice

    Again, it’s important to be polite, but being nice by saying yes all the time only hurts you. When you make it easy for people to grab your time (or money), they will continue to do it. However, if you erect a wall or set boundaries, they will look for easier targets.

    Show them that your time is well guarded by being firm and turning down as many requests (that are not on your top priority list) as possible.

    6. Say No to Your Boss

    Sometimes we feel that we have to say yes to our boss—they’re our boss, right? And if we start saying no, then we look like we can’t handle the work—at least, that’s the common reasoning[2].

    In fact, it’s the opposite—explain to your boss that by taking on too many commitments, you are weakening your productivity and jeopardizing your existing commitments. If your boss insists that you take on the project, go over your project or task list and ask him/her to re-prioritize, explaining that there’s only so much you can take on at one time.

    7. Pre-Empting

    It’s often much easier to pre-empt requests than to say “no” to them after the request has been made. If you know that requests are likely to be made, perhaps in a meeting, just say to everyone as soon as you come into the meeting,

    “Look, everyone, just to let you know, my week is booked full with some urgent projects, and I won’t be able to take on any new requests.”

    This, of course, takes a great deal of awareness that you’ll likely only have after having worked in one place or been friends with someone for a while. However, once you get the hang of it, it can be incredibly useful.

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    8. Get Back to You

    Instead of providing an answer then and there, it’s often better to tell the person you’ll give their request some thought and get back to them. This will allow you to give it some consideration, and check your commitments and priorities. Then, if you can’t take on the request, try saying no this way:

    “After giving this some thought, and checking my commitments, I won’t be able to accommodate the request at this time.”

    At least you gave it some consideration.

    9. Maybe Later

    If this is an option that you’d like to keep open, instead of just shutting the door on the person, it’s often better to just say,

    “This sounds like an interesting opportunity, but I just don’t have the time at the moment. Perhaps you could check back with me in [give a time frame].”

    Next time, when they check back with you, you might have some free time on your hands. If you need to continue saying no, here are some other ways to do so[3]:

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    Saying no the healthy way

      10. It’s Not You, It’s Me

      This classic dating rejection can work in other situations. Don’t be insincere about it, though. Often, the person or project is a good one, but it’s just not right for you, at least not at this time.

      Simply say so—you can compliment the idea, the project, the person, the organization—but say that it’s not the right fit, or it’s not what you’re looking for at this time. Only say this if it’s true, as people can sense insincerity.

      The Bottom Line

      Saying no isn’t an easy thing to do, but once you master it, you’ll find that you’re less stressed and more focused on the things that really matter to you. There’s no need to feel guilty about organizing your personal life and mental health in a way that feels good to you.

      Remember that when you learn to say no, isn’t about being mean. It’s about taking care of your time, energy, and sanity. Once you learn how to say no in a good way, people will respect your willingness to practice self-care and prioritization. 

      More Tips for a Less Stressful Life

      Featured photo credit: Kyle Glenn via unsplash.com

      Reference

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