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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 26, 2019

    How to Motivate Yourself: 13 Simple Ways to Try Now

    How to Motivate Yourself: 13 Simple Ways to Try Now

    Who needs Tony Robbins when you can motivate yourself? Overcoming the emotional hurdle to get stuff done when you’d rather sit on the couch isn’t always easy. But unless calling in sick and waking up at noon have no consequences for you, it’s often a must.

    For those of you who never procrastinate, distract yourself or drag your feet when you should be doing something important, well done so far! But for the rest of you, it’s good to have a library of motivational boosters to move along.

    Despite your best efforts, passion, habits and a flow-producing environment can fail. In that case, it’s time to find whatever emotional pump-up you can use to get started.

    Whether you’re starting a business, trying to los weight or breaking a bad habit, you’ll learn how to motivate yourself with different techniques here:

    1. Go Back to “Why”

    Focusing on a dull task doesn’t make it any more attractive. Zooming out and asking yourself why you are bothering in the first place will make it more appealing.

    If you can’t figure out why, then there’s a good chance you shouldn’t bother with it in the first place.

    2. Go for Five

    Start working for five minutes. Often that little push will be enough to get you going.

    3. Move Around

    Get your body moving as you would if you were extremely motivated to do something. This ‘faking it’ approach to motivation may seem silly or crude but it works.

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    4. Find the Next Step

    If it seems impossible to work on a project for you, you can try to focus on the next immediate step.

    Fighting an amorphous blob of work will only cause procrastination. Chunk it up so that it becomes manageable. Learn how to stop procrastinating in this guide.

    5. Find Your Itch

    What is keeping you from working? Don’t let the itch continue without isolating it and removing the problem.

    Are you unmotivated because you feel overwhelmed, tired, afraid, bored, restless or angry? Maybe it is because you aren’t sure you have time or delegated tasks haven’t been finished yet?

    6. Deconstruct Your Fears

    I’m sure you don’t have a phobia about getting stuff done. But at the same time, hidden fears or anxieties can keep you from getting real work completed.

    Isolate the unknowns and make yourself confident, you can handle the worst case scenario.

    7. Get a Partner

    Find someone who will motivate you when you’re feeling lazy. I have a friend I go to the gym with. Besides spotting weight, having a friend can help motivate you to work hard when you’d normally quit.

    8. Kickstart Your Day

    Plan out tomorrow. Get up early and place all the important things early in the morning. Building momentum early in the day can usually carry you forward far later.

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    Having a morning routine is a good idea for you to stay motivated!

    9. Read Books

    Read not just self-help or motivational books but any book that has new ideas. New ideas get your mental gears turning and can build motivation. Here’re more reasons to read every day.

    Learning new ideas puts your brain in motion so it requires less time to speed up to your tasks.

    10. Get the Right Tools

    Your environment can have a profound effect on your enthusiasm. Computers that are too slow, inefficient applications or a vehicle that breaks down constantly can kill your motivation.

    Building motivation is almost as important as avoiding the traps that can stop it.

    11. Be Careful with the Small Problems

    The worst killer of motivation is facing a seemingly small problem that creates endless frustration.

    Reframe little problems that must be fixed as bigger ones or they will kill any drive you have.

    12. Develop a Mantra

    Find a few statements that focus your mind and motivate you. It doesn’t matter whether they are pulled from a tacky motivational poster or just a few words to tell you what to do.

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    If you aren’t sure where to start, a good personal mantra is “Do it now!” You can find more here too: 7 Empowering Affirmations That Will Help You Be Mentally Strong

    13. Build on Success

    Success creates success. When you’ve just won, it is easy to feel motivated about almost anything. Emotions tend not to be situation specific, so a small win, whether it is a compliment from a colleague or finishing two thirds of your tasks before noon can turn you into a juggernaut.

    There are many ways you can place small successes earlier on to spur motivation later. Structuring your to-do lists, placing straightforward tasks such as exercising early in the day or giving yourself an affirmation can do the trick.

    Bonus: Staying Motivated Forever

    The best way to motivate yourself is to organize your life so you don’t have to. If work is a constant battle for you, perhaps it is time to start thinking about a new job. The idea is that explicit motivational techniques should be a backup, not your regular routine.

    Here are some other things to consider making work flow more naturally:

    Passion

    Do things you have a passion for. We all have to do things we don’t want to. But if life has become a chronic source of dull chores, you’ve got a big problem that needs fixing.

    Not sure what your passion is to get you motivated? This will help you: How to Get Motivated and Be Happy Every Day When You Wake Up

    Habits

    You can’t put everything on autopilot. I’ve found putting a few core habits in place creates a structure for the day.

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    Waking up at the same time, working at the same times and having a similar productive routine makes it easier to do the next day.

    This guide will be useful for you if you’re looking to build good habits: Understand Your Habits to Control Them 100%

    Flow

    Flow is the state where your mind is completely focused on the task at hand. While there are many factors that go into producing this state, having the right challenge level is a big part.

    Find ways to tweak your tasks so they hover in that sweet spot between boredom and maddening frustration.

    Easily distracted and hard to focus? Here’s your solution.

    Final Thoughts

    With all these tips I’ve shared with you, now you know what to do when you’re feeling unmotivated.

    Find your passion and develop a positive mantra so when the next time negativity hits you again, you know how to stay positive and motivated!

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    Featured photo credit: Pexels via pexels.com

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