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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 June 26, 2020

    How to Stay Motivated and Reach Your Big Goals in Life

    How to Stay Motivated and Reach Your Big Goals in Life

    It is hardly a secret that the key to successfully accomplishing one goal after another is staying motivated. There are, of course, tasks which successful people may not like at all, yet they find motivation to complete them because they recognize how each particular task serves a greater goal.

    So how to stay motivated most of the time? Here are 5 simple yet effective ways on how to be motivated and get what you want:

    1. Find Your Good Reasons

    Anything you do, no matter how simple, has a number of good reasons behind it.

    You may not be able to find good reasons to do some tasks at first but, if you take just a few moments to analyze them, you will easily spot something good. We also have many tasks which don’t need any reasoning at all – we’ve been doing them for so long that they feel natural.

    If you’re ever stuck with some tasks you hate and there seems to be no motivation to complete it whatsoever, here’s what you need to do: find your good reasons.

    Even when you set goals, there needs to be reasons behind these goals. They may not be obvious, but stay at it until you see some, as this will bring your motivation back and will help you finish the task.

    Some ideas for what a good reason can be:

    • A material reward – quite often, you will get paid for doing something you normally don’t like doing at all.
    • Personal gain – you will learn something new or will perhaps improve yourself in a certain way.
    • A feeling of accomplishment – at least you’ll be able to walk away feeling great about finding the motivation and courage to complete such a tedious task.
    • A step closer to your bigger goal – even the biggest accomplishments in history have started small and relied on simple and far less pleasant tasks than you might be working on. Every task you complete brings you closer to the ultimate goal, and acknowledging this always feels good.

    Here’re 9 Types of Motivation That Make It Possible to Reach Your Dreams.

    2. Make It Fun

    When it comes to motivation, attitude is everything. Different people may have completely opposite feelings towards the same task: some will hate it, others will love it.

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    Why do you think this happens? It’s simple: some of us find ways to make any task interesting and fun to do!

    Take sports for example. Visiting your local gym daily for a half-an-hour workout session sounds rather boring to some. Yet many others love the idea!

    They like exercising not only because they recognize the good reasons behind it, but simply because it’s fun! At certain time of their daily schedule, they find going to gym to be the best thing to do, simply because nothing else will fit their time and lifestyle so perfectly.

    Depending on how you look at it, you can have fun doing just about anything! Just look for ways of having fun, and you’ll find them!

    A simple approach is to start working on any task by asking yourself a few questions:

    • How can I enjoy this task?
    • What can I do to make this task fun for myself and possibly for others?
    • How can I make this work the best part of my day?

    As long as you learn to have the definite expectation of any task being potentially enjoyable, you will start to feel motivated.

    Some of you will probably think of a thing or two which are valid exceptions from this statement, like something you always hate doing no matter how hard you try making it fun. You’re probably right, and that’s why I don’t claim everything to be fun.

    However, most tasks have a great potential of being enjoyable, and so looking for ways to have fun while working is definitely a good habit to acquire.

    3. Change Your Approach And Don’t Give Up

    When something doesn’t feel right, it’s always a good time to take a moment and look for a different approach for the task.

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    You may be doing everything correctly and most efficiently, but such approach isn’t necessarily the most motivating one. Quite often, you can find a number of obvious tweaks to your current approach which will both change your experience and open up new possibilities.

    That’s why saying “one way or another” is so common — if you really want to accomplish your goal, there is always a way; and most likely, there’s more than one way.

    If a certain approach doesn’t work for you, find another one, and keep trying until you find the one which will both keep you motivated and get you the desired results.

    Some people think that trying a different approach means giving up. They take pride in being really stubborn and refusing to try any other options on their way towards the goal.

    My opinion on this is that the power of focus is great, but you should be focusing on your goal, and not limiting your options by focusing on just one way to accomplish it it.

    4. Recognize Your Progress

    Everything you may be working on can be easily split into smaller parts and stages. For most goals, it is quite natural to split the process of accomplishing them into smaller tasks and milestones. There are a few reasons behind doing this, and one of them is tracking your progress.

    We track our progress automatically with most activities. But to stay motivated, you need to recognize your progress, not merely track it.

    Here’s how tracking and recognizing your progress is different:

    Tracking is merely taking a note of having reached a certain stage in your process. Recognizing is taking time to look at a bigger picture and realize where exactly you are, and how much more you have left to do.

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    For example, if you’re going to read a book, always start by going through the contents table. Getting familiar with chapter titles and memorizing their total number will make it easier for you to recognize your progress as you read. Confirming how many pages your book has before starting it is also a good idea.

    You see, reading any book you will be automatically looking at page numbers and chapter titles, but without knowing the total number of pages, this information will have little meaning.

    Somehow, it is human nature to always want things to happen in short term or even at once. Even though we split complex tasks into simpler actions, we don’t quite feel the satisfaction until all is done and the task is fully complete.

    For many scenarios though, the task is so vast that such approach will drain all the motivation out of you long before you have a chance to reach your goal. That’s why it is important to always take small steps and recognize the positive different and progress made. This is how your motivation can sustain in long term.

    5. Reward Yourself

    This is a trick everyone likes: rewarding yourself is always pleasant. This is also one of the easiest and at the same time most powerful ways to stay motivated!

    Feeling down about doing something? Dread the idea of working on some task? Hate the whole idea of working? You’re not alone.

    Right from the beginning, agree on some deliverables which will justify yourself getting rewarded. As soon as you get one of the agreed results, take time to reward yourself in some way.

    For some tasks, just taking a break and relaxing for a few minutes will do.

    For others, you may want to get a fresh cup of coffee and even treat yourself a dessert.

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    For even bigger and more demanding tasks, reward yourself by doing something even more enjoyable, like going to a cinema or taking a trip to some place nice, or even buying yourself something.

    Your progress may not seem to others like anything worth celebrating but, take time and do it anyway! It is your task and your reward, so any ways to stay motivated are good.

    The more you reward yourself for the honestly made progress, the more motivated you will feel about reaching new milestones, thus finally accomplishing your goal.

    Mix and Match for the Best Effect!

    Now that you have these five ways of staying motivated, it is a good moment to give you the key to them all: mix and match!

    Pick one of the techniques and apply it to your situation. If it doesn’t work, or if you simply want to get more motivated, try another technique right away. Mix different approaches and match them to your task for the best results.

    Just think about it: Finding good reasons to work on your task is bound to helping you feel better; and identifying ways to make it fun will help you enjoy the task even more.

    Or, if you plan a few points for easier tracking of your progress and on top of that, agree on rewarding yourself as you go; this will make you feel most motivated about anything you have to work through.

    More Tips to Boost Your Motivation

    Featured photo credit: Lucas Lenzi via unsplash.com

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