Advertising
Advertising

How to Not Go Broke on Your Million Dollar Idea

How to Not Go Broke on Your Million Dollar Idea
Button

    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.

    Advertising

    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.

    Advertising

    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.

    Advertising

    More by this author

    Have You Ever Wished Your Kids Will Beg To Do Their Chores? How to Plan Your Life Goals and Actually Achieve Them in 7 Simple Steps 20 Things People Regret the Most Before They Die Overcoming The Pain Of A Breakup: 3 Suggestions Based On Science Quit Your Job If You Don’t Like It, No Matter What

    Trending in Featured

    1 What Is Speed Reading and How to Successfully Learn It 2 The Science of Setting Goals (And Its Effect on Your Brain) 3 How to Stop Procrastinating: 11 Practical Ways for Procrastinators 4 How to Become an Early Riser and Stay Energetic 5 Becoming Self-Taught (The How-To Guide)

    Read Next

    Advertising
    Advertising
    Advertising

    Last Updated on February 13, 2020

    What Is Speed Reading and How to Successfully Learn It

    What Is Speed Reading and How to Successfully Learn It

    Too much to read, too little time! Don’t you wish you could read faster without compromising your knowledge intake? This is where a valuable learning technique comes to the rescue: speed reading.

    Speed reading is the top skill to learn in 2020. Read on to find out all about this amazing technique!

    What Is Speed Reading?

    On average, an adult can read somewhere between 200 to 300 words per minute. With speed reading, you can read around 1500 words per minute.[1] Yes, that sounds impossible, but it is true.

    In order to understand how this skill works, you first need to know how the reading process works inside a human’s brain.

    The Reading Process

    The first step is for the eyes to look at a word. This “fixation” on every word takes around 0.25 seconds.

    Next, the eye moves on to the following word. It takes 0.1 seconds for the brain to move from one word to the next. This is called “saccade.”

    Usually, a person reads 4 to 5 words or a sentence at once. After all the fixations and saccades, the brain goes over the entire phrase again in order to process the meaning. This takes around half a second.

    All in all, this allows the average person to read 200 to 300 words in a minute.

    Speeding up the Process

    The concept of speed reading is to speed up this process at least 5 times. Since the saccade period cannot be shortened any further, speed reading emphasizes quicker fixations.

    To accomplish this, scientists recommend that the reader skips the subvocalization: when the readers actually say the word in their mind, even when reading silently.

    Basically, speed reading is the technique of only seeing the words instead of speaking them silently.

    Do not confuse this with skimming. When a reader skims through a text, they skip the parts that their brain considers to be unnecessary.

    You may skip important information in this process. Moreover, skimming does not allow the brain to retain what has been read.

    Why Speed Read?

    Speed reading is not just quick, but also effective. This skill saves a lot of of time without sacrificing information.

    Advertising

    Also, it has been proven to improve memory. The brain’s performance improves during speed reading, which allows the reader to remember more information than before.

    Since speed reading stabilizes the brain, the information is processed faster and more efficiently.

    Believe it or not, this technique leads to improved focus, too. As the brain receives a lot of information during speed reading, there is far less chance of distraction. The brain focuses solely on the job at hand.

    Since the brain is, after all, a muscle, the process of speed reading acts as an exercise. Just like the rest of your muscles, your brain needs exercise to grow stronger, too.

    A focused brain means improved logical thinking. As your brain gets used to receiving and organizing so much information so quickly, your thinking process will become faster.

    As soon as a problem is thrown at you, your brain will quickly put two and two together. You will be able to retrieve stored information, figure out correlations, and come up with new solutions, all within seconds!

    Still not convinced? Read 10 Reasons Why You Should Learn Speed Reading

    Greater Benefits

    With a healthier brain, you can expect better things in other parts of your life, too. A boost in self-esteem is just one of them.

    As you begin to understand information at a faster pace, you will also begin to figure out more opportunities all around you.

    With the ability to deeply understand information in a shorter period of time, your confidence levels will quickly grow higher.

    Moreover, all the aforementioned benefits will relieve you of stress. You will manage your readings in lesser time, your brain will be healthier, and you will feel so much better about yourself.

    With all these advantages, your emotional well-being will be healthier than ever. You’ll feel less stress since your brain will learn to tackle problems efficiently. Speed reading will lead to a relaxed, tension-free lifestyle!

    How to Learn to Speed Read

    Speed reading is a superpower. Fortunately, unlike other superpowers, this one can be learned!

    There are different techniques that can be used to master this skill. Opt for the one that best suits your learning style.

    Advertising

    1. The Pointer Method

    The person who is credited for popularizing speed reading, Evelyn Wood, came up with the pointer method. It is a simple technique in which the reader uses their index finger to slide across the text that they’re reading.

    As the finger moves, the brain coherently moves along with it. It is an effective technique to keep the eyes focused where the finger goes without causing any distraction.

    Readers have a tendency to back-skip. The pointer method prevents this from happening, thereby saving at least half the reading time.

    2. The Scanning Method

    In this technique, the reader’s eyes move along one part of the page only. This can be the left or right side of the text but is usually the center since that is the most convenient.

    Instead of pacing through the entire text from left to right, the vision shifts from top to bottom.

    This method involves fixation on keywords such as names, figures, or other specific terms. By doing so, the saccade time is minimized.

    3. Perceptual Expansion

    Generally, a reader focuses on one word at a time. This technique, on the other hand, encourages the brain to read a chunk of words together. In doing so, this method increases the reader’s peripheral vision.

    Here’s the thing: even though the fixation time remains the same with perceptual expansion, the number of words that the eyes fixate on increases.

    So basically, the brain receives 5 times more information within the same amount of time.

    This technique is the hardest to master and takes the most time to learn. You’ll need help from speed reading tools in order to practice the perceptual expansion method.

    However, once you master it, this technique will offer you the fastest reading pace with the maximum knowledge intake.

    The Best Speed Reading Apps

    The easiest tool to aid any process in any part of life these days is your smartphone.

    You can use mobile applications to learn speed reading on the go. It has been proven that regularly practicing speed reading is the fastest way to learn this skill. [2]

    Here are a few great options to look into:

    Advertising

    1. Reedy

    If you own an Android smartphone, you can download Reedy to your mobile. Otherwise, get the chrome extension on your laptop to enjoy speed reading with Reedy.

    This app trains readers to read faster by displaying words one by one on the screen. Instead of having to go through lines or long texts, Reedy prepares the user to focus on one word at a time.

    Although this isn’t an effective method to learn speed reading long texts, it is a great way to start.

    Once your brain gets used to the idea, you can shift to another app to train speed reading sentences or longer texts.

    2. ReadMe!

    Whether you’re an android or iOS user, you can take advantage of the ReadMe! application. This app even comes with some e-book options to practice speed reading on.

    Start by choosing your desired font size, color, layout, etc. Other than that, there are different reading modes for the user to choose from.

    If you want to practice reading sentence by sentence or in short paragraphs, you can choose the focused reading mode.

    The beeline reader mode changes the color of the text to guide the eye to read from the beginning to the end at a certain pace.

    Lastly, there is the spritz mode in which the app focuses on chunks of words at once. This controls the reader’s peripheral vision. However, this mode is not fully available in the free version of the app.

    3. Spreeder

    Spreeder is available on both iOS and Android. However, users may also gain benefits from Spreeder’s website. This application lets the reader paste in any text that they would like to speed read.

    Starting off at a rather low speed, the app flashes words one by one. Gradually, as the user becomes more comfortable, the speed increases.

    Slowly, the user is trained to speed read without having to skip any words.

    This app is different from the rest because it tracks the user’s reading improvements, recording the overall reading time and speed.

    The progress and improvement are tracked in order to motivate the user to perform even better.

    Advertising

    Adjustable settings, such as the speed of the text, background color, etc. are in the control of the user.

    The Controversy Surrounding Speed Reading

    Truthfully, speed reading does sound too good to be true. It’s hard to believe that it is humanly possible to attain such a fast pace in reading without compromising the quality of information you receive.

    Perhaps as a result, there are people who do not trust the process of speed reading. They believe that when you read through a text at such a high speed, you cannot comprehend the information successfully.

    According to these people, your brain is unable to process information at the speed that you’re reading, and so, they regard speed reading as problematic.

    It is true that speed reading will be of no use if you do not understand the text you’re reading, no matter how quickly you did it.

    Similarly, if you were to read slowly and still not retain or understand the information you read, that would be useless, too.

    However, there a few factors to consider here. When reading at a normal pace, there is enough time in between every step of the process for the brain to get distracted.

    Conversely, speed reading leaves behind no time for the brain to focus on something else. It is unlike skimming. No part of the text is skipped, which means that the brain receives every single bit of information.

    Conclusion

    Keeping all of this in mind, speed reading cannot be labeled a hoax or a failure. Science has backed up this technique, and numerous readers have been using this skill to improve their learning ability.

    At the end of the day, it is your decision whether or not you want to trust this process.

    However, if you decide to take advantage of the opportunities speed reading provides, you will find a world of possibilities opening up to you.

    We live in a fast-paced world. Consuming information faster will help you keep up with that pace and find further success.

    Speed Read Like a Pro!

    Featured photo credit: Blaz Photo via unsplash.com

    Reference

    Read Next