Partner Article

Forget about pitching me your big Million Dollar Idea - why Ideas are worthless

Please enough already, since The Millionaire Dropout hit the bookshops and made The New York Times Bestseller list I have had a stream of emails which go along the lines of “Vince I have this great big million dollar Idea, no one has done this, if you finance it, we will split the profits, I cannot tell you more now its top secret so I need you to sign a Non- Disclosure Agreement (NDA). I know you get lots of offers but I assure you this is different”.

Thanks but no thanks, the harsh realities are that an NDA will do little to protect you in the real world and your million dollar idea is just that an idea, ideas are worthless it’s the execution that is the key in other words do something.

A so so idea well executed will make far more than a brilliant world changing idea. Whilst I don’t want to crush innovation the idea that you have to have to a new big idea to make money is false, many times you’re better off looking for a business that is already doing well and copy that idea but do something differently and better.

The harsh reality is you will likely not come up with one killer idea or business that will make you your fortune, it is more likely to be a series of businesses and the truth is what you start out thinking the business will be and what it really ends up as are totally different.

Sometime a by-product of what your initial business plan was will be where the money is made.

When people send me a 3 to 5 year business plans with stunning excel spreadsheets where all the numbers add up neatly and go up in a straight line I honestly think they are taking me for a fool!

Your business will never follow that nice steady upward slope none of my businesses ever have.

Rather than chase your big idea which needs financing, look at what you can start today (execution) in a small way and build up, truth is some of the most successful businesses have been set up on small amounts of capital form the kitchen table, and some disasters businesses are ones that’s had elaborate business plans, advisors, dream team board of directors and large amounts of financing.

Don’t forget the main focus of your business should be on the marketing and promotion. I don’t hear the word “salesman or saleswomen” very often these days it’s now all marketing and customer retention and being a sales person is a dirty business - well truth is the best skill you can learn and develop right now is how to sell, how to promote and engage with what your customer wants. I don’t care if its print, web ,phone or face to face it’s all about sales, getting your message across and asking for the sale.

The Secret to a Million Dollar business: Give other people what they want, and once you do, you’ll get what you want, as I wrote in my book the Millionaire Dropout your customer only cares about WII FM, no not a radio station What’s In It For Me.

This was posted in Bdaily's Members' News section by Vince Stanzione .