What Do Millionaires and Bad Ideas Have in Common?

By Florence Adrian 20th Nov, 2020

You have been asking yourself if your idea has the potential to be a one million dollar idea? Well, you’ve come to the right place. Read on to learn what millionaires and bad ideas have in common and how to turn a bad idea into a great one.

The Idea

There is no such thing as a bad idea. There is only a starting point of a long and bumpy road to accomplishment. How this journey ends depends entirely on you. Entrepreneurship is not about having ideas. It is about being inspired and open to go where the road takes you. A true entrepreneur will research, learn about the environment and its competitiveness, and what the consumers are looking for and not getting. Some of the greatest inventors in history started with things that at first blush were impractical, but that didn’t stop them from trying new angles. 

“You’re not going to wake up and find something that’s going to change the world without doing a lot of work, investigation, homework, and making a ton of changes before you get to the finish line.” – Fred Cary

The Tools

Luckily, there are tools you can use to turn an average idea into a great one:

  • Check if it has already been done before. A lot of people skip this basic step, which makes them think they have something revolutionary. Anyone can go on Google or Amazon to see if there is already something like their idea out there. It doesn’t mean you can’t still work on it if there is, but your starting point is very different in that case. 
  • Do a research report. At IdeaPros, we do macro and micro research reports. The macro report refers to the overall environment. The micro one deals with what we are going to do about it. Research report writers will provide you with a macro report for anywhere from a few hundred dollars to a few thousand dollars depending on your budget and how granular you want to get. This report will talk about the market, the market size, the rate of growth in that market, who the key competitors are, what they’re doing, what their offerings are, what their pricing is, what their customers are like, what the customers love about the product, and what they don’t like so much. Once you have that, you will need the help of an expert to analyze it properly. 
  • Do a consumer report. A couple of hundred randomly chosen people from your target audience should get you a valid sample. You should ask them about the price they are willing to pay, what they love the most and the least about your product, and what you can do to make it better. Even if you don’t change anything, you can market your product focusing on the feature consumers liked the best. 

The Timing

Remember, you may have a great idea the world is just not ready for yet. There are many examples of companies that had great ideas and failed because no one thought their ideas were great at the time. This is another reason why you should do your market research well. 

“Don’t think about if you have a good idea or not because you don’t matter. You’re not going to buy it. You already have it.” – Fred Cary

Be fluid, flexible, and chaotic because getting from idea to market is like watching sausage being made. It’s an ugly process, but if you do it right that’s some sweet sausage at the other end. 

The “Idea Pros” at IdeaPros have the resources, experience, and tools to help you at this step or any step in the entrepreneurial journey.

We partner with entrepreneurs at any stage and who are ready to invest their ideas. Apply for an interview and let’s explore partnering together.

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