If something that fascinates almost all of us, that’s an idea of doing something BIG. Big companies like Apple, super successful websites like Facebook or Twitter, and bestselling books like The 4-Hour Workweek all have one thing in common: They begin with a million dollar idea.
The BIG question is: How did their creators come up with these ideas? Did they sit around waiting for an inspirational flash or a mystic spell of luck?
The answer is:Â Spontaneity and luck had little to do with it.
In this article, we’ll take a brief look at 10 tried and true techniques that some of the brightest and most successful entrepreneurs have used to generate million dollar ideas.
Consume information consciously – Some might think it’s wasteful that people spend so much time reading books and blogs. It’s not. It’s what gives them an edge. When you read things and interact with people, take off your consumer cap and put on your creator cap. There are million dollar ideas (or at least some really good ideas) all around you waiting for discovery.
Focus on topics and ideas with large markets – A million dollars is not a lot of money in the grand scheme of things, but it certainly is if you’re trying to earn it in a small market with limited opportunities. ‘Big bucks’ result from high demand in a substantial market.
Figure out what works well in one market and tailor it to another – Find an idea that’s already proven and think about how it could be applied in a different context. Take a formula that works in one niche and apply it to a new niche. Or take the best aspects of one product and combine it with another product.
Put the pieces together – YouTube’s creators didn’t invent Flash. They didn’t invent modern digital cameras that can record computer-ready mpeg video. And they didn’t invent broadband Internet connections, cheap web hosting, embedded website content, or one-click website uploading technologies either. What they invented is a technology that takes all of these existing pieces and combines them into an online video sharing portal.
Spin a new twist on a previous breakthrough – A new twist on an old idea can still be a million dollar idea. Take Facebook for instance, it wasn’t the first big social networking site, but Mark Zuckerberg and company added twists and features the others did not grasp. How can you take an existing million dollar idea, or even a common idea, and give it a new twist, a new direction and journey?
Look for problems and solve them – There are many real problems in this world. Like a business owner wondering why his profits are sinking. Like a golfer worrying about his slice. Like a young man who is growing bald at 26. Like a mom whose child is suffering with allergies. Like a new dog owner who’s unsure what to do about her puppy barking all night. Solving problems like these can make millions.
Design new products that support other successful products – How much money do you think iPod, iPhone and iPad case manufacturers are making? Millions? Billions? What about companies that jumped into the market of manufacturing LCD and Plasma TV mounting brackets eight years ago? You get the idea.
Exploit the resources and skills you already have – It’s not as much about having the right resources as it is about exploiting your resources right now. Stevie Wonder couldn’t see, so he exploited his sense of hearing into a passion for music, and he now has 25 Grammy Awards to prove it. If you pursue a new venture that involves leveraging your resources and skills, you’re ahead of the game.
Be enthusiastic about what you’re doing – Enthusiasm is the lifeblood of creativity. Big ideas blossom when you’re passionate and enthusiastic about what you’re doing. It’s nearly impossible to pioneer ground breaking solutions in a domain where there is not passionate intensity. But when your mind is stimulated by a fundamental curiosity and interest in the subject matter, your creativity will run rampant and your motivation will skyrocket.
Actually do something with your ideas! – A million dollar idea is simply a good idea given the chance to grow. On paper, Google and Facebook sprung from fairly ordinary ideas: ‘a search engine that’s accurate’ and ‘a website where friends connect with each other.’ Remember, neither of these companies were the first ones in their market. Their ideas weren’t groundbreaking at the time. Many people had the same ideas even before Google and Facebook existed. But Google’s and Facebook’s creators did something with their ideas. They worked hard and one-upped the competition. Their initial success was in their execution. Remember, it’s not the ideas themselves that count, it’s what you do with them. With the right execution, a simple idea can evolve into a million dollar idea.
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