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Last Updated on June 23, 2021 by Tyler Clark
Do You Have a Million Dollar Idea?
Most of us have some sweet business idea swimming around in our heads.
We’ve all come up with a good fix for a product or a new way to streamline a business. Maybe you even have the next brilliant breakthrough tucked away in your head that will change the world!
Ever catch yourself at the dinner table thinking: “If they just did it this way, it would be so much better!”?
If you’ve had these thoughts, one thing’s for sure, you probably have a little bit of business savvy and that’s great!
The creative juices are flowing.
If you haven’t got the next million dollar idea boiling on the burner just yet, that’s ok too and here’s why.
The reason why it’s ok if you don’t have a million dollar idea is because, you may not need one. In fact, your odds of getting wealthy are better if you don’t have a million dollar idea!
I know this sounds crazy but, let’s take a closer look..
While I was a trainer, I witnessed both people with great ideas and those with regular businesses become very successful. These weren’t just my clients. I’ve worked in many different gyms with lots of other trainers and you get to know about their clients a bit too.
And Guess what,
The majority of the time, the million dollar idea wasn’t what made these people rich. In fact, I really can’t recollect a time where I heard of someone inventing the next game changing item. Instead, it was the opposite that rang true over and over. Most of the time, I heard that someone had become wealthy by simply running a good business.
So boring right? Sure, it’s not as sexy but it’s true. The million dollar idea is pretty cool but is a million dollars cool too?
Yes, I think so. Both cool.
Do Millionaires Come Up With Brilliant Business Ideas?
I did train some very creative millionaires over the years and maybe the odd one came up with a great idea here and there for a new business. What I saw so much more of were great ideas for the businesses they already had.
The millionaires came up with great ideas for things inside their businesses. They would see a need for more product of a certain kind or notice two areas would compliment each other so they’d combine them. It was that sort of thing. Not coming up with the new ground breaking idea.
Here’s how it works,
We all love a great heist story. Part of the fun is figuring out how they did it. It makes you think, “how did the robber come up with that great escape plan?”
Well, here’s how they came up with it, they were probably thinking and working on it for awhile.
When you’re working on something closely, you’re going to gain insight. You’ll likely start to learn what’s needed and eventually do what needs to be done. Over time, these thoughts on what to do should help you move forward and ultimately grow your business. In many cases, it’s just a natural course of events.
This is how I would describe what the millionaires were doing. They were innovating and excelling with great ideas for their businesses and to an outsider, it looked brilliant. But to them, it was obvious because they were working on it every day.
Start working on your idea and if you don’t have one, start working on something and the ideas will likely come.
Don’t I Need Some Kind of an Idea to Get Started?
Yes, you do need an idea to get your business started. But it doesn’t have to be a million dollar idea. It’s far more important that you work in an area you want to be in. An area where you want to work on things to the point that they will grow. This will give you insight and “ideas” on your business and how to develop it.
I’m a pretty avid reader of Entrepreneur Magazine. They often feature young entrepreneurs with new businesses. Some of these businesses are new or put a newish spin on old businesses but most of them are starting regular businesses.
These young capitalists are running lawn care companies and making homemade soaps in the bathtub. They’re doing makeup on YouTube or putting out scheduling software for a niche group or two.
The simple fact here is that most of them are starting generic businesses and they’re having just as much success. This means your odds of success are better if you DON’T come up with the next brilliant business idea.
The simple point here is that it’s not the amazing idea that’s making these young merchants successful, it’s them!
They themselves are the secret.
This is good because it means you’ve got what you need (or you can learn it). Remember the heist movie? If you work on it, you’re likely to figure it out.
Your idea is far less important than your knowledge, abilities, drive and passion. These are the mainstays that will make or break you in business. Don’t worry about trying to come up with the next great idea if you don’t have one yet.
But It’s harder Without a Great Business Idea Right?
I personally think it’s harder with the great business idea most of the time.
Maybe if it’s so ground breaking that you can sell it to Nike for millions tomorrow, then yes, it’s easier and go for it.
But in many cases, your great idea may run into the following roadblocks:
- First, it may be an idea but you’re not interested in the field it’s in.
- Second, if it’s really a great idea, you’re at a high risk of it being stolen and developed by competitors.
- Third, is it more than just an idea? An idea is not enough.
Are You Interested?
It’s challenging to force yourself to work in an industry that you don’t enjoy. Your great idea may take you down that path kicking and screaming the whole way. This may cause you more stress and possibly hurt your progress. On the other hand, if you’re in an area that you love, you can excel even without a great idea. We’ve already proven it’s possible and that the odds are likely more in your favor with this route anyway.
Will they take Your Idea?
Being good at coming up with great ideas is one thing, keeping them from competitors and building them to scale is quite another. Implementing and growing a great idea requires a very specific set of skills. Even if you’re a great business person, you may not be great at selling you idea to the masses.
Can you stop someone from taking or copying your idea? Do you have the means and know how to protect it? How easy would it be to make something close to your idea? These are all questions you may face when trying to develop your new project.
Is it More than Just an Idea?
Maybe the idea is enough. There are no doubt situations like that out there. But the perfect business is so much more than just an idea. Ever heard of Starbucks?
What’s the perfect business for you? Instead of the perfect business idea, what’s the entirety of the perfect business that you want to run. Take on the whole picture. That’s what I do.
I’m good at personal training but it’s not big enough for me. I have lots of ideas for the business, none of which are the perfect business for me so the ideas don’t matter.
Oh well, to bad for the ideas but not too bad for me.
I know well enough that the right business for me is far more important than just the right business idea.
Final Reps
Whether or not you can do something with your idea, good job coming up with them in the first place.
This shows that you have a creative business mind. That’s special!
If you’re not coming up with ideas, that’s all good. It probably means you have other skillsets in business which may prove more valuable in the long run anyway.
The good news is that with or without the million dollar idea, you can undoubtedly become successful.
Know your tools, passions and energy are far more paramount. Use them to start and cultivate your enterprise. Also know you are at the center of your business. That’s maybe the most important million dollar idea of all.
Now can someone tell me how to make soap in a bathtub?
Best of Wealth,
Tyler
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