Tweet

I've Got An Idea

Written by: Karen E. Klein

Article Overview: What do you do with a great business idea? Forget about it until someone else runs with it and hits it big? Or do you have the commitment, time and energy to really do something with it?

I've Got An Idea

There’s a world of blood, sweat and tears that separates a great b­­usiness idea from a great business. That’s why - with few exceptions - people don’t buy ideas. After all, ideas are a dime a dozen, right?

So, what can you do with your great idea? If you’re like most people, you’ll forget about it until the day you see that someone else has turned it into a reality. If you’re not like most people, you’ll become obsessed with the idea to the point where you know you have to find a way to add value to the idea, whether that means patenting it, licensing it or starting a company to market it.

If you’re in the latter category, put together a plan to go with your idea. It doesn’t have to be a full business plan. Start with a proof of concept that explains what your idea is, how it will generate revenue, what kinds of operating expenses you’ll incur producing it or pursuing it and what your competition will be. What unmet need will your product or service fulfill? Why will customers buy it instead of buying your competitors’ products?

If you feel that your idea is a can't miss, pursue intellectual property protection for it and share it with a few trusted colleagues – preferably people already in business for themselves. Ask them to sign “non-disclosure” agreements before you lay out the idea.

Don’t get sucked in by phony inventor or patenting schemes that fleece naïve would-be entrepreneurs for thousands every year by flattery and flat-out fraud.

If you really have an innovative, promising business idea, and you’re driven to pursue it, you’ll be able to prove the concept, protect the idea legally and either license it to an existing business or round up the funding that will allow you to take the idea to market yourself, perhaps with a more knowledgeable business partner.

Related Articles
  The Danger Zone - Medical Sales Training
  How to protect your great business idea
  Innovation - it's easier than you think
  Seen Your Idea Lately?
  Non-Disclosure and Confidentiality

Article Tags: blood sweat and tears, business idea, business partner, business plan, colleagues, dime a dozen, disclosure, exceptions, flattery, fraud, intellectual property protection, inventor, latter category, operating expenses, promising business, proof of concept, rsquo, sweat and tears, unmet need



Related Forum Posts
Re: 15 Ways You Can Look Amazing on LinkedIn - Great Idea Trent, We can all help each other, regards, Mal.
Magnetic Ads - Biz Idea - Attn Young Entrepreneurs looking for a Business Idea. This came to me while sitting in Traffic for about 1 hour while looking and laughing at ridiculous bumper stickers. Note: this idea is rough but will help get the idea-momentum going. Idea: Sell advertising on the back of cars in the form of reusable magnetic signs (about the length of 2 or 3 bumper stickers) Most people shouldn't have reservations to participating if they get a cut of the monthly fee you charge the company advertising and it doesn't hurt their car. An example of a Magnetic Ad: Geico: I saved 15% on my Car Insurance. Call 1-800-U-SAVE-15 You don't have to pay the cost associated with creating the Magnetic Ad because you will advise the company that this belongs to them and you can get them in touch with someone who created reusable magnets. So your basically managing two sides: 1. Company's that want to advertise 2. People in your neighborhood (to start) who will put the ads on their car. Bigger cars can have more than one ad. Happy Money Making!
Re: Free electricity generator - Yes sry about that. I am new at this and have no means to build a such device this is why I want the comunity's help with discussing desing and maybe some tweeking and as for patenting I also have no money for that either. All I have is this Idea I put together over the course of a few years. I also have a few other inventions of a less important value to dicuss. Thanks in advance for any help
Re: Magnetic Ads - Biz Idea - [quote="jvprosperity":32z4qe9w]Attn Young Entrepreneurs looking for a Business Idea. This came to me while sitting in Traffic for about 1 hour while looking and laughing at ridiculous bumper stickers. Note: this idea is rough but will help get the idea-momentum going. Idea: Sell advertising on the back of cars in the form of reusable magnetic signs (about the length of 2 or 3 bumper stickers) Most people shouldn't have reservations to participating if they get a cut of the monthly fee you charge the company advertising and it doesn't hurt their car. An example of a Magnetic Ad: Geico: I saved 15% on my Car Insurance. Call 1-800-U-SAVE-15 You don't have to pay the cost associated with creating the Magnetic Ad because you will advise the company that this belongs to them and you can get them in touch with someone who created reusable magnets. So your basically managing two sides: 1. Company's that want to advertise 2. People in your neighborhood (to start) who will put the ads on their car. Bigger cars can have more than one ad. Happy Money Making![/quote:32z4qe9w] What a brilliant idea. Please more info about the sticker and money involve.
Elevator Pitch in 10 Words - "Winning Business Design For Aspiring Entrepreneurs Based On Their Idea"


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Multilevel Marketing: 4 Tips To MLM Success

The five pillars of internet marketing strategy

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.