Billion Dollar Ideas Are WORTHLESS
After talking to a couple wannabe entrepreneurs last week, I noticed some extremely strong misconceptions about starting new businesses and entrepreneurship in general.One phrase that pretty much sums up entrepreneurship:
"It's not the idea, it's the jockey"
To prove this point. I am going to give away an almost sure-fire way to get rich:
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As China is currently undergoing its own industrial revolution, simply replicate some of the services offered in the fully developed western countries. Start large chains of dry cleaners, gas stations, coffee shops, law firms, tax firms, shipping centers etc. and you will become filthy rich.
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There, I just gave away a very feasible idea to literally become a billionaire. But who will act on it?
The person that has the courage to relocate to China and hurdle over the untold amount of obstacles is worth a billion dollars. NOT THE IDEA.
I told all my friends about my first online business idea, but I was the only one who acted on it. The idea wasn't exactly unique, I just had the audacity to carry it out. After the business became lucrative, everyone wanted to be a part of it.
As Gandhi said, "First they ignore you, then they laugh at you, then they fight you, then you win."
If you're not the type of person who wants to jump all the hurdles and face the uncertainty of opening your own business, who cares! A franchise can offer great potential along with a tried-and-proven method to running a business already backing you. I suggest you check out Dane Carlson's Business Opportunities Weblog for tons of great franchise ideas and articles about entrepreneurship.
So next time you hear someone tell you about a new idea, make your judgement based 10% on the idea and 90% on the person carrying it out.
Labels: business ideas, Quotes
posted by Neville @ 1:39 AM
12 comments
12 Comments:
Even the people who have enough money and government connections to deal with corruption, there are always small-level entrepeneurs here that will be willing to work for less, and for a smaller gross margin.
Not to derail your whole point, which is good. I just want to point out that often these ideas have been around, and have even been tried, and still don't work out.
I posted a supporting counter-article on my blog, here:
Billion Dollar People are WORTHLESS
(If this comment violates any form of linking policy you have that I've missed, feel free to delete it with no hard feelings.)
HOW DARE YOU RIP OFF MY POSTS!!
Just kidding :)
I actually like how you wrote a whole counter-post rather than a long comment. Well done!
Your last statement really summed up the entire post nicely:
(Written by Imperfect): "The lesson to really take away from all this is that a billion-dollar idea plus a billion-dollar person is priceless. The idea or the person by themselves are what's worthless. "
VERY well said!
That is weird that you mention Dane Carlson's site. I JUST came from there! Anyway, it's a pretty cool website.
Getting close to graduation?
JLP
As a semi-successful businessman, aquiantances will often share their business ideas with me. The fact is that often they are really good ideas. Sometimes people are worried that if they tell me their ideas, I will "steal" the idea. The strange thing is...I've found that MOST PEOPLE HAVE THOUGHT OF AN IDEA THAT COULD MAKE THEM RICH. There is no shortage of good ideas out there. In most cases there is zero chance that I would steal someone else's "great idea", because my partners and I allready have plenty of great ideas...far more than we have resources or time to implement. We are allready working hard on the best ideas we have, and if those don't pan out we have enough to keep us busy for years to come, without stealing someone else's.
That brings me back to the point. Entrepreneurs learn that ideas are nearly worthless. Good ideas are simply to common to have much value. What does have value to me as an entrepreneur are these:
(1)the ability and willingness to take risks
(2) time
(3)and finally resources (often this is a synonym for money, or the ability to raise it.)
... and in that order too. Those 3 things are what are precious and must be guarded. Even though the vast majority of people I know possess plenty of great ideas that could get them rich, the main reason they won't get rich from those ideas is that they don't possess item #1, the ability and willingness to take a risk. This more than anything else is what differentiates the entrepreneur's mindset from that of everyone else. Entrepreneur's learn the truth...that ideas are nearly worthless. Doing something with them is what counts.
I completely agree. "The ability and willingness to take risks" is really what sets the entrepreneurs apart from the workers.
One of my very successful entrepreneur friends "Bob" is much like you. He literally has tons of million-dollar ideas on his plate, just not enough time to pursue all those "small potatoes"
He laughs everytime a wannabe entrepreneur tells him "Don't steal my idea"
Thanks for your insight, hope you leave more in the future!!
-Nev
P.S. Good luck with your new blog. Have you read KirkReport.com?? He currently has a cool QQQQ position worth half a mil riding a 2% gain.
ncnblog
ncnblog
A successful entrepreneur acts on his ideas and is willing to take risk.
Now I am working with an attorney to patent a great idea. I'll tell you, even though I am struggling now, I know that only I can change my future with regards to wealth. Thanks for making people think. Most people, for some reason, think Ed McMahan is going to knock at their door any minute. Ha ! But they are in their chairs !.
Scott S
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