What is a million dollar idea?
What we think?
They say ‘change’ is the only constant. But, we think there’s atleast one more and that’s our society’s fascination with stories of ‘rags to riches’. Sometime in the history of mankind, the barter economy got replaced with this entity we all call money. And since then, mankind has been in eternal pursuit of ideas be it big or small, obvious or visionary, easy or difficult, but each with the possibility of becoming worth a million dollars tomorrow!
So here, we present our concepts & our insights on what we believe our ideas worth exploring. We take you through the seeds which we believe could be harvested as million dollars tomorrow!
How we think?
So, what’s a million dollar idea? And that, we believe, is a good question. One that has been troubling the adrenaline junkie, aspiring entrepreneur currently serving term in a swanky corporate park from 9am to God knows what time, each day of the week, sometimes even extending her courtesy to the weekends, public holidays & festivals.
Although laden with a few shortcomings, the corporate life comes blessed with temptations strong enough to deter resistance. It’s only when one’s rebellious outlook takes the driver’s seat, the wonders & dreams of that exotic ‘own enterprise’ & ‘multi-million dollar evaluations’ do start projecting & then luring one.
After having experienced circumstances similar to the ones mentioned above and, after having sifted through many ideas, we present our concept of finding that elusive ‘IDEA’ which, in our evaluation, can help you to break the shackles of corporate life.
First things first…
These are what we uphold as sacrosanct! Evaluations of the broad environment, these are elements responsible for laying a strong foundation, paving the way for traits we label as belief, courage & tenacity.
Is there a real need, and is your idea the real solution?
The question, an absolute ripper, requires us to dive deeper, often to the depth of the basic fundamentals that govern human behaviour in a contemporary setting. Needs could either be obvious or latent, and it’s the latter where more often than not the ideas would fall in. A million dollar idea is a real solution which, by virtue of its simplicity, removes the chronic handicap (the real problem) that has plagued people in general and/ or the society at large.
Facilitating v/s Restricting?
An excellent solution is the one that aids empowerment and grows bigger on the back an empowered user base. Ideas that restrict, even when they succeed, are usually fads. They are short lived and fade away as fast as they have risen. ‘Facilitation’, like sleep, works in phases. Each time it starts getting restrictive, the need is to start all over again, with the intent to ‘Facilitate’.
Does it increase effectiveness?
If Industrial Revolution was doing things more efficiently and about economies of scale, the Information Revolution is about being more effective. As Peter Drucker has said, “Efficiency is doing things right; effectiveness is doing the right things”. A million dollar idea, is the one with an unquestionable utility and one that increases effectiveness in a manner unprecedented.
Does it lower cost?
Costs here are four dimensional viz. monetary, time, energy & psychic! An excellent idea, atleast to begin with, substantially lowers at least one cost dimension. With maturation, of the idea as well as of the users, a million dollar idea surely lowers the monetary costs to a trickle of what had previously been.
Is it scalable to the world?
An excellent idea has global appeal. And that’s because human behaviour, is the same across countries & cultures. It is even difficult to imagine a culture or a country wherein the people wouldn’t like to have their real needs addressed through a solution that empowers them, increases efficacy and also lowers cost!
Is it a clone?
A million dollar idea, at one end, is irreplaceable and usually the first mover in atleast one wonderfully unique way, if not more. Clones, at the other end of the spectrum, can’t be adjudged failures straight away, but require deeper resources and longer time periods to claim their crown of success. Importantly, clones who are the first mover in a different geography are never clones!
What’s the revenue model?
Revenue, though a well understood financial concept, is usually lowered in priority in the excitement of any new idea. While, a deferred in-flow of revenues is acceptable and sustainable, the absence of a revenue model is strictly not. Veils and disguises are not the best bets in an ultrathon. In a million dollar idea, the revenue model is purely transactional in nature free from monikers such as points, badges & scores, willingly paid in lieu of its sheer brilliance.
Again, first things first…
These are the challenges of the task environment and are possible future hurdles. Though clichéd, there is no better way to say this. Execution is the key. As Peter Drucker has said, “Plans are only good intentions unless they immediately degenerate into hard work”.
What’s your secret sauce?
The recipe of the famed 4Ps, this one has a direct bearing on how you wish users to receive & react to your million dollar idea. When translated into actionable points, your secret sauce is the road map for integrated marketing communications positioned for users in every phase of your idea’s growth.
Is it a part time or a full time avenue?
Simply put forward, part time adventures reap only partial satisfaction. The Mark Zuckerberg[s] & Jeff Bezos[s] were absolute active full timers from Day 1. They [are] lived it and [have] devoted their careers to their ventures. Pure conviction is the only fuel to guarantee a podium finish.
Have you planned your financial outlays?
Most of us (the first timers) might suffer from delusions of ROI. This is where a financial road map brings in clarity, securing you from your fears of Capex, negating the discomfort & acclimatising you to the environment of Opex, Marketing Expenses and Pay Cheques that shall follow soon.
Is your idea in an area of your expertise?
Though not mandatory, but this surely helps. Yes there would always be dependencies and each should be tackled by roping in a partners, each expert in her own function/ area. But then, every idea has a core, and your idea would be no different. It’s this core where your area of expertise matters! Or putting it the other way around, centre your idea’s core in the area where your expertise is.
Eventually, there are many more points & parameters which define the success of an idea. We assure you that a majority of these are the 1st derivates of the points mentioned. And, the remaining, the nth derivates.
Originally published at www.ccomsys.net.