Million Dollar Idea Myth

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Million_Dollar_Idea

Who doesn’t want to come up with an idea and end up with a millions dollars to show for it? That’s the dream, right?

Unfortunately, a million dollar idea is simply a myth. This isn’t because it’s impossible to get rich from your invention, but it’s because the true value of your invention isn’t in the idea.  It’s what you do with it that matters.

Here’s a quick 5 minute video I posted that explains what I mean, and what you need to do to help an idea reach it’s profitable potential.

The first step is always Education, and that’s what Inventors Blueprint is all about. You can figure out where the obstacles are in a dark room if you bang around long enough, but it’s oh-so-much easier and more efficient to follow a proven path.

Next you need to Execute. The best ideas always get acted on, just not always by the first one who thought of it. Follow your convictions and take the necessary steps to turn your ideas into reality, or you could end up watching someone else make millions from that idea you always meant to do something with.

Taking action takes Energy, and that’s the next key factor. It’s a certainty that you will run into a setback or two on this a new journey, and without energy it’s too easy to get discouraged and quit.  Remember persistence beats resistance!

And the final ingredient is Excitement. This is YOUR idea and you know more than anyone else how much this is needed. Your excitement will keep your energy up and drive you to find the right person, or company, or distributor to make your product a success in the market.

Add these 4 E’s to your million dollar idea to build real value and now you have the best shot at collecting those riches you desire and deserve.

If you like this video, please leave a comment and let me know if you have any questions.

Thanks and good luck!
-Ryan

 

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10 comments

  1. Posted by Loretta, at Reply

    Great post, Ryan!

  2. Posted by Ricky Stamps, at Reply

    before I mention my idea to anyone,should I get a patent first,and how much does a patent cost? Thanks much, Mr. Rick.

    • Posted by Ryan Grepper, at Reply

      Before you mention your idea to most people you do want to take a few precautionary steps, but a patent isn’t one of them. You can use a simple NDA if you like to get feedback from other, and a Work forHire contract if you are asking others to assist with your prototype or other design elements. If you spend your money on a patent before you have feedback and product validation you risk wasting your money protecting an incomplete design or an idea that isn’t manufacturable at a profit. You can download both those contracts I mentioned for free right here: http://www.inventorsblueprint.com/your_idea.html

  3. Posted by Eddie Green, at Reply

    Great advice ,and may I add the 10 must powerful little words in the world are (if it is to be ,it is up to me) Thanks for that post Ryan.

  4. Posted by BIANKA SAUER, at Reply

    I LIKE THE ENCOURAGEMENT. I HAVE BEEN WORKING ON MY INVENTION FOR THREE TO FOUR YEARS, AND I PERSIST ON IT TILL I ACCOMPLISH NOT ONLY BECAUSE I THOUGHT OF IT, BUT BECAUSE I SEE IT AS A NECESSITY. ITS A PRODUCT THAT HAS MANY FUNCTIONS AND DIFFERENT PURPOSES, IT IS A PET PRODUCT VERY MUCH NEEDED FOR SAFTY, COMFORT, IN MY BOOK, PERFECTION IN MOTION. I HAVE BEEN WORKING VERY HART ON IT, I GOT A PROTOTYPE MADE, JUST A MOLD, IT GIVES YOU THE CONCEPT BUT IT DOES NOT SHOW THE MOTION. I ACTUALLY LIKE TO HAVE THE REAL FUNCTIONAL PROJECT MADE TO BE HABLE TO SHOW IT TO A PROSPECTIVE BUYER OR INVESTOR. MY QUESTION IS, WITCH IS THE SAFES WAY TO GO ABOUT IT. HAVING A NON-DISCLUSER AGREEMENT PLUS WITNESS, IS THAT SAFE ENOUGH AND FOR HOW LONG IS IT OF VALUE? AGAIN I DO NEED SOME GOOD ADVICE.I JUST REALIZE THIS IS NOT A COMMENT, MORE LIKE A NEED FOR HELP.

    • Posted by mary jo french, at Reply

      Bianka … just got out of the hospital … urgent … please call 805-465-0201. I left your number at work … hope you get this … mary-jo french

  5. Posted by Doc Holloway, at Reply

    Excellent video. I agree patents are very expensive or a lot of work. I’ve done it both ways and the provisional patent is the best way to go.
    One thing you didn’t mention that I will is licensing agreements. If you go into a licensing agreement, DO NOT trust your lawyer. Understand every single line before you sign any document. You may find as I did that you are getting nothing for your product and are to only person in existence that cannot build it.

    • Posted by Ryan Grepper, at Reply

      Hi Doc,
      That’s a tough break but a valuable lesson for you to share. Get a second opinion before you sign on the dotted line to make sure there are no ugly surprises. And try to find an attorney with previous product license contracts experience.

  6. Posted by Ryan Grepper, at Reply

    Steve Jobs on the value of a “great idea”:

    One of the things that really hurt Apple was after I left, John Scully got a very serious disease.

    And that disease – I’ve seen other people get it too – it’s the disease of thinking that really great idea is 90% of the work.

    And that if you just tell all these other people, you know, “Here’s this great idea,’ then of course they can go off and make it happen.

    And the problem with that is that there is just a tremendous amount of craftsmanship in between a great idea and a great product.

    And as you evolve that great idea, it changes and grows.

    It never comes out like it starts, because you learn a lot more as you get into the subtleties of it and you also find there is tremendous trade-offs that you have to make.

    I mean, there are just certain things you can’t make electrons do. There are certain things you can’t make plastics do or glass do or factories do or robots do.

    And as you get into all these things, designing a product is keeping 5000 things in your brain – these concepts – and fitting them all together and kind of continuing to push to fit them together in new and different ways to get what you want.

    And evert day you discover something new that is a new problem or a new opportunity to fit these things together a little differently.

    And it’s that process that is the magic.

  7. Posted by Bob Cornell, at Reply

    Hi there,
    Having been in the janitorial industry for thirty some odd years I have been exposed to better paths to follow in accomplishing a task. Consequently, I have approximately 25 inventions for that market. For the consumer market and general public market I have 24. I am apparently a great inventor but, a lousy marketer. I guess this fact is attributable to the love I have to invent and the absolute hatred I have for marketing. To clear the marketing hurdle I have begun building models of my hard to explain projects.
    If you feel you can help me, then I would love to talk.

    Many thanks,
    Bob Cornell
    bobwcornell@ comcast.net
    770-781-9613