HOME     SITEMAP     RSS     TWITTER     EMAIL    
Search:   

FollowSteph Follow Steph as he posts Blog Blazer Friday
 

Ideas are a Dime a Dozen

I don’t know if I’ve posted about this before, but it keeps coming up over and over again with people I talk who want to start a businesses, invest in real estate, start new projects, etc. Either they don’t have a new novel idea to start with, or if they do, they think the idea is worth a mint. The reality is that both of these preconceptions are dead wrong! Ideas are worth very little, it’s the execution that’s worth it’s weight in gold!

Let’s think about this a little… How many times have you heard someone say something like “I thought of that years ago. I should be a millionaire”. I know I’ve heard it a lot. The reality is that 99.99% of the general population doesn’t follow through with their ideas, at least not much past the first few months. Most people aren’t willing to put in the effort it takes to get an idea off the ground. And make no mistake about it, it takes effort. By the way, health gyms are notorious for using this to their advantage. They get you to buy a year membership, with an initiation fee, knowing full well that the majority of their members will stop using the facilities within a few months. Are you one of these people?

gym

I can also tell you that I come up with potentially successful business ideas every day. The problem is that I can’t try them all out. You need to focus on one idea and push through it because it will take time for it to come to fruition. If you decide to invest in real estate, than expect it to take you many properties and deals before you can retire, you won’t retire on one golden deal (also you probably won’t have the experience to know what a golden deal is without some experience). In business the same is true, it takes time for a business to gain momentum and get off the ground. Don’t keep moving from project to project, which is easy to do as soon as you hit a speed bump or when you think of something new and exciting. If you study psychology at all (or probably through common sense), you’ll know that people like novelty more than repetition, so it’s very easy to get sidetracked.

On the other side of the coin, you have those who think they need to come up with a golden idea to make it. They think that everything’s done and there’s nothing they can do. Guess again, there’s lots of things everyone can do, you just need to put your mind to it. And please don’t ask me what you can do, that’s what you have to come up with yourself. Make that your first goal! Come up with an idea. Now don’t think it has to be original, it doesn’t. Just look at what’s happening in your area of interest, see what others are doing, look at who’s succeeding, and see if there’s more room in the market for you. How many grocery chains are there, movie rental chains, real estate investors, software companies, chocolate bar producers, tv shows, etc. You don’t need to be original, you just need to look at it from a slightly different angle. Maybe a higher quality, cheaper price, best locally, fastest, better service, etc.

The next major obstacle I often hear is that I don’t have enough money to get going. The reality is that if you think too big to start, than absolutely you don’t have the money. You might need to start smaller and grow from there. If you’re a real estate investor, start with a single resident home instead of with an apartment complex. Maybe one in a more affordable community. If it’s a business, look at something that can be started with your current capital. It can be as simple as a web service, a blog, a software application. You could even sell cookies, a lot of large companies have started this way.

Barney Dinosaur Plush Doll

Who’s familiar with the purple dinosaur Barney? How many of you know it was started by a mother (Sheryl Leach) in 1987 as home videos she wrote and filmed herself because she was dissatisfied with the selection of home videos on the market to amuse her own son? She produced three “Barney and the Backyard Gang” videos and marketed then to day-care centers and video stores until they were finally discovered by a PBS director in 1991. And the rest, to quote a cliche, is history.

So what are the steps to success?

1. Get started! That means now! We all have things happening in our lives, it’s just a matter of priorities. If you can find the time to watch any TV, then you can find the time to get started. I can tell you right now that for me it’s 11:15pm right now (actually I’m now revising this entry, minus some LandlordMax related sidetracks, and it’s 12:35am now) and I’ll be up on the computer for at least another hour or two working (as I’ve just confirmed). I live by the principle of work extremely hard for 5 or so years and then completely relax for the rest of my life rather than work moderatly for my whole life. So get started, find the time, it’s there.

Barbecue

2. It’s a marathon, not a sprint. That is, stay the course. Yes, you’re all pumped and the first 2-3 weeks go flying by. You get some work done but suddenly its your friends wedding on the weekend. One weekend isn’t so bad. But the next thing you know you have a party you just have to attend, a supper, a celebration, a birthday. And then there’s the bbq the weekend afterwards at your parents. And not to mention the fact that it’s SuperBowl weekend right after and everyone meets up for that. Suddenly a month goes by and nothing gets done, so you stop working. The project pitters to a dead stop. This is exactly how health gyms make their money! Stay the course. Push yourself. Set your priorities. Know what’s important to you and live accordingly.

3. Educate yourself. This means spend time AND money on educating yourself. I think I’ve read every book there is on real estate, business, marketing, sales, software development, etc. I try to read one book a week that’s related to what I’m trying to do. Yes I still read the odd novel, but again, base your priorities on what you want. A novel to me is like going to the movies, so I read them when I need a break. Not all my books are interesting, actually I can tell you many are really pretty boring and hard to read, but the content is worth the effort. Try to read a lot of what will help you succeed. The unfortunate side is that it’s not always the most interesting material.

Also attend seminars, talk to people in your industry, join like minded groups. For example, I belong to several local groups, the latest of which was just formed. This last one is a group focused on generating passive income here in Ottawa that meets once a month to discuss any and all passive income opportunities available out there (stocks, real estate, automated businesses, web sites, etc.) Take the time to educate yourself, you’re worth it.

Rich Dad Poor Dad

4. Spend on yourself. Most people think that they can start a business, invest in real estate, and so on, with just time. It’s possible, but don’t be afraid to invest money on yourself. I can’t tell you how many people get flustered when I start to share my expenses in regards to LandlordMax and FollowSteph. They’re all pumped to get started, but as soon as I suggest they look at investing $500-$1000 on themselves and their idea, WAIT A MINUTE!!! “I don’t know, that’s seems like an aweful lot of money.” Well let me put it another way, if you don’t even believe in yourself and your idea enough to put down a little money on it, do you think anyone else will? Why are so many people afraid to invest in themselves? I don’t understand it. Don’t they realize that their employers are doing just that, they expect to make more money from their labour and skills than they pay them (that’s how business works)? I can’t imagine a world in which I wouldn’t be willing to invest in myself and my ideas. I do it all the time. Actually, I’ve been known to be a little trigger happy in this regard. I’m willing to take the chance sooner than later as I’m a big fan of trying rather than theorizing. After all you can’t debate with results, right or wrong (and I’ve proven myself both right and wrong many times).

5. Stay focused. I can’t even count any more how many people have asked me to co-venture with them… From small to larger projects. In the past I would generally hear everyone out, consider their ideas, and possibly be interested, in the least I’d offer some guidance. Today I have a different perspective. After having gone through it so many times, I now tell people that if they have an idea they’d like me to consider as a co-venture, come talk to me again about it in 6-12 months, whether or not they’re succeeding. Why 6-12 months? Simply because I want to see if they’re going to stick with their projects. Again, it all comes down to the fact that the vast majority of people, good intentions or not, will for some reason or another, start to lose interest in their projects within a few months. All I’m trying to do is weed these people out. So far I only know of a very small select few people who’ve gone beyond this! I don’t care whether their succeeding after this time, everyone has different areas of expertise and maybe its something simple their missing, maybe it’s not the great idea it seemed, maybe its an amazing success I missed an opportunity on, it doesn’t matter. I’m personally not interested in any co-ventures unless the person has put in at least 6-12 months of effort, to show me that they’re going to stay the course, that they’re focused, that they’re not just another health gym statistic.

6. Stick to your idea, test it. Lastly, don’t run away as soon as you hit a road block. Get past it. Go around it. Go in a slightly different direction. But keep moving. I can’t tell you how many people hit a road block and stop. If I did that with LandlordMax, well I wouldn’t be here. It’s now been over 3 years now, 4 if you count the year in which I created the initial version. If you think there weren’t some brutal road blocks, think again! To use one of my favorite quotes from I can’t remember who: “It took me 10 years to become an overnight success!“.

And with that, let me just say, you can’t make a journey around the world without first taking a step, so take it! Henry Ford put it another way: “You can’t build a reputation on what you are going to do.” Or as a fellow business owner and investor of mine, Glenn Scott put it: “I would rather see a stupid do’er than a brillant dreamer“.



 
Like this article?

Comments:

  •     Scott Meade
    · September 8th, 2006  · 2:07 am  · Permalink

    Great article – thanks for sharing and keep up the good work. If I had to add one to add it would be 7. It only takes one home-run to be considered the expert for the rest of your career. Even if you had previous failures and missteps – get the stars aligned just once and you are set for life.

  •     James
    · September 8th, 2006  · 3:04 am  · Permalink

    Good post to get me inspired and working this morning, thanks!

  •     John W
    · September 8th, 2006  · 10:25 pm  · Permalink

    Excellent article.
    Well done. I come across the same people. “I’ve read some books, real estate investing looks easy. I want to buy 10 properties in the next 2 years. What do you think?”

    Right now, I’d say I’m in year 1 as far as building an internet prensence.
    For other things, like OREIO getting close to year 4-5.

    Yes, it’s a long haul, but if you love what you do the time just seems to slip by.

  •     grammar_correcting_loser
    · September 9th, 2006  · 8:35 pm  · Permalink

    “”"I don’t care whether their succeeding after this time [...] to show me that their going to stay the course, that their focused, that their not just another health gym statistic.”"”

    _they’re_!

    /they are/ focused, they are going to stay the course, they are not just another health gym statistic, they are succeeding!

    *ahem*

    Sorry.

  •     Steph
    · September 10th, 2006  · 2:31 pm  · Permalink

    Thank you for pointing out the grammar errors. I’ve just fixed them.

  •     FollowSteph.com » Weekly 7
    · November 3rd, 2006  · 12:07 pm  · Permalink

    [...] Ideas are worthless A great follow-up on my article Ideas are a Dime a Dozen [...]

  •     startupspark.com - 11 Questions With Micro ISV Owner Stephane Grenier
    · February 20th, 2007  · 10:32 am  · Permalink

    [...] And lastly, and most important of all, EXECUTE!!! I can’t say this enough. Most people talk a great game, very few do anything past talking. Execution is key! My favorite example is when people tell me “I thought of that years ago, if only I had…”. Well the reality is that ideas are a dime a dozen, it’s the execution that’s hard. Very few people execute. Why? Because this is where all the effort and hard work go. It’s the hard road. Execution is key! Stop thinking about it and get on it! [...]

  •     FollowSteph.com » Latest Links
    · May 27th, 2007  · 9:16 pm  · Permalink

    [...] No One is Going to Steal Your Brilliant Idea I don’t know how many times I’ve said it here, but Ideas are a Dime a Dozen. Don’t worry about someone stealing your idea, worry more about how you’ll execute on it. [...]

  •     FollowSteph.com » Free Business Idea
    · November 16th, 2007  · 12:58 am  · Permalink

    [...] Ideas are a dime a dozen, and today I’m going to give you my latest business idea. It’s easy to say I came up with this idea (I’m probably not the only one) and I could possibly make decent money from it, but the reality is that it won’t go anywhere unless I do something. Again, ideas are a dime a dozen, execution is 99% of the battle. And I can honestly say that in this case there won’t be any execution. Even if it was the best idea I just don’t have the time or resources to execute on it. So if you’re interested in pursuing this idea, please by all means take it and roll with it. It’s all yours! [...]

  •     kiZZ kiZZ’s daily ramblings » Blog Archive » how to convert ideas into actions?
    · December 12th, 2007  · 11:42 am  · Permalink

    [...] don’t realize the fact that ideas are worth dime a dozen. Let’s face it, no matter how good your idea might be, there’s a pretty good chance [...]

  •     FollowSteph.com - Where to Get Blog Article Ideas
    · February 11th, 2008  · 8:28 am  · Permalink

    [...] Ideas are a Dime a Dozen [...]

  •     FollowSteph.com - Business Idea: Specialized Check Printer
    · January 16th, 2009  · 1:19 pm  · Permalink

    [...] I’ve said before, ideas are a dime a dozen. What it really takes to make a business is more than just an idea, it takes the execution of the [...]

  •     From Idea to Success - The Missing Step » Ask Shane.org
    · March 17th, 2009  · 8:13 am  · Permalink

    [...] [...]

  •     Jay
    · March 25th, 2009  · 1:07 pm  · Permalink

    Great article. Just what I need to get motivated on focusing on the projects I currently have on my plate and stop thinking of new ones. I also need to stop looking at what others are doing and continue building my properties. THANK YOU!

  •     FollowSteph.com – Top Entrepreneur Movies to Watch
    · March 31st, 2010  · 12:48 am  · Permalink

    [...] I’ve said before, Ideas are a Dime a Dozen. Not to downplay them, but the concept is that coming up with an idea is not  hardest part of a [...]

  •     Smart Company Software
    · November 5th, 2011  · 6:21 am  · Permalink

    Ive only just come across this blog. Very interesting, and this article is on the mark. Nice work!

  •     Joe
    · January 25th, 2012  · 2:09 pm  · Permalink

    Awesome post, thank you very much!

Write a reply:





 
FollowSteph RSS
FOLLOWSTEPH'S
RSS FEED!


SOFTWARE AND BOOKS BY STEPHANE GRENIER:

LandlordMax Property Management Software

LandlordMax is the EASIEST
Property Management
Software available!
Try it for free!

Real Estate Pigeon

Real Estate Pigeon
The place to ask and answer
all your real estate questions

Blog Blazers: 40 Top Bloggers Share Their Secrets to Creating a High-Profile, High-Traffic, and High-Profit Blog!

Blog Blazers is a book that
features secrets from the
Top 40 Bloggers on the web

How to Generate Traffic to Your Website ebook

How to Generate Traffic to
Your Website
is an ebook for
to you achieve success


 

FollowSteph
More resources from Stephane Grenier:
PUBLICATIONS
For people who work on the web
Blog Blazers
How to Generate Traffic to Your Website
 
SOFTWARE
The EASIEST Property Management Software available!
LandlordMax


Copyright @2003-2013
LandlordMax Property Management Software

Disclaimer: This is a personal blog about my thoughts, experiences and ideas. The contents of this blog are for informational purposes only. No content should be construed as financial, business, personal, or any other type of advice. Commenters, advertisers and linked sites are entirely responsible for their own content and do not represent the views of myself. All decisions involve risks and results are not guaranteed. Always do your own research, due diligence, and consult your own professional advisors before making any decision. This blog (including myself) assumes no liability with regard to results based on use of information from this blog. If this blog contains any errors, misrepresentations, or omissions, please contact me or leave a comment to have the content corrected.