The Money Big Idea – How to Make Money by Thinking Smart
I want to be rich. I want to be successful. I want to be in business for myself.
All these things are possible – if only we could come up with the right idea. But where do we find these golden nuggets – these wondrous concepts that will change our lives – and possibly the way the world does business – forever?
When looking for truly big ideas we must find them in the same way that Henry Ford did when he built the world’s first affordable car for the man on the street, the Model T Ford; we must find them in the same way that Colonel Saunders found his idea for Southern fried chicken fast food while serving up Sunday dinners in a modest diner at a local gas station; and in the same way that Steve Jobs dreamed of building the world’s finest personal microcomputer, the Apple I, and then turning it into a global empire.
The old cliché tells us that the biggest ideas are found when there is a need to be filled. But the secret to discovering the Big Idea is knowing that these ideas are always closely connected to something going on in our lives, or something familiar to us, something that interests us, something that we are passionate about, or something that grows from a personal talent or skill.
Big Ideas usually happen over some time and sometimes quite by chance. Sometimes the Big Idea evolves from a myriad of other ideas. Colonel Saunders’ fried chicken evolved from running a small restaurant at a gas station where he served Southern fried chicken, among other meals. He subsequently discovered that people were so busy with their daily lives that there was a need for tasty food, delivered quickly – and one of the world’s most successful chicken franchises was born.
Sometimes the Big Idea pops into being like a “bolt out of the blue” – when there is an obvious and glaring need just waiting to be filled by the right person with the right vision at the right time. In 1974, Ferdinand Chauvier from South Africa was sitting beside his pool and thought: ‘Cleaning pools is a hassle; a drudge.
Surely there must be some sort of device that one could build to do the job?’ This idea led to some rough drawings on the back of a cigarette box, which later translated into a crude prototype using wooden components – which eventually crystallized into the Kreepy Krauly, the world’s first automated pool cleaning device.
Hippy teenage entrepreneur Richard Branson thought it would be a good idea to sell records cheaply. This business evolved into his own Virgin Records label which signed up Mike Oldfield, who recorded Tubular Bells which made Virgin – and a very young Branson – a fortune.
Being a man of ideas, Branson looked for new ways to expand his business empire and branched into owning an airline. His Big Idea was cheap air travel for the masses. Since then Branson has never stopped looking for – and coming up with – good ideas. One of his latest ideas is commercial space travel for Joe Citizen by the year 2010. Now that’s a BIG idea!
So where do we look for our Big Idea? Big ideas are all around us. The first thing you need to do is develop an ‘entrepreneurial frame of mind’. Get into the habit of looking for ideas around you in your everyday life.
Examine your unique skills and abilities. Do you have a special talent that could translate into a good business? Is there a need for something that you can think of that will improve your current job or business, or add value to your life? Keep up with consumer trends and think of ways to try and predict future needs.
Dream, think, scheme, plan – and sooner or later you will come up with your Big Idea. It might not make millions, but it could translate into a very good and enduring business.
Had any good ideas lately?
