Monetize Ideas

Monetizing great ideas

Monetize IdeasWe all have them. That great idea where we wonder, “Why hasn’t anyone else ever thought of this?” We come up with the idea, product or service that is just so practical that it is bound to be worth a fortune. But then what? How do we monetize this great idea for our own benefit and the benefit of society on a whole?

This has been a question on my mind a lot lately – as I am sure it is on the mind of every entrepreneur creating a start-up. The problem is that there is no clear cut answer that works in every situation. Many companies and individuals have turned to patents to protect their intellectual property. This however has also led to abuse of the patent system by companies who produce no products but own patents for the sole purpose of suing or settling with whoever infringes on these patents in the future. While this may benefit the patent holder the process, as it is now, stiffles innovation and may actually be detrimental to society on a whole.

I am convinced that the key to monetizing great ideas is to have the right team of people on your side. This does not need to be a team of experts but it does help to have people knowlegable enough in their fields to help you make the difficult decisions. These fields do not have to be strictly academic either. The motivator to provide the encouragement that keeps you going when success seems far away. The investor who has enough faith in you to provide financial support. The advisor who knows the industry and the challenges you are likely to face. The family members who uderstand the long hours and demands of running your own business.

Ultimately, before you can monetize your idea, you have to believe in it. You also have to be able to convince others to believe in your idea. Great ideas are the backbone of innovation and are usually accompanied by an extended family of not-so-great ideas. Even before your great idea has emerged you can begin working on your support team that will help you bring your idea into fruition.

Rags to riches

Saying no to get rich quick schemes

Money bagsI don’t believe in get rich quick schemes. The promises are always luxurious, the required effort minimal and the methods questionable. Who wouldn’t want to earn a some extra cash from home? The details behind most of these money making schemes however leave a lot to be desired. Making an investment in a “brand new” company with a “revolutionary” product/service that you have never heard of is without a doubt risky. The bigger the risk the bigger the reward, right? Here are a few reasons why I do not believe in get rich quick schemes.

They are never quick

Despite the promise of a quick and easy way to make extra money these schemes usually require you to perform many tasks. Usually the first one of these is to pay a small fee to join the elite group of individuals taking advantage of the special offer. Not to mention the request for a small fee in order to gain access to a great fortune. Even if the scheme continues after you have made the payment it usually requires you to take further steps that lead to the next issue I have with them.

They require that you put your reputation at stake

To share the “good news” of the incredible money making opportunity you usually have to bring other people to the fold. This will usually be your family and friends since they are  the ones you know best and the most likely to listen to your idea. This may be done even without your consent and employ various types of psychological spam.  By endorsing an idea you have not tried and tested requires you to put your reputation and credibility on the line. Pyramid schemes may also have a domino effect on your loved ones if the scheme is later proven to be illegal.

If it is so easy why aren’t more people doing it successfully?

Another question I constantly have about get rich quick schemes is where are the crowds of millionaires that these business models have created? Yes there are the videos and the testimonials but research on most of these companies bring up company owned websites which spew company approved propaganda. There is a large promise of profit and a significant lack of impartial individuals endorsing the schemes. Why are more people not quitting their jobs in droves s to do these “simple” money raking jobs?

Money Isn’t Everything

The final reason I am skeptical about get rich quick schemes is that money is not the end all. If the means of getting the money seems questionable it really is not worth it. Getting involved in a seemingly illegal business simply because someone promises that it is legitimate seems irresponsible and not worth the risk. There is also a satisfaction that you get from working hard for the money you earn. It allows you to value the money you earn and makes you more likely to spend it wisely.

At the end of the day you will have to analyze every money making opportunity yourself. If it looks suspicious and sounds too good to be true it probably is. Scams take advantage of people’s insecurities and desires to attract victims and it may be difficult if not impossible to get your money back if you fall for them.