I have a great idea… Now what? (The Next Step)
As a successful entrepreneur and now co-founder of Lucky Napkin the country’s premiere venture catalyst company, this question is by far one of the most frequent we hear. It seems that average inventors and aspiring entrepreneurs everywhere are befuddled in a process that the books, CDs, TV shows and free money seminars would have you believe is easy. But the reality is that “easy” is the furthest thing from the truth and in fact the process from inspiration to creation can be down right daunting.
My belief on why such a monumental task is said to be so simplistic is quite straightforward really, it all has to do with relative levels of experience and thus the anxiety that consumes us when faced with a new task outside of our familiarity. While the “experts” are right in one way, the general concept of taking an idea from mind to market or concept to creation is “simple” when you lay it out step by cautious step, the practicality of actually doing it with your own idea is one of the most difficult tasks one can take on in their life.
Birthing an idea, a really great one, is truly akin to conceiving, carrying and bringing a child into the world. Starting on the first day you discover your great idea the anxiety, fear, trepidation, doubt, joy, hopes, dreams and aspirations all become one giant bundle of emotions that you carry with you and effect every decision you make. Each step along the way and each conflicting piece of advice you read or receive creating an internal turmoil that at times makes it almost impossible to move forward.
I for one don’t have a handyman’s bone in my body. Although I consider myself incredibly resourceful and like to believe I can accomplish anything, when it comes to working on my home, or landscaping my own yard I am nearly crippled with anxiety. I can watch those home makeover shows, gain mountains of inspiration, fill my head with confidence and even create a simple plan to change a room or my whole house. Then I’ll take that inspiration to Lowes or Home Depot and buy hundreds of dollars worth of tools and supplies; get home, break down a wall with gusto, hit the first obstacle, get frustrated, try again, meet another obstacle then call a professional to clean up my mess while I wallow in self pity at my continual home improvement failure cycle.
You see, while its true most handyman jobs around the house and even building an entire house can be considered “easy” to some, it can be monumental to most an frankly downright impossible to others. The same is true for idea development. Bringing an idea to market is not an easy task and don’t let anyone convince you otherwise. In fact I can introduce you to many bankrupt aspiring entrepreneurs who thought they could just follow the steps in the book and make millions, only to get road blocked half way with insurmountable obstacles that cost them their life savings before they finally came to the conclusion that the original idea they had would never work in the first place and by then it was too late.
So then what is the answer to the proverbial question you ask, “What do I do next once I have come up with a great idea?” Well to that I say my answer will always be the same. For get buying books, CDs or thinking you’ll cull together the answer from a bunch of web sites. The real answer is actually simple, “Validate the idea with unbiased professional assessment.”
Most business fail and most ideas never get off the ground for one simple reason and it is not for lack of funds as some might have you believe, it is for lack of a fully vetted and verified idea. Just like with my personal failure cycle with home improvement projects, idea venturing requires the same type of careful forethought and professional assessment of a project with strong consideration for your own personal talents and resources at your disposal.
Yet like my personal penchant for biting off more than I can chew and being caught up in the inspiration without thought for the perspiration required, most aspiring entrepreneurs and inventors too get caught in the ego trap of their love for an idea. But the fact remains if they were simply to take a good hard look at their idea and get proper professional assessment up front before investing too many dollars into just running full steam ahead, they might easily learn that their great idea is not actually great for them or worse that its not actually great at all and maybe even being done already someplace else.
Although I am a firm disciple of “The Power of Positive Thinking.” And a person who will tell everyone I meet that they already have the power inside of them to take them where they want to go, I am also just as firmly a believer in rational, practical thought and realize that the will to do something alone is not enough to get you over the top. Regardless of the amount of motivation you have for your great idea, and how easy the experts make it appear on TV, in books and magazines, don’t let yourself get caught in an ego trap.
Once you truly believe you have a great idea, make sure you seek and find competent, professional and unbiased advice to help you evaluate it to its fullest. Then decide what to do next.While I cannot guarantee you that you success if you follow my simple advice, I can personally guarantee you that if you proceed full steam ahead with your idea without first asking the right questions to the right people you will increase your chances of failure 100 fold. Take the time to listen, learn, develop and adapt. The investment you spend in doing so now, just may make you millions in the future.
Showing posts with label My Great idea. Show all posts
Showing posts with label My Great idea. Show all posts
Tuesday, June 10, 2008
Friday, April 4, 2008
Whats Happening with My Pitch since Lucky Napkin Live?
O.M.G.
Oh My Goodness! What an amazing event, I personally have never seen so many incredible ideas, enthusiasm, talent and resources in one room on the same day in my entire career.
Lucky Napkin Live, held this past March 20 was everything we expected it to be and so much more. Truth be told, it exceeded our expectations in every way possible. There were more attendees, more inventors, more experts, investors, entrepreneurs, angels, friends, guests and of course great ideas then we could have imagined. The response was so overwhelming unfortunately we even had to turn people away at the door because we ran out of seats, badges, bags and everything else. (Sorry about that)
In fact, that really seemed to be the only major stumbling block, that we never planned for such an incredible turnout our registration desk was a disaster with some people waiting as much as 1 hour and half just to get their badges and find a seat in the main room for the opening sessions. I think I personally shook the hand of every registrant, going down the line apologizing for our screw up and notifying them that we would push the whole show back 1 hour to accommodate as many attendees as possible.
I must say how impressed I was by the understanding and patience we received from everyone who just seemed so jazzed and energized regardless of the long wait on the registration line. All I can say is THANK YOU. You made the day great for all of us as well.
I have so many wonderful things to say about the event and the hundreds of honest hardworking inventors and entrepreneurs we met that I really don’t know where to being nor do I think I have space. Needless to say we found a couple of great ideas we will be investing in immediately, at least another dozen we are paving the way to QVC and other retail channels for and over a hundred others we are tossing back and forth to determine where we can help and the truth is we haven’t even finished reviewing all of the pitches from the Life Lock Launch Pad, so we expect to find more.
WHEW… This is exhausting and exhilarating all at the same time.
So all that aside, the main reason for this post is to shed some light on our processes and where we are at today to help ease the anticipation and possible anxiety of the hundreds of people who attended Lucky Napkin Live and made a pitch either in person or in the Life Lock Launch Pad on the 20th who want to know, “What is going on?”
Simultaneously I expect people who have submitted ideas via the LuckyNapkin.com web site and have been waiting would like a bit of insight as well, so I hope they too will read on and get a better feel for us and what we’re up to lately.
First things first, “What is happening with the Life Lock Launch Pad Videos?”
The good news is we started the review process. The better news is, we have seen more good ideas than bad. The best news is we are seeing more and more ways to assist entrepreneurs in their process to get their products to market without necessarily having to get into big contract negotiations and invest heavily into every idea. Which means we should be able to facility some fast routes to market allowing some inventors and entrepreneurs to hold onto all their equity and just focus on fulfilling sales. Very cool stuff.
The bad news is, this video review process is going to take us much longer than we predicted. Each founder is reviewing every idea and every pitch, one by one and there are over 600 at at least 2 minutes apiece. Do the math, that’s a lot of work. In addition we are taking copious notes, consulting with members of our board of experts and cross-referencing Life Lock Launch Pad videos with web site submissions, product samples that were received and then discussing our first hand impressions of the inventors that we met at the actual event.
It’s a lot of work, but as anyone who was at the event can attest to we are committed to finding great ideas and the great people behind them so we will do what it takes to make sure we turn over every rock, before we pass on an idea.
The bottom line is its going to be a few more weeks before we can make all of our final decisions and get back to the attendees who we are interested in working with to determine the next steps.
That brings me to the next big question, everyone has, “What should I do in the mean time, while I’m waiting to hear back from Lucky Napkin?”
Well that answer is crystal clear, MOVE FORWARD! Don’t wait on us or anyone else for that matter on your journey to achieve your entrepreneurial vision. You should be out selling, creating, developing, meeting investors, retail partners, attorneys and anyone’s else you think can help move your vision forward, just like you did contacting us in the first place. That is the right way. The fact is, if we call you a few weeks from now and would like to make a deal, but you’ve already moved on than it’s our loss. We will have missed out on possibly investing in your great idea but we will still wish you the best and invite you to come back and see us when you have your next great idea.
OK. So those are the two most critical questions we keep hearing and I wanted to get them answered for you so that you can understand our direction and also to give Vicki our executive relationship manager a break from the hundreds of calls she’s been receiving.
I know there is more you want to know and dozens more questions you want me to address, so just give me a few days and I’ll post again and email everyone with more, to keep you in the loop. In the mean time I have to get back to reviewing some more great ideas.
Best Of Luck Always,
Anthony
Oh My Goodness! What an amazing event, I personally have never seen so many incredible ideas, enthusiasm, talent and resources in one room on the same day in my entire career.
Lucky Napkin Live, held this past March 20 was everything we expected it to be and so much more. Truth be told, it exceeded our expectations in every way possible. There were more attendees, more inventors, more experts, investors, entrepreneurs, angels, friends, guests and of course great ideas then we could have imagined. The response was so overwhelming unfortunately we even had to turn people away at the door because we ran out of seats, badges, bags and everything else. (Sorry about that)
In fact, that really seemed to be the only major stumbling block, that we never planned for such an incredible turnout our registration desk was a disaster with some people waiting as much as 1 hour and half just to get their badges and find a seat in the main room for the opening sessions. I think I personally shook the hand of every registrant, going down the line apologizing for our screw up and notifying them that we would push the whole show back 1 hour to accommodate as many attendees as possible.
I must say how impressed I was by the understanding and patience we received from everyone who just seemed so jazzed and energized regardless of the long wait on the registration line. All I can say is THANK YOU. You made the day great for all of us as well.
I have so many wonderful things to say about the event and the hundreds of honest hardworking inventors and entrepreneurs we met that I really don’t know where to being nor do I think I have space. Needless to say we found a couple of great ideas we will be investing in immediately, at least another dozen we are paving the way to QVC and other retail channels for and over a hundred others we are tossing back and forth to determine where we can help and the truth is we haven’t even finished reviewing all of the pitches from the Life Lock Launch Pad, so we expect to find more.
WHEW… This is exhausting and exhilarating all at the same time.
So all that aside, the main reason for this post is to shed some light on our processes and where we are at today to help ease the anticipation and possible anxiety of the hundreds of people who attended Lucky Napkin Live and made a pitch either in person or in the Life Lock Launch Pad on the 20th who want to know, “What is going on?”
Simultaneously I expect people who have submitted ideas via the LuckyNapkin.com web site and have been waiting would like a bit of insight as well, so I hope they too will read on and get a better feel for us and what we’re up to lately.
First things first, “What is happening with the Life Lock Launch Pad Videos?”
The good news is we started the review process. The better news is, we have seen more good ideas than bad. The best news is we are seeing more and more ways to assist entrepreneurs in their process to get their products to market without necessarily having to get into big contract negotiations and invest heavily into every idea. Which means we should be able to facility some fast routes to market allowing some inventors and entrepreneurs to hold onto all their equity and just focus on fulfilling sales. Very cool stuff.
The bad news is, this video review process is going to take us much longer than we predicted. Each founder is reviewing every idea and every pitch, one by one and there are over 600 at at least 2 minutes apiece. Do the math, that’s a lot of work. In addition we are taking copious notes, consulting with members of our board of experts and cross-referencing Life Lock Launch Pad videos with web site submissions, product samples that were received and then discussing our first hand impressions of the inventors that we met at the actual event.
It’s a lot of work, but as anyone who was at the event can attest to we are committed to finding great ideas and the great people behind them so we will do what it takes to make sure we turn over every rock, before we pass on an idea.
The bottom line is its going to be a few more weeks before we can make all of our final decisions and get back to the attendees who we are interested in working with to determine the next steps.
That brings me to the next big question, everyone has, “What should I do in the mean time, while I’m waiting to hear back from Lucky Napkin?”
Well that answer is crystal clear, MOVE FORWARD! Don’t wait on us or anyone else for that matter on your journey to achieve your entrepreneurial vision. You should be out selling, creating, developing, meeting investors, retail partners, attorneys and anyone’s else you think can help move your vision forward, just like you did contacting us in the first place. That is the right way. The fact is, if we call you a few weeks from now and would like to make a deal, but you’ve already moved on than it’s our loss. We will have missed out on possibly investing in your great idea but we will still wish you the best and invite you to come back and see us when you have your next great idea.
OK. So those are the two most critical questions we keep hearing and I wanted to get them answered for you so that you can understand our direction and also to give Vicki our executive relationship manager a break from the hundreds of calls she’s been receiving.
I know there is more you want to know and dozens more questions you want me to address, so just give me a few days and I’ll post again and email everyone with more, to keep you in the loop. In the mean time I have to get back to reviewing some more great ideas.
Best Of Luck Always,
Anthony
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