Its very easy for a million dollar idea to die at its inception. It doesn’t matter who you are, your level of education and experience and how wealthy you are. If you fail to follow the correct business procedures in executing your concept, then the probability of your idea failing at its early stages after launch is very high.
In this blogpost, I will share 5 things that kills a million idea at its inception.
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Ambition on the product you are creating to provide a solution is good. This is the key driver to your success. The problem is trying to transfer your ambition to your friends and family.
There is a difference between selling your ambition and attempting to transfer ‘your ambition‘ burden to people and wanting them to have the same vibe as you have on the concept.
Focus on selling your idea or showing people how committed you are in solving a problem in the marketplace. Avoid trying to make everyone be ambitions about your product because they don’t have the vision you have unless you are looking for disappointments.
Such acts will kill your vision and focus on providing a long term lasting solution to the world.
At the end, your million dollar idea will fail because not everyone will see things as you do or is willing to walk with you towards attaining your vision.
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Desire to Get Rich Quick
Million dollar ideas are ideas with potential of generating millions of money in sales. Problem is, there is no timeline to attaining millions in sales. It varies depending on the product or service on offer. For some it takes months, while for others it takes years.
Have patience. Take a step at a time. Determine the risks involved beforehand.
Being impatient will kill your idea at its early stages. Its important to regularly take necessary breaks when feeling overwhelmed.
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Sociological Issues at Home
Its hard to have a clear focus when you are going through sociological problems at home. This ranges from Family wrangles, parents denying you essential services to make your life easy while working on your million dollar project, discouragement from people in your inner circle e.t.c.
When your social environment is toxic, the probability of you succeeding is very low. Its important to establish the source of your problems and find a lasting solution to it.
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Your million dollar idea can be in form of a product or a service. For example, in order to get started, you need to create the product, set up a good technological system to execute the idea, market the idea, offer the best customer service, pay your taxes e.t.c.
All these components mentioned above require finances in order to properly execute them. Most startups invest their own savings on their ideas. At some stage, they come to a standstill because of financial constraints.
In order to successfully protect your idea; go slow. Don’t rush things. This way you will be able to manage your risks without burning out.
You can run away from the government business legal procedures, but you cannot hide. They will definitely catch you, and when they do, you will dearly pay for the trouble you have caused.
It’s therefore important to be compliant with government requirements when creating your product or setting up a service software.
Get all the licenses required to legally operate your business. Be compliant with taxes. This way, when you succeed, you will be in good terms with the government.
Most million dollar ideas are brought down at its peak by governments because of non-compliance. Be compliant.
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And that is it from me here on 5 things that will bring down a million dollar idea.
If you have any additional suggestions or ideas, let me know in the comments section below.
Until next time, take care.
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