Comments on: Email: “What should I do with an idea?” http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/ Personal finance blog for college students, recent graduates and everyone else -- including entrepreneurship -- for getting rich. Featured in the Wall Street Journal and New York Times. Thu, 18 Mar 2010 05:17:37 -0700 http://wordpress.org/?v=abc hourly 1 By: K http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4461 K Thu, 08 Feb 2007 13:55:53 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4461 I get pitched ideas all the time, good, bad, or so-so. Ideas alone are pretty much worthless. What I want to see is some proof the entrepreneur is going to stick the project out, either past success, a prototype, heck, even a long running and successful blog. Something that shows the person is in it for the long haul. Many will start, few actually finish. I get pitched ideas all the time, good, bad, or so-so.

Ideas alone are pretty much worthless. What I want to see is some proof the entrepreneur is going to stick the project out, either past success, a prototype, heck, even a long running and successful blog. Something that shows the person is in it for the long haul.

Many will start, few actually finish.

]]> By: activevibe http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4450 activevibe Thu, 08 Feb 2007 09:51:31 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4450 Being technically-oriented, I can empathize with Devin-- but from the opposite end of the spectrum. My main issue with my ideas is shopping it around, and gauging and generating visibility, interest via marketing and exposure. Giving life and presence to tangible forms of my ideas are simple enough. It's one thing to be gifted with an innovative or forward-thinking mindset, or to be technically or mechanically adept. It's another to expect, especially nowadays, one person to be an expert of all trades necessary to successfully launch a business or succeed with an idea. The exception are those whose extremely rare ideas are so innately obvious and well-executed in hindsight which causes us ask, "Why didn't I think of that myself?" Being technically-oriented, I can empathize with Devin– but from the opposite end of the spectrum. My main issue with my ideas is shopping it around, and gauging and generating visibility, interest via marketing and exposure. Giving life and presence to tangible forms of my ideas are simple enough.

It’s one thing to be gifted with an innovative or forward-thinking mindset, or to be technically or mechanically adept. It’s another to expect, especially nowadays, one person to be an expert of all trades necessary to successfully launch a business or succeed with an idea.

The exception are those whose extremely rare ideas are so innately obvious and well-executed in hindsight which causes us ask, “Why didn’t I think of that myself?”

]]> By: M http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4442 M Thu, 08 Feb 2007 07:03:29 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4442 Make sure not to disclose your idea to the public if you intend to patent it. Make sure not to disclose your idea to the public if you intend to patent it.

]]> By: Sri http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4441 Sri Thu, 08 Feb 2007 06:46:36 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4441 Here is a way to find out if you yourself believe in your product/idea. After working 3-4 years and saving up $50,000....would you invest that money into your product? Its easy to say yes when you havent earned it yet. But if you know it was 3-4 years of blood and sweat, then you will think twice. I have the money right now to do wonders but what is holding me back is that it took me 7 years to save $X money. I would hate to blow it on a idea that is flaky. Its also very easy for people to take loans and start a business. As I said, when its not your money, you dont mind taking risks. Here is a way to find out if you yourself believe in your product/idea. After working 3-4 years and saving up $50,000….would you invest that money into your product? Its easy to say yes when you havent earned it yet. But if you know it was 3-4 years of blood and sweat, then you will think twice. I have the money right now to do wonders but what is holding me back is that it took me 7 years to save $X money. I would hate to blow it on a idea that is flaky.

Its also very easy for people to take loans and start a business. As I said, when its not your money, you dont mind taking risks.

]]> By: Sri http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4440 Sri Thu, 08 Feb 2007 06:34:27 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4440 To the individual, I am sure your idea sounds the greatest. I had a few ideas myself that I thought was simply fantastic. Here are some: Now when I look back at it, I laugh. 1) A very tiny 1 room hotel in the best locations in all major cities. A person would swipe their credit card to get in. (not a great idea coz ur using the best real estate location to make $100 a night? for 12 hours?) 2) A chain of very very tiny stores that sold only Mcdonalds FRIES. Thats it. Nothing else but fries. ( To the individual, I am sure your idea sounds the greatest. I had a few ideas myself that I thought was simply fantastic. Here are some: Now when I look back at it, I laugh.

1) A very tiny 1 room hotel in the best locations in all major cities. A person would swipe their credit card to get in. (not a great idea coz ur using the best real estate location to make $100 a night? for 12 hours?)

2) A chain of very very tiny stores that sold only Mcdonalds FRIES. Thats it. Nothing else but fries. (

]]> By: Sri http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4435 Sri Thu, 08 Feb 2007 04:01:44 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4435 Dont be fooled by all those people who founded google, youtube, paypal etc....however great their success, its a needle in a haystack. Work for 3-4 years, save $50,000 and then look into developing your idea. Dont be fooled by all those people who founded google, youtube, paypal etc….however great their success, its a needle in a haystack.

Work for 3-4 years, save $50,000 and then look into developing your idea.

]]> By: junger http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4430 junger Thu, 08 Feb 2007 02:52:42 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4430 That's a great quote. Unfortunately, working in the corporate world often involves more talking and planning than actual action. Staying small and taking control can keep any product rolling along. That’s a great quote. Unfortunately, working in the corporate world often involves more talking and planning than actual action. Staying small and taking control can keep any product rolling along.

]]> By: MyNameIsMatt http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4421 MyNameIsMatt Thu, 08 Feb 2007 00:57:42 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4421 One other person mentioned this, and it's kinda under the covers of many other posts, but he needs to ask himself, if he actually finds someone to do the work, what would he himself do then? If there's nothing for a person to do them self once an idea is out, then that person better be afraid because they're of no use. In one partnership I tried to get off the ground, I was playing the lead technical role and had another technical person as well as a veteran sales man (25+ year of experience in sales and management). However, at the end of the day, I was the only person doing any real work. What was my motivation for working with them? I wasn't even that enthusiastic about the idea. The other technical guy thought it was good enough just throwing out ideas, but did little designing or coding. The salesman didn't even contribute ideas as much as I prodded him because he felt out of his element, and was only playing a subordinate role in marketing. Devin needs to ask himself if he'll end up being one of those two guys. Really wants to be a part of the team, but provides no real value. Even if he can find people to work with (for free), if he can't provide support beyond ideas, then they'll leave him behind as I did the others. Where I moved onto an idea I was more passionate about, even if I couldn't really find others with the same passion. People can like ideas and morally support an idea, which is nice to have, but that provides no real executable momentum, and at the end of the day, the one who sweats is the one who deserves the gain. One other person mentioned this, and it’s kinda under the covers of many other posts, but he needs to ask himself, if he actually finds someone to do the work, what would he himself do then? If there’s nothing for a person to do them self once an idea is out, then that person better be afraid because they’re of no use.

In one partnership I tried to get off the ground, I was playing the lead technical role and had another technical person as well as a veteran sales man (25+ year of experience in sales and management). However, at the end of the day, I was the only person doing any real work. What was my motivation for working with them? I wasn’t even that enthusiastic about the idea. The other technical guy thought it was good enough just throwing out ideas, but did little designing or coding. The salesman didn’t even contribute ideas as much as I prodded him because he felt out of his element, and was only playing a subordinate role in marketing.

Devin needs to ask himself if he’ll end up being one of those two guys. Really wants to be a part of the team, but provides no real value. Even if he can find people to work with (for free), if he can’t provide support beyond ideas, then they’ll leave him behind as I did the others. Where I moved onto an idea I was more passionate about, even if I couldn’t really find others with the same passion. People can like ideas and morally support an idea, which is nice to have, but that provides no real executable momentum, and at the end of the day, the one who sweats is the one who deserves the gain.

]]> By: michaelb1 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4419 michaelb1 Wed, 07 Feb 2007 23:25:34 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4419 This is a great discussion. I have about 5 ideas bouncing around right now that I would like to develop. Not necessarily to get rich but to learn a lot and get involved in something. I go to a University in the DC area. I never thought to exploit my schools clubs and resources. I'm going to look into that. This is a great discussion.
I have about 5 ideas bouncing around right now that I would like to develop. Not necessarily to get rich but to learn a lot and get involved in something.
I go to a University in the DC area. I never thought to exploit my schools clubs and resources.
I’m going to look into that.

]]> By: WhitneyDT http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea/comment-page-1/#comment-4418 WhitneyDT Wed, 07 Feb 2007 22:42:07 +0000 http://www.iwillteachyoutoberich.com/blog/email-what-should-i-do-with-an-idea#comment-4418 I think a trip to a local library with a strong business reference service would be the right thing for this young man. They have many resources from patent logs to start-up listings that would give him a feel for whether or not his idea really is novel and really does have merit; in addition, librarians have patron confidentiality ingrained as part of their professional ethics, so he would not have to worry about idea theft. We have a number of entrepreneurs as part of our business patron clientele--several of whom credit the assistance received from the library as one reason for their success. I think a trip to a local library with a strong business reference service would be the right thing for this young man. They have many resources from patent logs to start-up listings that would give him a feel for whether or not his idea really is novel and really does have merit; in addition, librarians have patron confidentiality ingrained as part of their professional ethics, so he would not have to worry about idea theft.

We have a number of entrepreneurs as part of our business patron clientele–several of whom credit the assistance received from the library as one reason for their success.

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