Selling business ideas — is it possible?

What is a Business Idea?

A business idea is a new way to do something. It is not just an idea but also a plan to make the idea work. A business idea can be anything — a new product, service, or marketing strategy. It can even be an improvement on an existing product or service. From the time I can remember, I had many business ideas but executed only a bunch of them.

Is your idea worth money, and can you sell it?

Ideas are the lifeblood of any business. But in today's competitive world, ideas alone are not enough to make a business successful. The only way to be successful is to execute the idea. Companies are running on the foundation of ideas. Ideas are all well and good, but without execution, they're just thoughts. Implementation is what takes a business from idea to reality. Execution is what takes a business from idea to reality.

Entrepreneurs are always thinking their idea is worth money. They are willing to take risks, invest time and energy, and will put all of themselves into their new venture. However, the reality is that an idea can be worth nothing if it's not realistically executed. Idea 💡 = 0$.

Recently I was involved in two mentoring cases with new entrepreneurs. To help them as much as possible and make their experience positive, I tried hard to provide them with the necessary resources to succeed. Unfortunately, in both cases, they failed to execute. In one case, I registered the prospective domain for the idea and provided a transfer to the future entrepreneur, but he accused me of stealing the idea ( :) yea, right!). In this case, he asked me for money for the idea! If you are reading this, you should know that you had the same idea and additional 800.000 people (0.01% of 8 billion). Again, your idea is valued at zero dollars/euros.

It is all about execution. I don’t want to execute an idea if there is someone that can complete the concept better than me. I will partner with or support them if I believe in them (but not the idea per se). It’s essential to be careful with people and their ideas. Many people have strong feelings about their ideas. They think their idea is worth millions. They’re wrong! You should be open-minded and creative to communicate sincerely with future entrepreneurs. Also, you shouldn’t be rude and try to negate and dismiss their enthusiasm.

Selling business ideas if you can develop a prototype and a good presentation

However, it is possible to sell your idea if it is in the advanced phase (prototype). Selling your ideas is not as easy as it sounds. First, you need to flesh out your idea and ensure that it catches potential buyers' attention. Before you pitch your ideas to investors, you should check the trends and news to the idea to confirm that your idea is original and suits the current market. Investors won't help you refine your idea if you don't have all the critical aspects mapped out, so make sure your vision is as detailed as it can be before approaching them. When you are entirely sure of what your idea entails, hold on to it. Consult your country's trademark and copyright office and ensure you have all the requirements. Copyright your idea and register patents for it if it is possible.

Also, here the execution is crucial. Making it through the door at the start of the process is vital. If you want your idea to be taken seriously, give it your all when presenting a professional presentation and prototype. Your prototype should be as good as it can get. Then, if you have successfully delivered your presentation and prototype to your client, use that momentum to close the discussion on pricing.

To help you even further, I will put some tips on how to generate an idea and how turn your idea into a profitable business.

How to generate an idea

Idea generation (ideation) is the formation of new ideas. Ideas become an innovation when they are put into practice successfully. Innovations can improve our quality of life, and entrepreneurs are responsible for taking innovations to market by turning them into products or services.

Here are some ways to ideate:

• Ask questions: Firstly, the "idea" people are curious and love to ask many questions. Their sentences always begin with "w" words — who, what, where, when, why and how. My friend Matthew Murrie (Author of The Book of What If… ?, Founder of What If Curiosity, and Creator of Curiosity-Based Thinking and Curiosity-Based Learning) has an excellent model of curiosity-based idea finding. Start with "What if…?" and challenge your idea. Please start thinking about the idea as a separate thing and ask many questions about it.
• As a creative individual, keep lots of notes on your ideas and share them with others. List everything you remember (e.g., words, names, visualizations). Edison's notebooks contain an incredible number of ideas, and da Vinci used reverse handwriting in his sketches. It would help if you made many notes on your ideas and shared them with others. Make sure to remember everything you think or know about this idea.
• Try to think associatively. Many ideas are the result of combining two different ideas or things. For example, take a vegetable and combine it with a dessert. Steve Jobs had a knack for adapting new technology to practical uses, and the artistic aspect would always be present in his product. His skills at simplifying and making Apple's products simple yet beautiful have been invaluable. When you experience something new, it often leads to a good idea. If people are intelligent and perceptive enough to understand what is happening in front of them, they can adapt an existing approach to new opportunities.

How to turn your idea into a profitable business

The first step is to validate your idea. If you have an idea, the first thing that you need to do is validate it. This means that you need to find out if other people are interested in what you have come up with. The best way to do this is by surveying or asking friends and family members what they think of your idea. If your friends and family are not supportive of the idea, then it might be time for some soul-searching and re-evaluating the concept before moving forward.

This section will teach you how to turn your idea into a profitable business. This includes the steps that you need to take before, during and after the process of selling your idea.

• Before: You need to find out if there is a market for your product or service. You should conduct a simple market analysis to determine whether or not there is a demand for your product or service. A market study helps identify the current trends and needs in the industry, as well as any potential opportunities. You can ask 10–100 of your target potential customers, do they need your product/service.
• During: You need to find a way to make it so that people will want what you are selling. When the first sales happen, you get traction and are on the right track. Social Proof is a psychological phenomenon that convinces people to do something by showing them that others are doing it. People are more likely to buy products if they see others using them or recommending them. Companies like Airbnb use this technique by showing their customers testimonials from past customers and pictures of their property.
• After: Once the sale has been made, work still needs to be done. Make sure everything goes smoothly, and there are no problems with the transaction! If the client is unhappy with the product, then it is your job to find a solution to that issue. Afterwards, call in the customer and tell them everything went smooth so they can be happy with their purchase! This is an opportunity to develop your business idea and improve your product/service.

How to execute your ideas

Execution Ideas is about trial and error. Test, pilot, then refine.

• Put Ideas to the Test: Many innovators know the importance of experimentation. Testing is key to many advancements in the field of science and has spurred many advances in technology. You can also apply the same principle to innovation — finding a way to test your idea before investing time and money into it is essential. An excellent way to test an idea is to create a prototype. But what should you make? A prototype can be anything from a working CAD drawing to an actual model. The prototype you need depends on your idea and what resources are available to you. For example, if you have the skills necessary and the money required, it may be possible for you to build a functioning physical model or make a scale model out of LEGO bricks. If not, then it might be best for you. There is an excellent book, "Testing Business Ideas: A Field Guide for Rapid Experimentation" (The Strategyzer Series) by David J Bland and Alex Osterwalder that I recommend reading.
• Risk-Taking: Taking a risk means giving yourself the opportunity for failure. For example, if you want to take your idea from an idea in your head to an actual company, you need to be willing to take risks, such as building a team and finding funding. In addition, taking a risk means putting yourself out there. So if you dare to share your idea with others, you may need to be willing to risk getting feedback from people who don't know and love you and your idea like you do.

The importance of execution in the success of your business

To be successful in your business, you need to execute. First, you need to have a plan, and then you need to execute it. Execution is key to the success of any business. Execution means following through with your project and doing what you said. And any idea is worthed equally to the amount of the execution.