How to Convert Ideas to Money?
We are fortunate to live in a knowledge-driven era where ideas can be converted into money and money can buy great ideas at a fraction of their potential value. There are all kinds of talented people in this world. There are visionaries with great ideas but lack the skills to convert ideas to money by building a profitable business around it.
Then there are business builders whose time is absorbed in solving practical problems that they have no time to be creative. They are willing to pay good money to buy ideas that can be converted into money.
Bill Gates did not create any of the software that he sold. He built his Microsoft business around products and ideas that he bought from others. The genius of Steve Jobs lay in visualizing potential of product created by others and using them to build Apple the most valuable company of our times. For example ‘mouse’ was never built for use with computers. He cross-pollinated the idea and rest is history.
Story Of a Great Idea Gone Waste
This is the story of a great idea gone to waste. Russian economy was in a turmoil because of the Soviet Union break-up in the early nineties. The Government was trying hard to get the economy going again and they were suspicious of the USA and the West.
A dear friend of mine who had recently retired from the Navy had a brilliant idea: he decided to take a bold trip and explore business opportunities in Russia. His advantage was that he spoke excellent Russian and was married to a beautiful Ukrainian lady with political connections. It was a masterstroke because he came back to India with a rich haul of Government contracts for supply of food, clothing, and shoes etc. that were worth millions of dollars.
Rich businessmen got whiff of the contracts and their potential. My friend was wined and dined. Businessmen were ready to offer excellent money to buy out the contracts but my friend insisted on becoming 50% partner in the deal even though he had no money. The conditions he set forth were unacceptable to the businessmen.
My friend was in no position to execute the contracts as no one would give credit to him without financial guarantees. To cut the long story short, all the contracts expired without a single one being executed successfully. It would have been wiser for my friend to sell the contract to businessmen who had the right experience. This would have given him the finances to build the Russian business and improve his credibility with the Russian Government – a brilliant idea gone waste.
Even Small Ideas can make you Rich
Everyone does not have to be Bill Gates, Steve Jobs or Eon Musk to become rich. Even small ideas have the potential of making decent money; each one of us has great ideas! We face problems in life that need a solution: we are angry with the government and local bodies not doing things that have common sense solutions.
Sometimes, we get inspired by a new thought or idea but let it pass. We put it off for another day or think that someone else may have thought of it … The idea dies a natural death. If we tap into even a few of those ideas, nurture them and find practical solutions we can become rich.
At times, an idea may be too big for you to execute. You have to then sell your idea to others. But before you start selling your idea or product, you must protect it by filing intellectual property rights. You have to show some intent, only then will venture capitalists fund your idea. You can also license your intellectual property to create passive income.
There are thousands of creative ideas that can help you generate cash flow required for investing. The internet offers great opportunity to those with bright ideas and little start-up – the world is flushed with money! Investors are looking to invest in the next new idea. Can you focus your energy and concertize your great idea into practical existence? I assure you, if you can, money will never be an issue ever again.
Investing is the second leg of your financial stability, whether you are an employee, self-employed or in business. Investment for passive cash flow brings solidity to your financial well-being.