The Disney Corporation is a global brand and one of the world’s largest organisations – it started with a pencil drawing of a mouse on a blank piece of paper!
How can we learn from this amazing story and develop ideas that generate income and sustainable revenue streams. Having the idea is often the easy bit – how you make money from it is unquestionably the hard part.
Great business ideas come from a variety of sources – a hobby, a problem you have identified, an idea you spotted on holiday or maybe there is an existing product or service that you think you could improve upon.
Once you have come up with the idea you have to be clear on how to progress it from your blank piece of paper to a 200 word description of how it improves upon what already exists.
Success in taking your idea from mind, to paper to market will be dependant on three factors
- Commercial drivers for the new idea (CD)
- Human factors – drive and determination to succeed supported by the right people (HF)
- The resources to make it happen (R)
Successful commercialisation = CD x HF x R – have you thought it through? Sounds simple – hard graft!
The commercial drivers should define a clear demand for the idea you have come up with, only with an effective route to market.
The commercial drivers should define the business model for profitable revenue generation.
Great ideas are often protected in some way shape or form – eg patent, trademark
The success of an idea or new ventures is underpinned by an individual or a team with desire and determination to succeed.
Great ideas need to be resourced effectively – finance, IT, facilities, premises, partners – what resources do you need to make your idea a success?
Thomas Edison said, “I do not invent anything I cannot sell”. Be sure your idea reflects the needs of a marketplace.