#1180 - Q&A: Can I monetize my ideas without actually running the business?
This episode is brought to you by the new podcast. Go and see hosted by Malcolm Latte. Well it's a six part series focused on Lexus and their philosophy of Jin chie-jen Bhutto which means go and see for yourself find out how Japanese tea ceremony influence the engineering car window. How the sound of an engine is tuned like a musical composition to elicit emotions how Understanding Samurai warriors is led to a suspension innovation. Glad we're learns that no detail is left behind and the car company can learn more about cars by studying people follow. Guo on his journey starting march fifth wherever you like to listen in visit. Lexus DOT com slash curiosity for more stories like these two phases starting any project our ideas and execution both important and they're both essential. But what if you were better at having ideas and executing what if you really only like that first phase can you focus entirely on idea generation and leave it to somebody else to do all the work? What a great role that would be. And that's what today's listener is wondering about. So I do have some tough love in this answer. You might already have a bit of an inkling of what I'll say but I also have some advice if you relate to the question because it's true that some people are better at ideas then execution so can monetize my ideas without actually doing any work or what. Say without actually running the business. Let's talk about that in this episode. The most important time is right. Now if you've got a small business a side Hustle p produce your own podcast. Whatever it is you do. These moments happen all the time. They're happening right now. Having a business card that shows how professional you are in your pocket. Ready to hand out is the first step to making something happen. Vistaprint wants you to be able to own the now in east situation. 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You're using computer tablet or phone Trello sinks across all of them so you can stay up to date on all the things your team cares about. Keep your workflow going from wherever you are with Trello try Trello for free and learn more trello DOT com. That's T. R. E. L. L. O. DOT COM TRELLO DOT COM. Hi Chris this is George from Cleveland and I've been listening to the show for about two years now and I've enjoyed the daily inspiration and helpful advice. My question is can I monetize my ideas without actually running the business? I have a lot of ideas that I think are highly valuable. But I've learned that I'm not the best it and making them happen. I want to sell the ideas themselves along with my notes on what I think. The person needs to do to make them successful. Is that crazy? How would I go about doing it? Look forward to your response. George thank you so much for listening And first of all you're not crazy. I do very much appreciate this question. I think a lot of other people might as well just to kind of de personalize it a bit. Let's imagine someone sitting in a room somewhere. It just kind of picturing themselves as a Modern Day mad scientist or inventor and all they do is they sit around conjuring up ideas and then selling them off to someone else to turn into reality. Now when I think about that I think nice work if you can get it. But that's not usually how it works if it ever did. In fact it was Thomas. Edison whose sometimes billed as America's greatest adventure Y- all these different inventions and patents. And he's the one who said genius is one percent inspiration and ninety nine percents. Perspiration great accomplishments depend not so much on ingenuity. As on hard work the point there is that even mad scientists inventors need to do a lot more than just dream up ideas and I really do believe that ideas on their own. Don't have a ton of value once in awhile. I someone will write me and say I have this idea that I'd love to tell you about but before I tell you about it I need you to sign an NDA. And I'm always like okay. That's actually crazy. Okay Georgia's and crazy but that idea of making somebody signed before you tell me what your ideas like. I assure you I do not have time to steal your idea right. So let's take an extreme example if this an extreme example the company known as Theranos in its CEO Elizabeth homes. They're documentaries about this. That came out really good book. Bad blood written by John Kerry essentially documented the story of this company. They had an incredible idea an incredible promise which was essentially being able to do all sorts of medical testing with just a tiny amount of blood like a little pinprick as opposed to drawing blood. So incredible idea was actually billions of dollars in valuation on this company built on this idea if it would have only worked. The problem was many listeners. May know it didn't work. She just pretended it did not just Elizabeth home but a few insiders as well. The only execution of the idea was the cover up so once it was revealed to be fraudulent the entire company collapsed losing billions of dollars in valuation. That was all based on smoke and mirrors. So essentially. The idea is not that valuable. That's the point. And maybe that's an extreme example. But you could come out tomorrow and say hey. I've got an idea. Got This brilliant idea for a Unicorn spotting service it's going to allow you to see. Unicorns billion dollar companies I mean actually UNICORNS. And no one would pay you for it right. They would say that's ridiculous at least not unless you could actually deliver results so bit of tough love there. I realized but the advice. Because I don't want to just say okay. That's it you're stuck. What if you are better at having ideas and executing? So that's fine you can number one improved execution. I'm going to recommend a book by Scott Belsky. Making ideas happen really good book about going from idea to action. You can also number to focus on one idea time. Don't try to do too much. Choose one idea for thirty days. You're not making a life commitment but do make a commitment to say okay. I'm just going to work on this idea. I'm really good at coming up with lots of ideas but I'm going to choose one for the next thirty days and then you could also partner up. This is the third option work with someone who's better than you at managing the details the details the operation the day to day. But that's not the same as only generating ideas so thank you again George. Forgive me that great setup. I do hope you put one of your ideas to work listeners. If you've got a question it come to wrestle school dot com slash questions. We'll be featuring them throughout the year along with update some other listeners as they go from idea to idea to action that's right idea the action all right. Thank you so much. I'll be back tomorrow. My name is Chris. Gil about this is side. Hustle School From neon word project.