Last updated on December 2nd, 2012 at 10:26 pm
What is your million dollar idea?
I keep notebooks filled with ideas for products and new technology. Having the time to implement them and knowing which one to work on are my biggest issues. I have received some great advice about how to make a million dollars and I’ve compiled most of them below for you to review.
How do you go about thinking up a million dollar idea?
1. What isn’t working in your life? What’s annoying?
What do you hear people complain about? Write these things down in a notebook. If you can solve the problem, relief stress or pain then you are on your way to a million dollar idea.
2. Interview people who are successful and find out how they did it.
If you can go to work for someone successful and be mentored by them – even better. People like Brian Tracy mentor people. If you can’t find, or don’t know anyone who you can speak to, or be mentored by then join a Rotary club in your town, or a Toastmasters group.
3. Become a regular reader of Trend Watching Dot Com and observe trends.
You must know what’s going on around you, so that you can effectively run a successful business as well as come up with ideas for problems to solve.
4. Follow Ewen Chia’s formula: Consumer Class + Product Purpose = Winning Idea –
See How To Crank Out Million Dollar Product Ideas From Scratch for details.
5. Keep a notepad handy where ever you are – even in the shower.
Fellow dreamer Remy gets her best ideas in the shower so she keeps an Erasable Shower Note Tablet there to write her ideas down as they come to her.
6. Do what you know best, or love best.
Is there something you know better than anyone else and are absolutely passionate about? Do you make the best jelly of anyone you know? Do you have a love for growing amazing flowers? Anything you are good at and passionate about (passion is the keyword here) can be turned into a million dollar enterprise.
7. Give your million dollar idea the investment it deserves.
Unless you win the lottery, you won’t make a million overnight, so be sure to allow plenty of time for your million dollar idea to take hold. Often people quit just before their idea is about to go big.
8. You could visit a qualified financial planner and set up a plan to create a million dollars in a number of years.
Compounded interest and certain investments has made many people millionaires over time.
Here, Brian Tracy discusses Secrets of Self Made Millionaire –
And in this video Brian Tracy discusses Increasing Your Income 1000% Formula –
Brian Tracy advises these 8 steps to his 1000% formula –
1. Wake up two hours before you have to be anywhere in the morning.
In the first hour, known as the Golden Hour read something positive – invest this hour in yourself. If you are in sales read something uplifting about selling, if you need motivation, read something motivational.
2. Make a list of everything you have to do for the day.
Plan your day in advance. This will increase your productivity by 25%
3. Organize your to-do list by priorities. Decide what is first most important, second most important and so on. Number them accordingly.
4. Start on your most important task single-mindedly
without interruption until it is done before moving to the second item, then focus only on that item until it is done and then move on to the next in this fashion.
5. Listen to audio programs in your car.
Turn your car into a mobile university. A study at USC concluded that if you listen to educational audio programs in your car instead of music you will have the equivalent of full-time college attendance.
6. Ask yourself two questions after every call or every event –
- What did I do right in that situation? Write down everything you did correctly.
- What would I do differently next time to improve? Write down all your ideas for improvement.
7. Treat everyone you meet …
like a million dollar customer.
8. Go to work on yourself …
and strive to be the best person you can be.
What can you do this week that will take you one step closer to your million dollar dream idea?
Heather Montgomery is a fitness writer, triathlete, and blogger who is devoted to sharing what she has learned about becoming a triathlete after age 40. She uses her Metabolic Training Certification to help other women struggling to get fit in mid-life. She lives and trains in Santa Rosa, California, the new home of the Ironman triathlon. You can find her biking the Sonoma County wine trails.
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