Originally published at: https://blog.12min.com/one-simple-idea-summary/
Turn Your Ideas Into a Licensing Goldmine
Having smart ideas for products and services that could satisfy a need on the market is worth nothing if you do not turn them into reality.
But how could you?
Don’t worry, we got you covered.
Who Should Read “One Simple Idea” and Why?“One Simple Idea” is a book about turning your ideas into reality. We recommend it to all people who never acted on their ideas since they do not believe to be good at entrepreneurship.
You might be proven wrong, so give this book a chance!
About Stephen KeyStephen Key is an author and an entrepreneur, who shares the secrets he learned during the successful implementation of more than 20 simple ideas, which generated him billions of dollars of profit.
"One Simple Idea Summary"Have you ever had that moment when you saw a product and thought that you could do better than that?
Or, have you ever needed something and wondered why no one invented a product or service that would satisfy that need?
Many people have moments like that, however, those thoughts remain just thoughts since people believe that there are so many products and businesses in the world, that bringing a new product into the market would not be the smartest idea.
However, this is a wrong mindset.
Regardless of the economic soundness of the country, consumers spend money.
It is a fact that there are some products that consumers desperately need, and those that they find irresistible.
Good entrepreneurs know how to find these products and focus on finding the right way to offer and promote them.
Vendors have a much easier time now to sell their products since they do not have to pay enormous sums and fight for shelf space, which also decreases their risk.
Also, they can connect with consumers more than ever, since social media allows them to communicate with their customers, find out their desires and needs, and ultimately target them better.
It is a fact that starting a business is not easy and can be scary, but entrepreneurship is something that can be learned.
And the first step to becoming one is having a passion for your idea, since passion fuels dedication and persistence (and you will need a lot of them).
However, if you decide to start your business, do not complicate things for yourself.
You would be surprised to find out how many businesses fail because the idea they started from was too complicated.
Do not try to be completely new – instead, find an existing idea and make a small but significant modification.
Known products and services are the best to start from since consumers are already acquainted with them, and you do not have to put extra effort to educate your customers about why they would need the product and how it can complement their lifestyle.
It is also much easier to find someone who will produce a known product at a reasonable cost.
Yet, the part “modification” is significant to note, since you want to introduce a known product with a “twist” that would allow you to target a completely different market niche.
The last point takes us to the next thing you have to keep in mind: the market.
In order to succeed in the market, you have to study it.
Analyze the target audience, the competitors, and the prices customers are willing to pay for specific products.
After you do all this, it is time you progress toward creating a business plan.
Business plans help with clearing up your purpose and vision, and project your expenses and revenues, ensuring you that your business will not plummet.
They also are an invaluable tool when looking for external financing, since they serve as promotional material for your business that the investors can evaluate.
After you finish the business plan, you are ready to start.
Remember what we said: start small, and start simple.
Do not take a too risky first step – you can even start by working from your own house.
You see, contrary to what you may believe, a business does not have to be a very costly investment.
It can be something small that you can slowly build up upon.
Of course, there are many more things to learn about businesses, but we will let you educate yourself about them by reading “One Simple Idea” from cover to cover.
Next, we continue with the short overview of the key lessons.
Key Lessons from “One Simple Idea”1. Keep Your Friends Close and Your Enemies Closer 2. Use Referrals 3. Know Your Audience and Tailor Your Products
Keep Your Friends Close and Your Enemies CloserYou know this saying right?
You should use this tactic in business as well.
One of the easiest ways to eliminate your competition is to stop thinking of them as opponents and partner with them.
Transforming your enemies into allies will save you a lot of stress, money, and time.
Use ReferralsFinding a good manufacturer for your product is crucial since it will be your name that stands on the product, and you will be responsible for any problems it may have.
But how can you get a good manufacturer as a newbie on the market?
The major players you decided to turn into your allies instead of your enemies can help you with this part as well.
Know Your Audience and Tailor Your ProductsIt can happen that once you come up with an idea for a product, and it is a success, you will come up with many similar ideas later on.
However, you have to keep your ideas both suited for your audience and fresh at the same time.
You can do this by tailoring a product to suit a sub-audience in your current target group.
Like this summary? We’d Like to invite you to download our free 12 min app, for more amazing summaries and audiobooks.