I bet everyone wants to come up with the next big business idea for their generation. They want to create the next “facebook,” or “pinterest” in order to strike it rich. In many ways, people look at running a business in the same way as the gold rush. If they can just finding something unique, they will earn lots of money. This often leads people to ignore the mediocre, slow-building business ideas. After all, who wants a mediocre business, right? Despite common sense, a mediocre business can help you in many ways. You may be scratching your head or wondering why anyone would want an average business idea – but it’s true. Here’s why.
How an Idea Can Earn you Millions (if not more)
Today, business compete for an advantages. With more companies outsourcing work to other countries, much of what it takes to make a profitable business is the idea behind the business. Sure, there is value in how the business is organized and the management – after all, Steve Jobs was able to transform Apple like no one else – but even the most likable person is not able to make money grow on trees. It more or less depends on the idea. There difference between a great idea and bad one could be millions of dollars.
Examples of Great Business Ideas?
I know you are probably sitting there thinking, “You can’t believe me to accept that without proof. Give me details!” Well, I am happy to oblige. Here are some of my favorite ideas:
- Facebook: Okay, I may have already mentioned facebook, but it is one of the most recent phenomena that has struck it rich. Mark Zuckerberg created facebook while in college.
- Pinterest: Pinterest, in my opinion, is the second wave of facebook. It is taking social networking to the next level. It has become a popular place for everyone to share their favorite ideas. In a short period of 3 years, it has grown to a similar level as facebook.
- Snuggie: My list wouldn’t be complete without a non-internet based idea. Let me first say that I think the snuggie is the dumbest ideas out there and how it has had so much success already is beyond me. Yet, it has become a similar phenomenon. It has hit a specific need and interest of consumers and filled many Christmas stockings over the years.
So, Why can a Mediocre Business Idea Help You
So, if thousands of ideas are created every year (if not month), and only a few make it big, why can a mediocre business idea help you at all. Surely, you have to be either brilliant or get lucky, right? Absolutely not.
First, and foremost, you never know when your failed idea might lead you to the next big idea. The inventors of these great ideas didn’t come up with these ideas first. Mark Zuckerberg first created an AOL-like software when he was in high school. If he had stopped there, his life would be completely different. There is something fundamental about learning from failures. If you create a mediocre idea, think about the potential of your next idea.
More importantly, a mediocre business is still good. If you have a business that is sustainable without your constant attention and it is earning hundreds of dollars each month in true profit, that is worth it in my book. If you can come up with 5 business ideas that generate $500 in passive income each month, you are earning $3000 per month and it doesn’t require any more work from you (after they are established). It sounds like a secret recipe to early retirement, if you ask me.
The next time you are about to give up on your business idea because it didn’t become a multi-million dollar business, ask yourself what you have learned and if you can turn it into a passive income stream, thereby freeing up your time and energy for your next idea.