Inventions and Saleable Ideas (eBook)

Levi C. Ezidiegwu (Autor)

Uche Njubigbo Jnr. (Herausgeber)

eBook Download: EPUB

2018 | 1. Auflage
200 Seiten
Bookbaby (Verlag)
978-1-5439-3778-7 (ISBN)

Infos

Wealth is like a flowing river, and idea is the tool that creates the economic gradient for the flow of wealth to your direction. What makes the difference in the rate at which this economic fluid flows to your direction is determined by how saleable your idea is. So, what makes an idea saleable?

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Have you wondered why some entrepreneurs that developed their ideas at its original version aren't already rich. It is not all ideas that are money-making. There is a very thin line between wealth and poverty. The most wretched in life can become the wealthiest by the implementation of a simple saleable idea. Likewise, the noveau riche' can lose all he has by making a simple mistake of investing heavily into an idea that has no market. So, how do you identify a 'Saleable Idea'? Find out so many simple, yet guaranteed ways of creating wealth from this book.

Textauszug

Chapter One

(1) - IDEAS AS FOUNDATION FOR WEALTH CREATION

The flow of wealth can be likened to a natural spring flowing across a village. It does not care who drinks or fetch from it because everybody in the village should have access to it. How come some people construct pipelines from the stream to their houses, some fill their reservoirs both underground and overhead tanks, while there are some that go to the stream with small buckets only to fetch the one they need to use for the day. Worst still, there are some that go with just a cup, and drink to their satisfaction whenever they are thirsty.

It does not necessarily mean that those men that fill their reservoirs are greedy. This is what I term the wealth creation formula. Only the wise fills up his vessel bearing in mind that there could be a period when some unforeseen disturbances could disturb the free flow of this spring. The water you used yesterday can never return to you for re-usage. Whether you like it or not, there must be outflow and it is only your inflow that can maintain equilibrium in your finance. Outflow without a proportionate inflow will only lead to economic drain. The foolish and the uninformed in the village only drink whenever they need water without creating any storage, thinking that the flow will last forever.

Why the saying, “The Rich get Richer and the Poor get Poorer”? Research shows that 80% of the wealth of nations and cities is in the hands of 20% of the population, while the remaining 20% of the wealth of nations are shared among the 80% of the population. The poor labour for the rich. The poor bank for the rich. The money of the poor is given to the rich as loans because the poor do not have collateral to collect loans. Bulk of the consumables sold by companies are bought by the poor, but they are not shareholders. It is the vast consumption of the poor that makes up the share dividends of the rich.

As natural stream flows freely in life, so does wealth flow freely in this global village called earth and everybody has unlimited access to it. Nobody is a minor. So, why should some people live in the region of affluence and abundance while others languish in lack and poverty even in the midst of plenty? Ignorance to the principles of wealth creation through the implementation of saleable ideas, and lack of discipline to practice same remains the problem limiting us from living the life of our dreams.

Some believe that their success is tied by some evil forces. Like I said earlier, your money exists as an economic fluid in people’s pockets, cheque books and accounts and it is only when you sell out your idea that the wealth will flow from them to you. That is when you can confidently grow to be an entrepreneur because you have a saleable solution to a societal need. One man that understood this principle is Mike Krieger - a Brazilian entrepreneur and software engineer who co-founded Instagram along with Kevin Systrom by confessing, “I think the biggest challenge over time is that we stay creative and making sure that we continue to launch awesome products that people love.”

I want to define Wealth creation as the process of channelling the free flow of wealth along this global village called earth to your direction using dual tools of idea and financial wisdom. In order words, wealth creation is creating reservoirs for wealth using a tool called idea and ensuring minimal leakage by applying the concept of saving. Wealth creation is a vector quantity; it has both magnitude and direction. The direction is specified by idea which creates the economic gradient for the flow of wealth to your direction while its magnitude is specified by the strength of your reservoir which is the wealth creation concept of savings.

Wealth Creation Formula

Wealth Creation = IDEA (Direction) + SAVING (Magnitude)

Life is like Mathematics, a subject you don’t have to know, yet it gives you the correct answer provided you apply the right formula and procedure. I love the words of Eleanor Roosevelt, “You gain strength, courage and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself, I lived through this horror. I can take the next thing that comes along. You must do the thing you think you cannot do.” In creating wealth (getting rich), the equation is incomplete if you have only idea or investment without savings, or you have only savings without investment.

Ideas and Opportunities

Larry Ellison, - founder of Oracle Corporation counselled, “When you innovate, you’ve got to be prepared for people telling you that you are nuts.” As entrepreneurs, we’ve got just two businesses, to develop ideas and to create attractive opportunities from them. Ideas can be just dreams and visions but opportunities are gaps in the market that creates room for new product. Opportunity can be defined as:

1. A gap in the market by those who currently serve it.

2. When you can offer the market something different and / or better than the present suppliers.

3. Your ability to add value through innovation and profitability.

4. Something you know more about than most people.

Get up from your dream, and convert your reasonable thoughts into a venture. Fear of failure should not scare you from taking the needed steps. Mark Cuban - the chairman of AXS TV counselled, “It doesn’t matter how many times you fail. It doesn’t matter how many times you almost get it right. No one is going to know or care about your failures, and neither should you. All you have to do is learn from them and those around you because all that matters in business is that you get it right once. Then everyone can tell you how lucky you are”. Prudently look at those ideas in your mind and creatively identify the ones that are good opportunities that can bring you to the limelight. Only ideas that are attractive opportunities can be guaranteed 100% saleable. Opportunities are better explained by the DIFA model -

• Demand: - Who is it for? Can you summarize it in 3 sentences?

• Innovation: - What’s involved? Which technology do I need?

• Feasibility: - Can it be done?

• Attraction: - What will be my Reward?

God himself being a business man, has this to say when it comes to productivity, “Be fruitful, and multiply, and replenish the earth, and subdue it: and have dominion over the fish of the sea, and over the fowl of the air, and over every living thing that moves upon the earth”, (Gen 1:28). In order words, be full of fruits. He was not just talking about biological productivity, but also economic productivity. Being fruitful means conceiving your own idea. And of course, it is only when the idea is valued in the market that you will have the moral fibre to take a risk to invest or get people invest into it by multiplying or mass producing the product. You do not have to stop at mass producing the product; you must go further by sending it to the market through effective advertisement and distribution, you also need to constantly replenish or re-stock your product to enable your idea to develop a domineering effect in the market place.

The salient features of a saleable idea:

• Must have a market value– its ability to take care of a need determines its demand and supply

• Should be multipliable

• Should be replenish-able

• Should have a domineering ability in the market place

People cannot wait to spend their hard-earned money, as they wrestle sleeplessly with their pillows in frustration for want of a solution to a need which only your idea or product can offer. They will be willing to pay whatever price you tag on the product as far as their needs were met. Listen to the words of the legend - “Woz and I started Apple in my parent’s garage when I was 20. We worked hard, and in 10 years Apple had grown from just the two of us in a garage into a $2 billion company with over 4000 employees. We had just released our finest creation — the Macintosh — a year earlier, and I had just turned 30”, (Steve Jobs). Men that always search out how human needs change with time in order to upgrade their products and services to suit the demands of the ever-changing world are those we call innovative people. That is the technique that has helped many re-invents some existing ideas.

Like I said earlier, do not just be a fruit eater; you can produce your own fruit. If you are thinking that it is the angels that will come down from heaven and develop banana juice for you and I to drink, or maybe develop powdered sachet of Egusi soup (melon) for us, with dry meat or fish added, especially for those from my own part of the world that likes ‘swallow’ a lot, so that any bachelor can easily pick up a sachet from the nearby store, just like they pick 2-minutes noodles pack and make a 2-minutes soup without any stress, then you need to be examined. Ideas are conceived by creative thinking and identifying the problems in our environment.

You definitely need to be a think tank to generate a saleable idea. Listen to Karin Timpone’s advice, “If you are an artist, learn science. If you are a scientist,...

Produkt-Details

• Erscheint lt. Verlag: 6.7.2018
• Vorwort: Chris Parkes
• Sprache: englisch
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Marketing / Vertrieb
• ISBN-10: 1-5439-3778-0 / 1543937780
• ISBN-13: 978-1-5439-3778-7 / 9781543937787