Want to learn how to come up with million dollar business ideas quickly, efficiently and easily? Follow along with T. Harv Eker’s 6 tips to finding business success in the field you’re passionate about.
6 Tips For Generating Million Dollar Business Ideas
Ideas are like babies. The possibilities seem infinite in those moments when you get a great idea. If you take your ideas seriously, you’ll nurture and protect them until they’re standing on their own, off and running. Who wouldn’t want to see that sprint end with seven or more figures at the finish line? If everybody could generate million dollar business ideas, who would choose not to?
— lorette lyttle (@lorettelyttle) June 20, 2017
If only everybody knew were capable of million dollar business ideas if they just learned how to do get started and follow through. Generating ideas is a skill and a rare, lucrative skill at that. Whether you’re looking for a new business to get into or you want to find new opportunities within your current business field, your biggest problem isn’t finding the best business ideas. It’s choosing between all the amazing opportunities you’ve got in front of you. Good or good? Keep reading for 6 pieces of business advice from T. Harv Eker on how to generate million dollar business ideas efficiently.
Tip #1: Choose a business field you are passionate about
To narrow down all the business opportunities, start by choosing a field that you love. It’s got to be the right business for you! If you don’t like the business or product, are you going to be very passionate and enthusiastic about it? Probably not.
That’s why having passion is so important when it comes to your business. Passion is your energy! And what are people buying? They’re buying the energy, and if you’re not excited and passionate about what you’ve got, there’s no way you can market or sell it to consumers.
Tip #2: Consider consumer’s two primary motivators
Pleasure and pain drive the decisions we make. Which do you think is stronger? Avoiding pain! If there’s a problem, people want it solved. So, that’s where we get the definition of an entrepreneur: a person who solves problems at a profit!
Tip #3: Improve an idea that already exists
You don’t always have to start from scratch to come up with million dollar business ideas. Another way to find good business ideas is to improve something. Nothing is perfect. That means every single thing can be improved in one way or another! Everything of the millions or billions or trillions of products and services that already exist can be made better. All you have to do is find the way!
— MarkitPros (@markitpros) April 6, 2017
Keep in mind, improving a product or a concept can be more lucrative than starting from scratch. It’s already a proven entity with a proven market. You don’t have to spend a fortune educating anyone. They’re already buying it. There’s a good chance that if you make it better, they’ll buy it from you. You’ll have the money left over to expand while the first guys spent all their money educating. It’s better to be second than first!
Tip #4: Model a proven winner but add your unique touch
Modeling a proven winner is an easy way to make a fortune. There’s never an excuse not to copy someone who’s already making a fortune now. The word ‘copy’ is often frowned upon because in school we learned we shouldn’t copy, but like most things we learn in school, this thought process keeps people broke.
You definitely want to be unique, but do you need to be original? Heck no! There really isn’t that much new under the sun, and if there is, let somebody else deal with unveiling it. It’ll cost them way more than it will cost you.
Tip #5: Network and affiliate with other companies
Copying not your M.O. or forté? Instead of copying, look for a hot product or service in a field you love and piggyback, or affiliate, with them.
Why would you affiliate with them versus doing it on your own? They might already be in the market, they might have an exclusive product or a great product, they might have major distribution or a major database, or expensive equipment or technology, or the operation size is already established.
In other words, they may already have a lot of the headache kind of stuff worked out. Then, you won’t have to build it or expense it yourself. You’re simply there to fill a gap that is mutually beneficial.
Tip #6: Change the niche and the market
This next one is so very simple. Change the niche of an already existing product or service. (By the way, some people call it ‘nitch’ and some people call it ‘niche’, yes? I choose nitch because it rhymes with rich.) Take something that was for the public, and then say ‘I am going to make it for women’ or ‘for men only’ or ‘for seniors only’ or ‘for golfers only’. Simply, change the market!
Product niche is something special, or the biggest, or includes the word ‘only’ of some sort, like the above-mentioned examples. Think about a store that only sells something that everybody uses, like towels. Moving into a new home? Buying a house-warming gift? Where are you going to go to get towels? Towels Only! Product pitches equal your riches!
Hopefully, you’ve learned that million dollar business ideas are not as hard to come by as people make them out to be. With a little focus, knowledge, awareness, and insight, anyone can literally create a million dollar business idea!
Now it’s your turn! Do you have any experience with creating an idea that came to fruition? Or regrets about an idea you had that someone else created before you had the opportunity? It’s your turn to share your insights and experiences. Your sharing could generate even more good business ideas.