Jan 24, 2011
Posted on Jan 24, 2011 | 0 comments
I read something the other day about how there are less than a dozen or so movie studios in the USA that employ over 1000 folks. Yet, as an industry, it adds a huge $180 billion per year to the US economy. Over 2.4 million folks earn their living working in this industry. So where are all the folks employed?
To make a movie is an interesting study of collaboration. Basically, it is a giant project that stems from an idea. Money is found to produce the film and then a wide variety of small companies (averaging about 8 employees each) that specialize in the needed niches to make a move are brought together to take the idea and make it into a reality. A finished movie. When the movie is done, the project is over and all the small companies go on to another project (movie). It is the ultimate model for getting something done and I believe it represents the future of how business will be done. It is already happening now.
Think about it. As an entrepreneur, you can have an idea for a product and without making any investment in people, manufacturing facilities or other assets, go from idea to finished product in fairly short order. You can go to elance.com to find someone to design your product. You can also find someone on there to create your logo, collateral materials and ecommerce website. Or, you can do it yourself with a platform like shopify.com.
All of your production can be outsourced to a third party. Since there is a global over supply of manufacturing, you can easily and quickly find a supplier to help you create your product. And you don’t even have to ship it… you can get Amazon.com to handle all the logistics for you. And there a bunch of fulfillment houses out there as well so even this is ultra-competitive.
Want to see this in action with a real product that was launched in 5 months (and I think it could have been done much quicker)? Then check out this link -
http://www.therussiansusedapencil.com/post/2794775825/idea-to-market-in-5-months-making-the-glif
In the coming year, I am going to experiment with this model more than I have in the past. And one of the things that strikes me as amazing about this concept, is that it places an important amount of value on the idea. The idea in this model has the potential to retain much of its value without the ideator getting lost in the minutia of execution.
Jan 23, 2011
Posted on Jan 23, 2011 | 0 comments
At least in one scientific study there was a distinct difference in the hyperactivity of mice coked up in Edmonton versus Portland. But even though this test was done under very strict experimental controls, all is not as it seems with the scientific method.
I stumbled upon this article in The New Yorker that anyone interested in the Scientific Method or Statistics should take a peak at. The article discusses why many of the scientific facts we rely on don’t work as well as they used to. It is a very interesting read.
It is as if the cosmos is messing with our most sacred beliefs. Just because something is proven to be a fact using the scientific method, it may turn out to not be a fact at all…
http://www.newyorker.com/reporting/2010/12/13/101213fa_fact_lehrer?currentPage=all
Jan 21, 2011
Posted on Jan 21, 2011 | 0 comments
I continue to find it amusing when folks come to me and say they have a great idea they would love to share (to get my advice on) but they need me to sign an NDA (non-disclosure agreement) first. The amusing part is that they truly believe I (or any one else for that matter) will care enough (or know enough) about the idea to “steal” it and execute it. Execution is hard work, and I save it for ideas that are really good ones (aka “my ideas). And that’s the rub with most ideas, isn’t it? Execution.
Ideas are a dime a dozen. In and of themselves, they are pretty worthless. Sure they feel good in your head, and visualization of the future (once the idea is a reality) leads to all kinds of great emotions. But it is all fantasy…mental masturbation of sorts. Feels good but it’s not the real deal.
So how do you get your idea in the world? You make it real as quickly as possible and see if anyone is willing to write you a check for it. The “quickly as possible” statement from the last sentence is the key here so let’s discuss a few techniques to compress the time lag between idea and launch.
1- Don’t be afraid to share the idea
Expose your idea to as many folks as possible. They will ask you questions that will cause you to consider aspects of your idea that you could never anticipate on your own. The more folks you discuss your idea with the more refined it will become.
2- Create a prototype
Using duct tape, baling wire, band aids, matchsticks, and glue, your cat, etc., create a crude prototype of your idea. Of course there are more advanced rapid prototyping systems out there and if you have them at your disposal, have at it. But don’t use your lack of resources as an excuse to not get started. A crude prototype is often enough to get someone to write you a check.
3- Expect the unexpected
My very first business got started because I went to visit a potential client with a crude prototype of an idea I had for a waste mitigation product. I ended up selling them something else they needed even more (which I created a prototype in one day that solved their real problem). And that product led to a much larger business than I would have had with my original idea. My advice, never get stuck on your original idea. Be open to the possibilities. But always use your original idea as a launch point for having great conversations with potential clients.
A secret to success? Compress the time between having an idea, making it real with a prototype, and getting feedback. The internet is awesome for this. You can test ideas quickly and learn more in a day than you could in a year just a while ago. So don’t be afraid to share your ideas. Get the market feedback you need to make the decisions you need to launch or refine. Do it today!
Jan 19, 2011
Posted on Jan 19, 2011 | 0 comments
I wanted to point out a free ebook by Mark McGuinness over at Lateral Action. You can download the ebook following this link – http://media.lateralaction.com/freedom224PS.pdf
No need to enter your email or contact information. Read it and enjoy.
