Page 17 - The Business Idea Factory: A World-Class System for Creating Successful Business Ideas

I just need one big idea

If you asked me: “Andrii, can you say what events have influenced your life the most?” a
conversation with James in New York’s JFK Airport would be certainly one of the events I mention.

James was sitting next to me at the departure gate waiting for his flight to Charlotte and began a
casual co nver satio n. I lear ned that James had successfully so ld sever al IT co mpanies fo r mo r e than
$100M. However, what impressed me even more was that with all this money he was traveling in
economy class and was dressed in a way that would never reveal that he is rich.

In the middle of the conversation I said, “You know, James, I truly envy your entrepreneurial gift.
Since childhood I have dreamt about starting a company like Microsoft, but realized that I have no
talent of generating great business ideas.”

James smiled at me and said, “Really? How did you come to this conclusion?”

“Since childhood I wanted to become an entrepreneur but couldn’t stumble upon a big business idea
that could make me rich and famous like Bill Gates. A year ago I decided, ‘I will lock myself in a
room and will think until I come up with a big business idea or until I give up on becoming an
entrepreneur.’ For eighteen hours straight I was thinking and staring at the wall, thinking and staring
at the ceiling, thinking and walking back and forth. I didn’t come up with an outstanding business idea
and gave up on my childhood dream.”

“Andrii, you might not know this, but before Microsoft, Bill Gates created Traf-O-Data, a company
that prepared reports for traffic engineers based on data from roadway traffic counters. This
company didn’t have big success but the experience was very valuable for creating Microsoft.

“When I became an entrepreneur with my first company I lost money, and my second company
brought me less income per year than if I worked for minimum wage. But without the first 2
co mpanies I wo uld never have eno ug h exper ience and kno wledg e to cr eate the thir d co mpany that I
eventually sold for over $40M.

“Andrii, forget about a big idea. Your chances of creating it while staring at the wall are less than
winning the lottery. Just begin implementing any of your business ideas and in the process many
bigger ideas will come to you. Great ideas are created based on your life experiences and to get them
you should be actively doing something.”

This short conversation with James changed my attitude towards entrepreneurship. Had I not met
James, I might still not have opened my own business and have joy from seeing how my students
generate excellent business ideas daily and become successful.

When I talk to people I often hear, “Andrii, I envy your entrepreneurial gift. I’d like to start my own
business but I do n’t have eno ug h star ting capital and a big business idea.” I always say, “Just beg in
implementing today the best business ideas that you have with the starting capital that you have. In the
process you will learn how to promote, how to sell, how to collaborate with other people, how to
generate ideas and solve problems. Once you hit a really big business idea, you will have enough
experience and resources to make it a success.”

Exercise: A $100 hour