Editorial Reviews. About the Author. Stephen Key, founder of the coaching business inventRight, has successfully licensed more than 20 simple ideas in fields. One. Simple. Idea. STEPHEN KEY with Colleen Sell. Turn Your Dreams into a LICENSING GOLDMINE. While Letting OTHERS DO THE WORK. One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work. One Simple Idea, Revised and Expanded Edition: Turn Your .
|Language:||English, Spanish, Portuguese|
|Genre:||Health & Fitness|
|Distribution:||Free* [*Register to download]|
One Simple Idea Summary by Stephen Key shows you how to turn your ideas into reality, and how to keep your business strong and to thrive. Notes for Stephen Key's “One Simple Idea”. ○ What is licensing? ○ Renting your idea to a company. ○ Allows you to bring your idea to market very quickly. One Simple Idea, Revised and Expanded Edition: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work [PDF]. 1.
Regardless of the economic soundness of the country, consumers spend money. It is a fact that there are some products that consumers desperately need, and those that they find irresistible. Good entrepreneurs know how to find these products and focus on finding the right way to offer and promote them. To understand spending you have to understand that consumers are not motivated by the feeling of necessity, but by desire. Vendors have a much easier time now to sell their products since they do not have to pay enormous sums and fight for shelf space, which also decreases their risk.
Also, they can connect with consumers more than ever, since social media allows them to communicate with their customers, find out their desires and needs, and ultimately target them better. It is a fact that starting a business is not easy and can be scary, but entrepreneurship is something that can be learned.
And the first step to becoming one is having a passion for your idea, since passion fuels dedication and persistence and you will need a lot of them. However, if you decide to start your business, do not complicate things for yourself. You would be surprised to find out how many businesses fail because the idea they started from was too complicated. Do not try to be completely new — instead, find an existing idea and make a small but significant modification.
Known products and services are the best to start from since consumers are already acquainted with them, and you do not have to put extra effort to educate your customers about why they would need the product and how it can complement their lifestyle. It is also much easier to find someone who will produce a known product at a reasonable cost. The last point takes us to the next thing you have to keep in mind: Analyze the target audience, the competitors, and the prices customers are willing to pay for specific products.
After you do all this, it is time you progress toward creating a business plan. It can be something small that you can slowly build up upon.
Next, we continue with the short overview of the key lessons. Use Referrals 3.
You should use this tactic in business as well. One of the easiest ways to eliminate your competition is to stop thinking of them as opponents and partner with them.
Transforming your enemies into allies will save you a lot of stress, money, and time. Use Referrals Finding a good manufacturer for your product is crucial since it will be your name that stands on the product, and you will be responsible for any problems it may have.
But how can you get a good manufacturer as a newbie on the market? Use referrals. The major players you decided to turn into your allies instead of your enemies can help you with this part as well. Know Your Audience and Tailor Your Products It can happen that once you come up with an idea for a product, and it is a success, you will come up with many similar ideas later on.
However, you have to keep your ideas both suited for your audience and fresh at the same time.
You can do this by tailoring a product to suit a sub-audience in your current target group. Like this summary? Our Critical Review This book promises much more than it accomplishes. It is a very theoretical book that describes hard work and persistence, which does not seem to motivate you to take any kind of action.
That said, I feel like Blinkist also majorly screwed up the blinks here, since the core sections of the book, such as pitching your idea or submitting it to potential licensees were completely omitted in the summary.
Here are 3 lessons from One Simple Idea: Eliminate the competition by partnering with them. Get your foot in the door of manufacturers with referrals from established downloaders. For new products, always make sure they appeal to a sub-audience. Want to leisurely license your ideas and make money? Lean Analytics Summary. Creativity, Inc. Search for: