Donny Deutsch’s cable program, “The Big Idea,” features interviews with entrepreneurs who scored big (or are trying to) in the world of business. The guests discuss their “big idea,” the one that makes their company or product different from all the rest.
In the crowded, competitive world of business, a big idea can propel a company from the depths of obscurity to the heights of financial success. But the big idea isn’t necessarily a new invention or a revolutionary concept. More often, it is a new spin on an old idea that capitalizes on a current trend (e.g., “fast food” restaurants that serve nothing but breakfast cereal).
Allstate Insurance company is running ads that promise to pay cash rebates for every six months of good driving. That’s nothing more than a new way of offering a good driver discount but in my view, it qualifies as a big idea because instead of a discount, the customer gets paid. Getting a check from your insurance company every six months re-sells you on staying with that company because you don’t want to lose “your” check. (It also reminds you to drive safely.)
Amazon’s latest big idea is low priced tablets. They don’t do everything an iPad does but they will probably appeal to a big segment of the market that will pay $200 (or less) but not $500 (or more).
How could you create a big idea in your practice? It might be as simple as taking something every attorney in your market does (e.g., house calls), and re-positioning it (e.g., “We’ll send a limo to pick you up”). It might be something few attorneys do, like the radio spot I just heard by an estate planning firm that prepares living trusts. Their big idea: “free lifetime updates”.
Take some time to brainstorm ideas with your employees or mastermind group. What do you do that everyone else does that you could promote as “your big idea”? Or, what do you do (or could you do) that nobody else does that could be an even bigger big idea?
How to be rich and happy
Please don’t make the mistake I made.
When I was young, I wanted to be a writer. That was my dream. I loved reading and the feel and smell of books. I haunted libraries and bookstores, imagining my own books in the windows and on the shelves.
I was a voracious reader. Non-fiction and fiction. Business, marketing, biographies, history; mysteries, thrillers, detective novels, science fiction. And books on writing.
But while I have written extensively throughout my career, early on, I somehow convinced myself that writers don’t make much money and I needed to do something more remunerative. Make money first, then I can retire and write all I want.
I now know this is folly.
To deny your passions, no matter the financial ramifications, is to deny the truth of who you really are. Working to make money so you can then do something else is simply bad advice.
But what if what you are passionate about is a one way ticket to financial mediocrity? At some point, you have to ask yourself, “What’s more important, money or happiness?” Yes, money is important and having more of it gives you more options. But having money does not guarantee happiness. Legions of unhappy wealthy people attest to that.
How about asking a different question: “What if what you are passionate about can lead to wealth and happiness?” It can, you know. In fact, I believe that following your passion is a much better road map to prosperity than working for money.
I’ve accomplished a lot in my career. I’ve done well financially. Â And now, decades after my childhood passion first stirred in me, I am writing. This blog is just the tip of the iceberg.
How does it feel? It feels. . . right. I can’t describe what I feel as excitement, it’s more a feeling of serenity, of “this is who I am and where I belong”.
But I also have flashes of regret.
What if I had listened to my inner child, the one who wanted to be a writer? What if I had ignored the voice of “logic” that told me to do something else? Where might I be today?
I don’t know if I’d be rich, but I know I’d be happy.
If I’d read the story of “The Rich Fisherman,” I might be in a different place today: