The Verification Stage
The final and most important connection between a million dollar idea and a regular idea is the response of the marketplace. Even if others see it as a great idea, the consumer must want to buy it.
When the idea is right, the marketplace responds. Heelys were an instant hit with kids. The product took on a life of its own. Adams received a life changing phone call when his patent attorney (who lived next door to a venture capitalist) asked for a video of the kids using Heelys. Adams received a call from Capital Southwest saying, "My kids just saw your video and the first thing they said was 'Dad you have to buy this company'."
Allergybuyersclub.com founder, Mercia Tapping used the more formal route of verification. "I ran some focus groups for allergy suffers and that told me they wanted a one-stop web source with education and shopping," says Mercia.
The Ah Ring "really resonated with women. It had a great emotional connection with women. Don't wait for a man to buy you a diamond ring just buy one yourself. So many entrepreneurs try hard banging their head against the wall and it doesn't go. This just shows you when it's right, its just right," reflects Ruta. As a final verification, the ring ended up in the offices of "O, The Oprah Magazine" whose editors sent one to Oprah who loved the idea so much she included it in Oprah's favorite things.
Forget the Million
A common thread among all these entrepreneurs was realizing once they had the idea, the real work was just beginning. Having a million dollar idea is only part of the equation for business success. "Entrepreneurs ask what makes one successful? Are you passionate enough? Can you persevere enough to make it happen? It demands a certain determination," says Mercia.
Searching for the million dollar idea is a slippery endeavor. The best advice for those wanting a million dollar idea is to forget about the million dollar idea. The money winning idea is born out of a want for something more than money. The money is the means not the end. For Roger Adams it was the yearning for nostalgia of childhood. For Ruta Fox it was a new career from doctor's orders. Mercia Tapping desired a better way of life. Listen to your heart. The money is only secondary. In the end, the millions may never arrive but at least you pleased your heart's desires.
