Do you have a billionaire idea that could lead to fame and wealth? If so, how do you turn a great idea – like Spanx – into a profitable industry that reels in the dollars?
Start with the Idea
First of all, start with an idea. If you don’t already have one, Forbes has a list (obviously, these should not be used as yours, but may lead to inspiration) on its website. Some items in the list include:
- Luxury commodities – where you take a basic product (like beef jerky) and turn it into something fancier (like beef jerky that’s marinated and spiced);
- Instant services – like Paypal or Instacart, that deliver the customer their product or need nearly instantaneously; and
- Ideas for “niche niches” and “transaction transparency,” amongst others.
Put It Into Motion
The second step of having a grand idea is actually putting that idea into motion. Usually, this requires the big bucks, so if you don’t have the cash yourself, you will likely need to find an angel investor or crowdfund. From there, the legal battle begins, including things like patenting and trademarking, choosing a business and product name, and more.
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