How To Monetize Brilliant Ideas


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Of course you have brilliant ideas. But to monetize them you need a responsive team of expert advisors, and a doable process that allows you to tap into their expertise.

This isn’t new. Almost a century ago, the sainted Napoleon Hill told businesses to create a kind of Mastermind group.

Business incubation companies usually help established companies. Sole proprietors and startups often rely on Mastermind support groups, or agencies like SCORE.

You know a little about business incubators and how well they work. Wikipedia says:

“Business incubators are programs designed to accelerate the successful development of entrepreneurial companies through an array of business support resources and services, developed and orchestrated by incubator management and offered both in the incubator and through its network of contacts. Incubators vary in the way they deliver their services, in their organizational structure, and in the types of clients they serve. Successful completion of a business incubation program increases the likelihood that a start-up company will stay in business for the long term.

“Historically, 87% of incubator graduates stay in business.”

Wow, 87%? That’s about the same as the depressing percentage of new businesses that close within their first few years. Incubators clearly help, and could do even better if the business had a home grown Mastermind group, and was ready to fully tap into its skills and talents.

You could hire an incubator company, or invest time and effort into working with SCORE and SBDCs. But most of their experience is in industrial age business. Even if that approach still worked in the internet age, you’re probably not ready to follow their suggestions without educating yourself first.

Every day you spend hours online educating yourself. It’s quick and easy because so much information is modularized and partially filtered by super-widgets like LinkedIn, Facebook, Twitter or StumbleUpon.

Why don’t more businesses create greater value from all that information? Why can’t they organize and tap into this unlimited pool of expertise? Simply because they lack the right implementation strategy and plan; a customized “Social Media Business Incubation for Dummies” process.

One simple, disruptive-technology process helps transform raw ideas–yours or others’–into productive, sustainable action. Why not start “incubating” your own business this week?

First, create a clear vision of what makes your business unique. Not what you do, but why you do it so well. You’ll stay focused, and easily screen out unhelpful bits of information and false prophets. Next, build authentic, long-term engagement with your stakeholders, tapping into all their wisdom and experience. Finally, plan and execute world-class communications that will really build your business.

The tools you need for viral success are already familiar to anyone who uses social media. Begin your new business incubation program and thrive.

Republished with author's permission from original post.

Carey Giudici
Betterwords for Business
Carey has a unique, high-energy approach to help small business owners, entrepreneurs and in-transition professionals make their Brand and content achieve superior results in the social media. He calls it "Ka-Ching Coaching" because the bottom line is always . . . your bottom line. He has developed marketing and training material for a Fortune 5 international corporation, a large public utility, the Embassy of Japan, the University of Washington, and many small businesses and entrepreneurs.


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