Leahey.org

Whenever I talk to somebody about a hot new product or service, especially in the computer/Web2.0 world, I invariably get the “I wish I could come up with an idea like that”. The truth is, you don’t have to. Down through history tons of companies and individuals have made billions, billions of billions, on mediocre ideas.

A few points to remember.

1) You don’t have to be the first: Just because someone else has already “stolen your idea”, doesn’t mean you shouldn’t attempt to make it work for yourself. There were hotels long before Hilton opened his. Toyota is the most profitable automobile manufacturer in the world, but they sure weren’t the first. I’m not saying you should ripoff someone else’s idea, either. You’ll never get anywhere without SOME original thought. My point is, most industries have enough room for a little competition, and even the runner-ups make a fair buck.

2) Focus on today: I find that when I have an idea, I usually throw up roadblocks that I wouldn’t have to worry about for quite a while. Case in point, I ran a web-hosting company a number of years ago. After having only started to get a few clients, I gave up, because I realized I would have to eventually get my own servers, and not just resell plans from existing companies. I knew I didn’t have enough knowledge to handle all that, but realistically, that wasn’t a problem I would have had to face anytime in the near future. By now I could have been making a good living, learn from my mistake and cross each bridge as you come to it.

3) Two mediocre ideas equals: A couple of mediocre ideas, and you can be living the good life. Look at SharperImage. There isn’t a genius idea in that catalog, not even a great one. Those scooters? They’re just rollerblades with handles. And have you seen that stupid Ionic Breeze thing? How about the commercial with the owner who can’t even read the teleprompter properly. You don’t have to have a genius, oh-my-God, world-beating idea to make the big bucks, you just have to have several mediocre ones.

4) Calculate the risk: If you have nothing to lose but your time, why not give it a shot? Be weary of investing too much seed money, however, as more often than not a company that is not profitable in the first fiscal year, will not be profitable at all. I’m not saying there aren’t exceptions, but the odds of success definitely decrease the longer you are in the red.

5) Don’t be afraid to ask: That’s the best part about not having a great idea, you don’t have to worry about anybody stealing it from you when you tell them about it. So, don’t be afraid to ask your friends or family, even Google to see if there are any message boards or forums on the subject. Ask around, someone might have a bit of insight on the subject that would help you make an informed decision.

And, of course, feel free to e-mail me any mediocre ideas you may have, so that I might profit from them, at mediocre@leahey.org.