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Not ready to become an entrepreneur but you have a brilliant business idea?
What happens if you have a BIG business idea and you're too busy to take it forward or you simply don't know how to?
A cautionary tale is contained in the years-long battle the "Please Call Me" inventor embarked on to get compensation from Vodacom.
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Small business guru Pavlo Phitidis (founder, Aurik Business Accelerator) examines the options on The Money Show in response to a listener's question.
He asks how to go about licensing your idea to an existing business.
Phitidis outlines his take on ideas and business.
There's a big gap between an idea and the ability to manifest the idea profitably... What's a business idea worth?
Pavlo Phitidis, Founder - Aurik Business Accelerator
Ideas are currency, but execution is wealth.
Pavlo Phitidis, Founder - Aurik Business Accelerator
The person with the "brilliant" idea has to get out of their own head and realise that unless it has value to someone beyond themselves, it in fact has no value says Phitidis.
Buyers of products and services value something that solves a well-defined problem that they have, at a price lower than the cost of the problem itself.
Pavlo Phitidis, Founder - Aurik Business Accelerator
If you have an idea you need to start understanding, where could the idea be applied?
Pavlo Phitidis, Founder - Aurik Business Accelerator
Do your research, he emphasizes. This includes asking why someone else has not already done what you want to do.
"There are very, very few unique ideas."
Most business plans are ideas he notes, but the key is the implementation.
Entrepreneurs spend every waking moment of their lives looking to see what problems exist out there, and how to solve those problems through the creation of a business that offers a product or service.
Pavlo Phitidis, Founder - Aurik Business Accelerator
Maybe it requires funding or access to a particular raw material or a particular skill...Through the process you start to give shape to the idea...
Pavlo Phitidis, Founder - Aurik Business Accelerator
After going through this process, how do you take the idea to market?
And how do you avoid the danger of a company taking over your idea for its own profit?
Ideas are stolen every day... Arguably Google, Facebook, Instagram - the very big digital platforms - are the businesses that take most of the ideas that are displayed or shared or implemented
Pavlo Phitidis, Founder - Aurik Business Accelerator
Getting your idea patented or trademarked is only as valuable as the money you have to defend it when someone does try to steal it he warns.
Listen to Phitidis' advice on how best to try and protect your idea:
This article first appeared on 702 : Not ready to become an entrepreneur but you have a brilliant business idea?
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