Thread: Do you need passion or a good idea to get rich?

You need both.

May I ask what have you done, or is your current job?

Working for even a single penny takes a lot of hard work, I am sure you know that by now.

Having a good idea doesn't mean you can sit back and make loads of money, it only makes those 18 - 20 hour days more enjoyable since you are working for your own good idea.

All it takes is a good idea (or in most cases an okay idea, or an idea a bit better than the previous idea) and the dedication to do better than anyone else.

Originally Posted by djs13

I think a "good idea" is way overrated. When it comes to companies like Paypal, Twitter and Myspace - innovation was key. But even Myspace wasn't the original social networking concept.

I'm more interested in having an idea for a business, that just a good idea. For example, there are energy companies - and then there are oil companies. Energy companies can expand and adapt to new economic climates, where as oil's sole idea is to produce and sell oil.

I've been looking at ventures in a new light after alot of research. I'm trying not to emphasize on coming up with the first of something or having a "million dollar idea." Henry Ford didn't invent the automobile, Jimi Hendrix didn't make the guitar, and Michael Dell came after the personal computer. Yet all of these men set the bar in their respected field - without coming up with the original "idea."

You will be surprised what some of those oil companies do behind the scenes... you will be very surprised.

I realized that lately the world is layered in many interesting ways.... just like some how oil companies are major players in green energy, a lot of the green energy start ups' revenue streams come from oil companies.

Ultimately ideas are a bit overrated, but a stale one would definitely be a lot harder to work with

Well passion makes you work a bit longer and learn a bit more about your subject. There are people who build business not aromd their passion so it is not necessary. On the other hand, why do something you don't have passion for in this life??? We live once only!!!

A good idea has certainly helped many companies like skype, ebay, amazon, etc, but innovation doesn't necessarily mean you are the first mover. there is much evidence to support being the 2nd or 3rd mover in an idea. The 1st mover usually makes lots of mistakes and those that follow can learn from those mistakes and improve the idea.

What really matters is execution of the idea. Whether the idea was yours or you stole it, efficient execution is what defines the success. Do you think Ford was the first car? Do you think Boeing was the first airplane? Do you think Standard Oil was the first oil producer? Do you think Dell was the first PC maker? Of course not. They all stole the idea from someone else, but just executed it better than anyone. That is why those are all famous household names. Even though Standard Oil no longer exists in that name, I think most people still know the name.

Passion is certainly important. I don't think you will find too many uber success stories where the entrepreneur was not passionate about his vision. But this vision needs to be articulated in your business. Standard Oil's vision was to provide cheap energy for the masses. JD Rockefeller didn't love oil, he wanted to realize his vision. I seriously doubt Michael Dell was passionate about computers. He was passionate about creating something different; a mass produce custom order system.

In my case, I am passionate about entrepreneurship and capitalism. I don't love forming LLC's and trusts and setting up offshore bank accounts. I am passionate about helping other entrepreneurs and investors maximize their wealth and minimze their risks. I use asset protection strategies to help them accomplish this. I am passionate about my belief in capitalism and a free market economy and I think entrepreneurs and investors are the drivers of capitalism.

The most important thing that you need is passion. Any idea that is put into action can be worth money. But without passion there is no drive and there is no heart put into your idea. If you just want to sell a product for the money and you are not passionate about it, the customer will see your greed and not buy from you. When you are passionate, you have this fire in your eyes, making people feel good about themselves and encouraging them to buy your product. I will use myself as an example.

I had an idea for a website and just saw the dollar bills. Did I go for it?

No

The reason: I had no passion to do it. And call me nuts, but I still don't have a passion or urge to create a internet system (even though they are 10x easier to manage) I am not passionate about it, and my work would show. I will not get anything done and I will be unsatisfied with my work.

On the other hand, I have a huge passion and drive for inventing and bringing my own products to market. I get this urge and have this drive to keep doing and pursuing my dreams. I have a great idea (now product) that is a thinking out-of-the-box invention but is very simple. I have a huge passion and drive behind this product and I have been enjoying the entire process. From building my prototype, to meeting with attorneys to patent my product. There has not been one day, where I have not enjoyed what I was doing. When you have passion behind your business idea, you cannot be stopped, no one can bring you down.

If you observe an entrepreneur, you will notice that they are enjoying what they are doing. I have met many Lambo owners and one sentence that I can use to describe them : Living their lives to the fullest.
You rarely hear them complaining, instead they enjoy life and what they do for a living.

Most entrepreneurs don't feel as if they are working, they feel like they are doing a hobby. They are passionate about what they are doing and do not feel the stress that a normal 9-5 would have.