Starting a business
Hey, this is Charles Kirkland. Welcome to episode number seven of Inside the Mind of an Entrepreneur. You’re busy. We don’t have time for an intro. So, let’s go ahead and jump into the meat and potatoes of it.
Sharktank. I love the show. I think every entrepreneur needs to watch that show from start to beginning. It would be a huge education. But this is the problem we have. Quite often, we see that. It’s like, “Oh my gosh I’ve got an idea and it’s going to be worth millions.” Recently I had a friend come to me and he goes, “Hey Charles, I’ve got an idea and it’s going to just, you know, nobody else has thought of it. It’s going to be great. I just need you to sign this NDA before I talk to you.”
And I was like, “You want me to sign a non-disclosure agreement for you to talk to me about your idea?” He’s like, “Yes.” I go, “I’m not going to do it.” He’s like, “You’re my friend. You have to sign it.” I’m like, “No. I don’t.” And this is what happened. I told him I had me, you know, an idea, probably worth a few billion. And he’s like, “Well, what is it?” I said, “Well, I’m going to create a soft drink. Add a lot caffeine and a lot of sugar. We’re going to put it on the shelves of grocery stores all across America.”
He’s like, “You’re an idiot Charles. That’s Coca-Cola.” I said, “That’s the same thing with your idea.” He’s like, “No. It’s different.” What I’m trying to get to is, an idea is not anything that’s- you see on Sharktank, they go, “Hey, I’ve got an idea and this is going to be worth…” And they go, “Hey, we’ll give you 10 percent of the business for $100,000 cash infusion.”
So, they’re saying their business is worth $1M, for an idea, a logo you got off of 99 Designs, a WordPress blog, which is free, and a premium theme. You have no sales; have no revenue; have no customers; have no clue or idea how to market. But you’ve got an idea –
Guys, ideas are worthless. There are millions and millions of great ideas. The only thing that counts is execution – going back to the soft drink example. That’s a great idea. Coca-Cola, Pepsi – they executed on it. Red Bull – they executed on it. How many guys have had ideas for energy drinks well before Gatorade; well before Red Bull?
And the reality of it is, ideas really aren’t worth anything. I can tell you all the ideas that I’ve had, but unless you execute on your ideas, you’re not really going to have anything. So, keep that in mind.
Next time you watch Sharktank, watch out. These guys have tone of ideas, but watch as the sharks as they’re talking to them. The sharks are like, “Do you have a plan? Do you have a patent? Do you have something tangible? Do you have something that’s worth things?” Because quite often, everybody’s imaginary number is $1M.
So, keep that in mind. Sharktank’s a great show. You should watch it. Give you a huge amount of ideas. Anyway, this is Charles Kirkland. Hope you enjoyed it. By the way, if you’re over at iTunes, I’d love to have a five-star review, or whatever you know – how many stars you think it’s worth.
And make sure you visit CharlesKirklandBlog.com. We’ve got some of the biggest mistakes that entrepreneurs make. Nice little free guide there. So, anyway this is Charles. Hope you enjoyed it. Talk to you later.