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One Simple Idea

Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work

By Stephen Key
19-minute read
Audio available
One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work by Stephen Key

One Simple Idea (2015) argues that it takes only passion and one simple, marketable idea to start your own business. The book shows how building long-term partnerships with your manufacturers and vendors can help your business run smoothly, and how catering to your customers' needs and desires helps you sell your product on the market. In short, One Simple Idea gives concrete, firsthand advice for anyone who wants to get their one simple idea off the page and out into the world.

  • Anyone who has a simple idea for a new product and wants to bring it to market                       
  • Entrepreneurs who want to start a small product-based business    
  • Anyone interested in entrepreneurship and creating their own business

Stephen Key is an expert on getting business ideas off the ground and has successfully licensed more than 20 simple ideas, generating billions of dollars of revenue. In One Simple Idea, Key shares the lessons he learned while starting, managing and growing his own small (later successful) company, “Hot Picks.”

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One Simple Idea

Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work

By Stephen Key
  • Read in 19 minutes
  • Audio & text available
  • Contains 12 key ideas
Upgrade to Premium Read or listen now
One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work by Stephen Key
Synopsis

One Simple Idea (2015) argues that it takes only passion and one simple, marketable idea to start your own business. The book shows how building long-term partnerships with your manufacturers and vendors can help your business run smoothly, and how catering to your customers' needs and desires helps you sell your product on the market. In short, One Simple Idea gives concrete, firsthand advice for anyone who wants to get their one simple idea off the page and out into the world.

Key idea 1 of 12

Seize the opportunity to bring your idea to the market, and find an experienced mentor.

You might think that, given the recent economic downturn in the U.S., now would be a bad time to create a product and attempt to bring it to market.

But you’d be wrong. Even during a financial slump, consumer spending in the U.S. accounts for 60-70% of the national economy.

The fact is, there will always be certain products that consumers will find irresistible. As an entrepreneur, your main task is to identify such products, then use the right channels to promote them.

The products that sell even in a dismal economy are those which improve customers' quality of life without breaking the bank, because consumer spending is motivated by desire, not by necessity.

And when it comes to selling your product, the predominance of the Internet, especially social networks, means that nowadays you can easily work out of your home, selling your product online without having to fight for a place on store shelves.

Furthermore, social media can help you to connect with your customers, to understand and address their needs and desires, and — because you're closer to your customers — to react swiftly to the whims of the marketplace.

But even with the above in your favor, you’ll still need a lot of guidance. So find yourself a mentor who can give you some practical, firsthand advice — ideally someone who’s already successfully launched a similar product.

How do you find one? Begin by looking in your hometown, or search the web for successful entrepreneurs from your region.

Once you’ve found a suitable candidate, get your foot in the door by expressing interest in what they’ve achieved, even massaging their ego a little. Most people enjoy talking about themselves and will welcome the satisfaction that helping you to succeed will bring them.

There are many opportunities and people out there to help you get your business started. Now you have to grab the chance and start with one simple idea.

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