Adeo Ressi:
http://www.founderinstitute.com/guides/110

Best of Vision and Ideas / Holy Shit, My Idea Sucks


How to take your Shitty Idea and turn it into a Good Idea: He has suggested that generally he is always right.

First: “Nobody is Going to Steal Your Stupid Idea”

- Most people will not steal your idea…
- The reality is that your ideas are so god-awful piss poor that you can’t get yourself to your own idea, 
  let alone someone in this room to decide to take your idea and spend the next 5 years of their lives and execute your “good idea”.

- So here are 5 simple steps for coming up with a good idea:

     1. START SMALL WITH PASSON                  
          • If you’re not passionate you’re going to “fuck-it” up.
          • You have to be passionate about “it” or it won’t come through in your pitch
          • Your best ideas will come from your passion
          • Pick something you are angry about, use the anger as a motivation.
          • Are you upset about the quality of something? Your shitty car… for instance.
          • Are you interested about something?
          • Are you excited about a topic?
          • Are you reading something that gets you going?
          • What are you curious about?
          • All of these things become the motivator for idea path

          Once you have a passion, you want to start working on a “project” because:
          • You call them “projects”, because “projects” are easy to kill.
          • You don’t call them ideas or a business, you call them projects because
             its hard to dislodge a business, but easy to kill a project. Nuff said.

     2. Launch a Project to Investigate
          • You then get a notebook , you set up EverNote, you set a folder 
             and start organizing data around the project and collecting everything around the “project”.
          • You subscribe RSS feeds, and data organize
          • Then take some quiet time to consider these projects.

     3. Take Quiet Time to Reflect
          1. Come up with ways to forward the project into existence
          2. Come up with the problems incumbent to the project - what doesn't make sense?
          3. And also you'll discover which project you actually like the most
               
     4. Build a Board of Friends to Critique
          • Then share these projects with your working group - Your board of friends who
              will be brutally honest with you. If you have a "fucking stupid idea" they need to tell you.
              They need to be brutal honest and TELL THEM! Killing it now is better to tell you
              vs. 5 years later.
     
     5. Expand your Core Vision
          • Once you boil in all the data / quite time / all the comments / and then really examine it.
                   - Better to start small
                   - Consider demand circumstances - if everyone starts using my project.
                   - Legislation changes
                   - What are environmental circumstances
                   - You really need to blow it out.

     6. Keep it SIMPLE:
          • Keep the number of things that need to happen very simple.
          • Limit the steps to revenue. "they go there, they buy this"
          • Pursue ONE revenue stream - and ONE market too. 
            When you have too many things, you can't get it done.
          • It's possible to create another revenue stream, but it most likely won't be a huge 
            percentage. It's simply not realistic. So make it simple.
          • It drives me mad when people talk: "I got advertising, affilate market, I got some Freemium shit,                          
            Google adwords and all this and that going on. Investors do not want to hear this, because it
            tends not to be believable sounding. So Don't Talk About It!

     7. Know your customer - Be Clear about who the person is
          • Demographic
          • It's a Market that's very specific
          • It's a buyer or specific kind of person: A marketing director...The CEO...

     8. Articulate WHAT you are making
          • If you have to ask what it is, then you're selling vaguery
           
     9. Avoid SMALL markets
          • If you go after small business then you already know how successful you'll be.
             "If you go after a market that is 500 Million dollars, that fucking sucks dude...
              because if you do extremely well and get 10% of that market, all you'll get
              is 50 Million dollars. Which is piss poor and not worth it.
              Which is makes me think you are chicken shit about success.
              These fucking founders are afraid of success..."
          • The fast way to show you're afraid is to showcase you've picked a small market,
              and you'll never be a big company.

     10. Have a SECRET SAUCE. 
          • Don't CLONE a company, actually innovate and create something interesting.
             "If you live in a socialist country like Germany and don't give a shit, then clone away,
             but if you live in the US and any other modernized company then FUCKING INNOVATE."
          • If you haven't gotten a "ah-ha" moment and don't have a special way to do this, then
             don't depress and embarrass me"
          • It's must be NEW or BETTER

     11. Detailed Market Concepts
          • Facebook is the new consumer internet - All investors know this, everyone recognizes this
             And you better realize this or your a fucking idiot and your going to fail.
          • Blue Ocean companies create brand spanking new product with no competition which means
             you'll be the first one there. You'll be littering the world with your ideas and other will come around
             better financed and kick your ass. Be forewarned that going after Blue Ocean companies can
             leave you with alot of debt.
          • Marketplace start with the demand side - Demand side is always your customer.
             "Once you start offering services, then you become a service company and once you start
             it's a slippery slope to 100% service. So simply explained if you do this, you are worthless
             peices of shit that leave no legacy in the world." 
             For instance:
             "I created this widget that can be customized. Then I get called alot, so I have to service the
              end user. So I can't do it, so I hire an account manager, then an accountant has to be hired
              because they can't do it so I have to hire another person, then an account manager and so 
              it goes...."
               Another example:
          • "Arbitrage businesses are very hard and it's a race to the bottom" - It's a race to the bottom
              because you'll be scraping nickels off the floor.
          • Consider virtuous cycles
          • Listen don't Argue! Most of what you will hear from your mentors.
            Just say thank you - they will tear you apart, and you will want to cry like children...
             but you will need to simply say "thank you" because they are right.

     IDEALIBS will help you with your pitch:
     
     My company ( Company Name )
     is developing ( a defined offering )
     to help ( a target audience )
     ( solve a problem )
     ( with a secret sauce )

     If this problem makes no fucking sense then it's useless!!!