This article and podcast answers the following questions:
- How do you come up with breakthrough ideas to build your own assets?
- Ask The Investors: How should you invest $1,000,000 to increase my monthly income?
How do you come up with breakthrough ideas to build your own assets?
Dorie Clark, a campaign spokeswoman for a former president, professor and marketing consultant, has her excellent insight clearly explained in her recent book, “Stand Out”. She is also a contributor to some of the most reputed companies such as TIME, Harvard Business Review and Entrepreneur. She offers her tips about how to invent spectacular ideas when working on one’s assets. Most importantly, she says that you don’t require money for great ideas because technology has advanced so much that you can absolutely create anything at cheaper costs today. In order to come up with a breakthrough idea, she asserts that there are 5 key areas one needs to focus on, but an individual can certainly choose any strategy that works best for him.
• Mix your ideas and disciplines – The first idea revolves around what you really care about. If you’re in a particular field, you need to mix it with something else that you’re really passionate about. It could be anything you want to do, but even if it’s a hobby that captures your interest, you can easily mix this with your discipline because it’s something that resonates with your character. This works because it allows you and gives you the freedom to view the world from a different perspective. If you find the ability to consciously blend your fresh ideas with your discipline, it can definitely help you develop more ideas that will help you in the future.
• Find a niche strategy – When trying to come up with ideas, many people try to master too many fields. This is absolutely where the old adage, “Jack of all, master of none” holds true. Rather than trying your luck in different arenas, it’s best to find a niche strategy that allows you to research and become an expert in something that’s very specific. In no time, you will have professionals contacting you for your advice because you’ve taken the time to dig deep and extract every piece of info required for your expertise. Moreover, it gives you the credibility and connections and makes everyone else respect you for your profound knowledge.
• Start with independent research – This is another way to become an expert at something. No matter what field you choose, it’s essential to understand the basics right and that’s where independent research comes handy. Basically, researching anything independently will give you the freedom to get into the depth of the matter and uncover hidden layers. If you’re knowledgeable about something, it will only increase if you share it with people and help them benefit from your wisdom. With independent research, you can gain and share knowledge as you go. The most important thing to remember here is that you get paid while educating yourself! Not only do you get to do what you love, but you also get paid and help others in the process.
• Tackle important targets – Generally, you will find that you have a lot of ideas and often find it difficult to choose amongst them. If you’re in this predicament, think about how big your idea is. Are you focused on something that’s really important to you and others around you? Among all the entrepreneurs today, we get to hear about Elon Musk constantly. Why? Well, he’s that guy who chases big ideas that leave others gaping at him. He’s admired by most people for his guts to go after something that’s really huge for many people to even comprehend. Similarly, if you’ve got a big idea, go for it because that will motivate others and help you attract attention.
• Create a framework – It’s surprising to see that the very basics of a specific field are not articulated by many people. In order to communicate well, you need to think about the needs of the customer before you let your ego take over. For example, if you’re in the business of generating content, you need to keep the audience in mind, and add value to your piece. It’s best to come up with something that’s simple and effective, rather than going the opposite way and creating something that’s hard to understand, just to appease your personal interests.
Ask the Investors: How should you invest $1,000,000 to increase my monthly income?
The answer to this question depends mainly on the current market conditions. If you have a good understanding of business, it’s best to use the money to create a brick-and-mortar business. Of course, if the market was in a different position, the opinion would probably change and it would have been a good idea to invest the money in stocks, but as of now, based on fixed-income bond and other yields, investing in a brick-and-mortar type business seems the way to go. Moreover, presently, there are a lot of downside risks when it comes to bonds, so investing in them doesn’t seem appealing either. In order to increase their monthly income, many people generally indulge in dividend or income investing. The most important factor here is that you maximize your dividend income by investing in dividend ETFs. However, if you have to pick individual stocks, you can look for companies that are stable with low debt and low payout ratio.
Books and resources mentioned in this episode
Contact Dorie Clark on her homepage, DorieClark.com
Videos that Support this Podcast
Dorie Clark at Google