million dollar business ideas

I often stumble upon multi-million dollar business ideas… after someone else has done them. You know what I mean right? You have an idea and then a few months later find out someone else has made a killing from it. The truth is, you can have the most amazing business ideas in the world. Unless you have the ability to execute one of them effectively, it will never become a successful business.

As a solopreneur or microbusiness owner, with a limited number of employees and only 24 hours in a day, you need to narrow your focus to your best opportunity. Previously I wrote on my own blog about The 80 20 Rule, which roughly speaking means 20 percent of your business ideas, will get you 80 percent of your results. In other words, 80 percent of your business ideas are rubbish. Sorry!

Focus on your best business ideas

Most business owners fall in love with 100 percent of their ideas, so they continue to do everything but not very well. Let go of everything but your best opportunities. You might be sad at the missed opportunities but don’t worry. If you are right, you can wipe your tears with $100 notes.

How to make $60 million selling Mud

Shane Heath is health fanatic, who founded a coffee alternative called MudWtr. At last count, this interesting business idea made him $60 million per year. Perhaps the secret is not in the fact that he made a new drink but that he positioned this as “the” alternative to coffee.

How Josh Tetrick scrambled to crack this $1.2 billion idea

Josh was living on a friend’s couch, when he first had his idea to create a vegan egg business from mung beans. You read that right! Vegan eggs. And it turns out a product like that is not easy to create. His first investor put in $500,000, which got him off his friend’s couch and empowered him to hire some of the best chefs to create a tasty product.

How 19 year old Aussie Melanie Perkins took on the world

As a 19 year old student, Melanie Perkins was teaching people how to use complicated design software from the big end of tech. Then, she had a crazy thought, which would go on to make her over $1 billion.

Aussie, Melinie Perkins created Canva. A billion dollar tech unicorn.

Never heard of her? Well, maybe you’ve heard of Canva? That’s the unicorn company Melanie created with the help of her boyfriend, Cliff Obrecht… and it all started with a humble side business, which was where they identified a real, unmet need.

Media make this look easy. It’s not.

I’m probably taking a shortcut here and going straight to the romance. Indeed, starting a business can be challenging. Pursuing successful business ideas that make millions or billions of dollars is not very common. That’s why why watch videos about these people and read articles… but I believe the number one ingredient is passion for what you do. If you don’t have that, you won’t have the drive to get up every day and pursue your dream, relentlessly.

Shane Heath combined his passions for coffee and health. Josh Tetric was driven by his purpose for protecting animals and providing enough food for the third world. Melanie Perkins is passionate about design, which is exactly what enabled her to discover an unmet need.

Follow one course until success

One of my favourite podcasts to listen to is Entrepreneurs On Fire. The host, John Lee Dumas, often remarks that FOCUS stands for follow one course until success. I love that thought but I would add one thing. Test until you find something that works for you, then when you find what works, do that. Keep doing that. I know, as a business owner, it can be tempting to chase the shiny new object but more often than not, the shiny ball only distracts you from what you need to do. I think the proof is in success stories, like the handful I have shared above.

Partner Promotions

Leave a Reply