How much wealth could you create for yourself and for others by nurturing, developing and sharing your idea with the world? 6 years ago Evan Spiegel had an idea, today (2 March 2017) the company that was developed from that idea just became worth $24 Billion after it’s IPO on the NYSE.
The story of Evan’s life could have gone a different route if He hadn’t understood the value of his idea and had not developed it to it’s full potential.
HOW TO GO FROM HAVING AN IDEA TO HAVING 4 BILLION DOLLARS IN 6 YEARS
#1. Spot a Million Dollar Idea:
Throughout history very few people have understood the value of a good idea; even fewer men have successfully cultivated an idea seeing it become a product or service. Yet it is clear that ideas are inarguably the most powerful ‘things’ in this world.
According to a write-up by Roger James Hamilton. In a moment in 2011, Evan’s friend and fellow student, Reggie Brown, looked at his phone and said “I wish these photos I am sending this girl would disappear”. Evan called the comment a “million dollar idea”.
Can you spot a million dollar idea? You’ve got to train your eyes for it. Train yourself to see the millions that are trapped inside an idea that lands on your head. This training begins with understanding the value of an idea and how they can use it to create your God-given future – that future which you crave, pray for and desire.
#2. Understand that no idea by itself is worth a $1 but the execution of it or of converting it into a product or service is what is worth millions.
After getting the ‘million dollar idea’ the two decided to turn it into an app. From Evan;s living room they launched the app, which they called “Picaboo”, with Evan coming up with the friendly ghost logo.
After creating and launching the app the millions didn’t immediately start rolling in as these guys may have hoped. By end of summer the app had only 127 users. The entrepreneurs changed the name of their app from “Picaboo” to “Snapchat”, and the app began to grow rapidly
#3. Knowing the difference between a million dollar idea and a billion dollar company.
2 years after launch, with Snapchat rising to over 6 million ‘snaps’ per hour, when Facebook came knocking at Snap Inc’s door offering Evan $3 billion to buy the company, Evan said no. Why? He knew that the once ‘million dollar idea’ was now worth more than a million or even 3 billion dollars.
After they said ‘No’ to Mark Zuckerberg, refusing to sell their business Evan and his team were bombarded by wave after wave of criticism. Evan said, “When we decided not to sell our business people called us a lot of things besides cray – things like arrogant and entitled.”
Today Snap Inc’s IPO valued at $24 billion is 8 times more than what Facebook offered 6 years ago making it the largest public listing since Alibaba in 2014.
And that’s how to go from having an idea to becoming a billionaire.
Here it is again:
1, Start by spotting million dollar ideas
2. Go forward Nurture and develop them into bankable products and/or services
3. Know when, what and who to say ‘no’ to