Every now and again you may come up with a brainwave that you feel could make you or your business millions of dollars. The idea may seem like the best idea anyone has ever come up with, but after careful consideration of the duties you need to carry out to get the idea into action, you may decide not to act on the notion, and abandon it. Others may choose to put a plan down and start working towards their ultimate goal.
From the conception of social media to children’s toys, have a look at these entrepreneurs who have made a lot of money by acting on what was initially just an idea.
Gary Dahl once joked with friends about the perfect pet being a rock. Soon after the prank, he put the idea into action and created the product Pet Rock. The Pet Rock is exactly what it sounds like. A rock that is sold to people as pets, complete with an instruction menu (mainly filled with puns) and a pet carrier. Created in 1975, the fad of owning a pet rock only lasted a few months. However, Dahl made enough money from his product to become a millionaire and open up other businesses.
We have all heard about Zuckerberg’s success from the conception of Facebook when he was in college. Since the launch of Facebook, Mark Zuckerberg has made billions of dollars and is one of the biggest innovators in the tech industry. With the amalgamation of other social media products (Instagram, WhatsApp) with Facebook, Zuckerberg has ensured that all of his products are still relatable ten years later by buying out competitors. With Instagram being sold for $1 billion USD, if you are in the tech industry and want to sell a business, selling to Facebook enterprises could be good idea.
David Karp launched the short-term blogging platform, Tumblr in 2007 at the age of 19. The website is popular with the younger generation, with many teenagers using it to express themselves. Over ten years later, Karp is now estimated to have a net worth of around $200 million USD, with Tumblr valued at over $800 million.
Richard James is the man who invented the children’s toy, the slinky. Originally a naval engineer, he came up with the idea for the slinky by accident when he dropped a spring and watched it slink across the floor. In 1945, he debuted the toy. At the time of his death in 1974, the slinky was estimated to be worth $50 million USD.
Regardless of whether you have a brainwave of inventing a new children’s product, a tech company or maybe even a new hair product, if you put the plan into action, you could be on your way to earning lots of money shortly. Remember to work hard and plan out your alternatives. Even if you feel like the product might be out there already, there may still be room on the market for your new product. Just by remembering the entrepreneurs on this list who worked hard to go from rags to riches is a great inspiration to get you started.