Most people think that only bad ideas lose money, it’s not true. In fact bad ideas are actually hugely cost effective.

I’d much rather have a bad idea than a good one.

You see bad ideas mess up quickly, you put some investment in and it never gets off the ground. You lose hope, realise the error of your way and you move on; you’ll hate losing the money but you’ll get over it and live to fight another day.

Great ideas are the complete opposite, you put some investment in and they take off like wildfire. You literally won’t be able to keep up with demand and your brand new Ferrari will be on order before you know it.

But this isn’t about great or bad ideas, this is about good ideas and just how bad for you they can be.

The problem with good ideas is that they take longer for you to figure out they aren’t going to work.

Good ideas lose money because you keep on investing in them when you shouldn’t. They give you false hope of long off profits and they drain your time, energy and resources.

Great people get bogged down in seemingly endless battles to be profitable, unable to give up on an idea because much like walking up a mountain the end is in sight but it’s always that little bit further away.

Of course not all good ideas lose money; but they never make huge amounts either. They soak up huge amounts of resources, employing people, spending money on marketing and materials, all the while just about breaking even or making a small profit.

The people that run these businesses could be exceptional, but because they don’t make the rich list we never ask for their opinion or document the things they are good at.

If you want to change the world or leave your mar then you’re going to have to find a great idea and more often than not that means being prepared to fail until you find one.

Chapter Summary:

• Good ideas soak up money
• Bad ideas cost less because we give up sooner
• Great ideas make fortunes

Read our next blog post “There’s no such thing as good and evil”.