Creativity - Why didn't I think of that!?!

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I think that everyone has that moment a few times in their life where they see a new product and go, "Dang, why didn't I think of that!?"

I recall a moment where my wife and I were at Target checking out, and the lady in front of us had a double-nipple cap for a baby bottle. The key is that it could feed two babies at once out of the same bottle. The cashier, beyond retirement age said to us that she had twins years ago and wished she had something like that. It was decades later until someone actually created it. We have this mindset, however, of "ahh...someone's already probably done it" or "it's too hard" or "I'm sure someone's already working on it."

I had this moment last night when the wife and I were having dinner and she told me about this new service called Birchbox. In a nutshell, it's a sample box service that delivers samples to your door based on a profile you create based on what you're interested in. The cool part, that made me like "ugh!" was that it uses your pinterest account to decide what kind of things to you that you may be interested in. Someone has taken pinterest (a site I just couldn't wrap my mind around) and used it to classify their customers to secure future sales...on a monthly basis. Genius. The goal is that you'll like the samples, go back to their site and purchase them. In return, if you get people to sign up (pyramid theory) for memberships, you can gain "points" and redeem them for money off purchases and the monthly fee. This originally was directed toward women, but now they have incorporated men.

In my little head, I really couldn't see what Pinterest was good for. Honestly I didn't see anything other than idea-sparking and creative-developing pictures...and a nice way to get backlinks using media. Other than using it to tell my wife what I'd like her to cook for dinner, I didn't have any personal use. With this said, however, I am once again in the position where I must remind myself that not everything has been thought up. Not every product has been developed. Not all the good ideas are taken!

I love to watch the show Shark Tank. I have found myself in a similar situation before, asking for a lot more money than they do on this show, and because I got to experience it first hand, it hits home for me. Every product that seems to come on the show especially products like the scrub daddy...I just get so mad at myself that I limit my creativity to what I know! A guy made a sponge like a smiley face and he became a multi-millionaire 2 weeks after the show aired! Come on!

Here is a video I was given on creativity growth. If you're looking to delve deeper into creativity to expand your minds and develop your futures further, check this 30 minute TED seminar clip. There's some really interesting things said and portrayed.

I hope that this pumps you up and expands your mind a bit. Do not limit yourself to the confines of your mind as it will only allow you to go as far as you have taken it!
#creativity
  • Profile picture of the author onSubie
    What comes in the Birchbox?

    My Pinterest is full of classic cars. I'd love a 1970 GTO to arrive at my door.

    I also love Shark Tank and Dragon's Den.

    If you haven't watched Dragon's Den (renamed Shark Tank for the US) you can stream the episodes on CBC.

    Home - Dragons' Den - CBC Television

    Kevin O'Leary is top dog just like on Shark Tank.
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    • Profile picture of the author hirechrisgunn
      Originally Posted by onSubie View Post

      What comes in the Birchbox?

      My Pinterest is full of classic cars. I'd love a 1970 GTO to arrive at my door.

      I also love Shark Tank and Dragon's Den.

      If you haven't watched Dragon's Den (renamed Shark Tank for the US) you can stream the episodes on CBC.

      Home - Dragons' Den - CBC Television

      Kevin O'Leary is top dog just like on Shark Tank.
      Haha, I'm sure they may be able to get you something like a micromachine car? I'll take a look at dragon's den because we've watched all of the Shark Tank episodes!
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  • Profile picture of the author Denise Hall
    I haven't heard of Birchbox, but it sounds like a great idea. And you're right, creativity can be profitable.
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  • Profile picture of the author JPBailey
    I Love Shark Tank too. The cool part is long ago it used to puzzle me and now I find myself negotiating the deals along with them and trying to pick the winners.

    I feel a little stupid for asking, but what the hell, I always wanted to know.....

    What the heck does it mean when they ask for an investment loan with so much percent they have to pay back, right, and then the sharks say something like, "You've valued your business at 1 million dollars" - how do they come up with that figure, there's got to be some math formula they use with the investment amount and percent they'll get back and maybe a time frame?

    Thanks in advance if anyone knows!

    This also reminds me of how people say you can take the income your business makes and times that by 10 years and that is the amount you could sell your business for... right?

    It's ok if I'm wrong, I probably cut class when that was being taught in high school, lol.
    Because I never in my wildest dreams thought I'd have anything to do with business, selling or investment math. Go figure.

    JP
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    • Profile picture of the author Jill Carpenter
      Originally Posted by hirechrisgunn View Post

      I think that everyone has that moment a few times in their life where they see a new product and go, "Dang, why didn't I think of that!?"

      I recall a moment where my wife and I were at Target checking out, and the lady in front of us had a double-nipple cap for a baby bottle. The key is that it could feed two babies at once out of the same bottle. The cashier, beyond retirement age said to us that she had twins years ago and wished she had something like that.
      The problem here is you have no real idea of how in demand that product is.

      How many people have twins?

      IDK, sounds kinda gimmiky to me.

      If I had 2 babies I'd give them each their own.

      And if someone sent me samples of something that I liked, I'd be doing a general web search to find them at the best price.

      There is a combination of things going on here that you want to be aware of - having a product that is unique but also being the ONLY one or one of the only ones providing that product.
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    • Profile picture of the author onSubie
      Originally Posted by JPBailey View Post

      What the heck does it mean when they ask for an investment loan with so much percent they have to pay back, right, and then the sharks say something like, "You've valued your business at 1 million dollars" - how do they come up with that figure, there's got to be some math formula they use with the investment amount and percent they'll get back and maybe a time frame?
      Yes, an investment loan is a straight up loan that is paid back to the lender with no exchange of equity. Usually higher interest rates because there is no way to get a loan or line of credit from a traditional bank. Just like investing directly in the business, an investment loan is a high-risk proposition.

      The biggest mistake people make on ST/DD is over-valuing their company. There are many ways to determine the "value" of a company and it has a lot to do with the type of business: service, manufacturing or retail for example.

      The people on Shark Tank usually pick a random valuation based on their perceived "potential". So people will value a company at $2 million with only $20,000 in sales. When questioned they say things like Well, the whatever market is a $2 billion dollar a year market, we only need a tiny part of it to make $10 million.

      They also usually ignore really solid advice from the sharks/dragons because it goes against their misguided vision.

      You can learn a lot listening to those guys.
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    • Profile picture of the author joseph7384
      Originally Posted by JPBailey View Post

      What the heck does it mean when they ask for an investment loan with so much percent they have to pay back, right, and then the sharks say something like, "You've valued your business at 1 million dollars" - how do they come up with that figure, there's got to be some math formula they use with the investment amount and percent they'll get back and maybe a time frame?

      The sharks value a company at 1 and a half times the sales.
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