Sunday, November 8, 2009

How to make a million Euros new idea...

As the time limit for my purpose of making a Million Euros in less than 5 years keeps running I read about one popular method and a brilliant idea that I want to share with you:

1-To make a dollar in profit from each of a million people. Or a penny from a hundred million. This is the China strategy. I guess it might work under the circumstances of for example having a Million friends on let's say facebook and convince them on giving you one dollar, personally it seems an almost impossible task considering that my own facebook friend list is about 500 hundred friends until now.

It almost never works because the challenge of reaching that many people is just too great. It's too risky and too expensive. Doesn't matter that you're only hoping for a dollar or a penny. The price isn't the challenge, it's the difficulty in spreading your idea.

Far easier is to make a thousand dollars from each of a thousand people ( I might follow the objective of getting a thousand "friends" on facebook to start with), or even $10,000 from a hundred organizations in this case the paper work and the time consuming will worth the effort. You can focus on a small hive of people, a group that talks to itself. You can push through a smaller dip and reach a level of recommendation and dominance that makes incremental sales far easier.

And you can learn much earlier in the process if you've gotten it right or not. Because you're making more per sale, you can spend the time necessary to figure out what really sells and modify your offering sooner in the process and the new wave is the Internet I know I can feel it.

The irony is that many products and services that have reached huge masses of people actually have significant margins (Windows, for example, or a cup of Starbucks). They got the best of both worlds because first they focused on winning small communities over and that led to the larger market.

There are many ways that can get you to Rome and the diversity might be found in the unity of multiple ideas, I want to share a second idea a simple idea that worked

Alex Tew, a student from Wiltshire, England, conceived A Million Dollar Homepage in August 2005 when he was 21 years old. He was about to begin a three-year Business Management course at the university and was concerned that he would be left with a student loan that could take years to repay. As a money-raising idea, Tew decided to sell a million pixels on a website for $1 each; purchasers would add their own image, logo or advertisement, and have the option of including a link to their website. Pixels were sold for US dollars; the US has a larger online population than the UK, and Tew believed more people would relate to the concept if the pixels were sold in US currency

Because individual pixels are too small to be seen easily, Pixels were sold in 100-pixel "blocks" measuring 10 × 10 pixels; the minimum price was thus $100. The first sale, three days after the site began operating, was to an online music website operated by a friend of Tew's. He bought 400 pixels in a 20 × 20 block. After two weeks, Tew's friends and family members had purchased a total of 4,700 pixels. The site was initially marketed only through word of mouth however, after the site had made $1,000, a press release was sent out that was picked up by the BBC The technology news website featured two articles on The Million Dollar Homepage in September. By the end of the month, The Million Dollar Homepage had received $250,000 and was ranked Number 3 on a list of "Movers and Shakers"

On 6 October, Tew reported the site received 65,000 unique visitors; it received 1465 digs becoming one of the most Digged links that week. Eleven days later, the number had increased to 100,000 unique visitors. On 26 October, two months after the Million Dollar Homepage was launched, more than 500,900 pixels had been sold to 1,400 customers. By New Year's Eve, Tew reported that the site was receiving hits from 25,000 unique visitors every hour and that 999,000 of the 1,000,000 pixels had been sold.

On 1 January 2006, Tew announced that because the demand was so great for the last 1,000 pixels, "the most fair and logical thing" to do was auction them on e Bay rather than lose "the integrity and degree of exclusivity intrinsic to the million-pixel concept" by launching a second Million Dollar Homepage. The auction lasted ten days and received 99 legitimate bids. Although bids were received for amounts as high as $160,109.99, many were either retracted by the bidders or cancelled as hoaxes. "I actually contacted the people by phone and turns out they weren't serious, which is fairly frustrating, so I removed those bidders at the last minute", said Tew. The winning bid was $38,100, placed by, an online store selling diet-related products. Tew remarked that he had expected the final bid amount to be higher due to the media attention. The Million Dollar Homepage made a total of $1,037,100 in five months.

Thanks for the latest comments don't forget to share your comments ideas and donations I want to proof that it's possible best of luck JC.

Next week I will attend an Investment conference in Helsinki will post the best picks...


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