John Hurd’s latest ‘e-Wealth Daily’ article is titled “Is Your Idea a Burger Joint or an Empire State Building?”. [‘e-Wealth Daily’ Article]


John Hurd’s latest ‘e-Wealth Daily’ article:

Is Your Idea a Burger Joint or an Empire State Building?

It seems to me like there is a divide when it comes to people with moneymaking ideas. It’s a divide that seems to have created two eager and determined groups separated by their beliefs.

The first side is made up of people who are looking simply to duplicate a successful model step-by-step. And, on the other hand, there is a group of people who are not looking for a proven idea, but are instead exploring new territory and coming up with something brand new.

Now, both sides of this debate make some very good points. When it comes to duplicating success, it seems like following a proven model certainly is a good idea. With a model, you’ll see the steps it took to reach the final goal. The model shows you what has worked in the past, and it certainly may work again in the future.

When we look at the other side, creating something new also has its benefits. Many models simply don’t work any longer, or maybe they just happened to work out one time only. Sure, there are risks when creating something new, but, in the end, you have something that is truly unique.

This brings us to the question: which side is better? Is it better to follow the tried-and-true path, or is it better to break new ground?

Well, if this were an easy question, then I’d have given the answer right off the bat. Let me explain.

The most visible business models are franchises. Walk into any McDonald’s restaurant and it’s pretty much the same as the last one you were in. There are regional differences, but, for the most part, the restaurants are the same.

For McDonald’s, this system works. Customers expect an exact product from the stores and they provide it again and again. This model works because it can be duplicated anywhere in the world and there is a demand for this product almost everywhere.

Now, on the other hand, take something like the Empire State Building. People travel from far and wide to see this incredible work of architecture. There may be a replica in Las Vegas, but it certainly pales in comparison to the original. That’s because it’s extremely difficult to duplicate the Empire State Building.

When you’re deciding whether to innovate or imitate a model for success, evaluate your idea. Consider your personal needs and the desires of the market you’re hoping to enter. Some markets want a McDonald’s and some want the Empire State Building; it’s up to you to uncover the right one for you.

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