How to become a consultant blog

Turning One Simple Idea Into a Fortune: Book Review

A few pages into Stephen Key’s new book “One Simple Idea” I knew it was going to be a good read.

In fact, the subject of the book, licensing, is one I’ve been interested in for quite some time.

As a constant student of business (I’ll be till the day I die most likely) I make it a point to learn about all kinds of businesses, approaches, strategies, methods and industries.

Licensing is a $500 Billion industry and Key is one of the best in it.

He’s licensed 20 of his own ideas to companies of all sizes and has made a very comfortable living for himself along the way.

The 10 Step Approach

In One Simple Idea Key lays out his 10 step approach to licensing…

  1. Study the marketplace
  2. Innovate for the Market
  3. Prove Your Idea
  4. Prototype Your Idea
  5. Create a Benefit Statement
  6. Create a Sell Sheet
  7. Protect Your Idea
  8. Get a Company to Say Yes
  9. Cut a Licensing Deal
  10. Keep the Ideas and Profits Coming

If you’re the kind of person that finds yourself dreaming up new ideas or changes to existing products that would solve a problem or provide value to the marketplace this is a book well worth your time.

Business Wisdom & Insight

Even if you can’t see yourself getting into the licensing business, Key’s wisdom and insight into business and running your own business are valuable.

He addresses one of the biggest fears the self-employed and consultants have – picking up the phone and calling someone you don’t know. AKA “The Cold Call” His thoughts on this are great.

Another superb concept he shares is that when you find yourself being passionate and really believing in something, as long as you’ve done your homework and really believe it will work, go for it – regardless of what anyone says.

Key talks about how he showed an idea to his wife that he thought was great, but she believed it was a loser. It turned out to be a great success!

On page 134 Key writes about the misconception many people have these days about how to best market their ideas. It’s not all about Twitter, Facebook and tooting your horn through cyberspace. Hint: Think laser targeting vs. the shotgun.

A fine read!

You can get more information about One Simple Idea on Stephen’s website inventRight, or on Amazon here.

Video of Stephen Key on Licensing


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11 thoughts on “Turning One Simple Idea Into a Fortune: Book Review

  1. Drjameskisner says:

    Licensing….what….no new ideas under the sun…..taking other’s ideas…what about the legalities?

    • James – thanks for the comment. Not too clear on your question. If you can elaborate I’ll do my best to answer.

  2. Jemma Jones says:

    This is quite fascinating. My eyes are opened to new possibilities!

  3. Nicholas Njela says:

    Hi Michael,

    Thanks for all the articles that you send out. I enjoy them a great deal and i also get a lot of great ideas from you. I recently started a conferencing business and have just completed my first conference which went really well. My background is in advertising and brand management. I find conferencing quite intriguing and i would like some guidance on getting to network more with business leaders without being too intrusive. please advise.

    I will also study more on the ten licencing steps that you pointed out above.



    • Nicholas – congratulations on starting your new business. Welcome to the community here!

  4. Berry Zimmerman says:

    Michael, this is a highly relevant topic for all of us who generate revenue from our intellectual capital and experience. It’s also great timing for me as I am working on a licensing project right now. I’d be happy to share my experience with you and your readers sometime soon.

    • Berry – definitely, would be great to hear how things go for you on that!

  5. thanks to sharing it and publish it. i got much more from it.
    this ir realy interesting.

  6. Tacksawy says:

    This is quite fascinating. My eyes are opened to new possibilities!

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