“There is a tide in the affairs of men which, taken at the flood, leads on to fortune; omitted, all the voyage of their life is bound in shallows and in miseries.”
In the early 80s, while visiting “The happiest place on earth,” a.k.a. Disneyland, two fellows ended up in The Bear County.
There they saw a show where different, large, and overstuffed toy bears and animals were singing country music songs. Seeing children and adults alike enjoying the show, these fellows got to talking after the show.
“What if we made a talking toy bear in a size that children can handle?” They saw an opportunity to put a singing bear in every home.
Even though the initial impression and many subsequent signs were pointing to an incredible opportunity, those fellows kept gathering more and more data to justify their case. I guess they wanted to do a thorough risk assessment and proper risk mitigation before the start.
Now, the only trouble with ideas is that others can get them too. And in many cases, they can be the same ideas as yours.
While those fellows were busy researching and talking, a company named Worlds of Wonder introduced Teddy Ruxpin™, a talking teddy bear who could tell stories and sing similar to the ones in Bear County.
Teddy Ruxpin™ was introduced in 1985 and became a great success in the market. Many people get ideas. Ideas have huge potential for success. But it is only those who act in a timely manner and do something about it (sell, license or make); that get the opportunity to enjoy the rewards.
"In life there are no guarantees, only opportunities."