Quantity of business ideas that an average entrepreneur or potential entrepreneur can have is not something that can be easily managed because ideas come from everywhere around people and often simply goes without anything that can be done from them.
In my experience when I talk with entrepreneurs about this subject it is notable that some of them who are really eccentric, when we talk they already have several more ideas related to their companies. It’s not matter if business ideas are about new product development, improvements in the products or processes, or new services. They simply come and come to the brain of entrepreneurs.
It is something like a natural flow when we talk about businesses. But, the question is how many of them are implemented. In many cases, it is a single digit percentage. This simply leads me to the conclusion that many entrepreneurs leave too many possibilities on the table without even try to use them.
So, we come to the most important question when it comes to business ideas and it is: what to do when you have too many business ideas.
Yes, you have too many business ideas but also you can have too many objective or subjective reasons why you doesn’t make anything important about them. Sometimes you will not have enough time. Sometimes you will not have enough financial, material or human resources to implement some of the ideas. But, if you really want to be on the top of your market, you will need to change your own way of thinking in order to start exploiting the potential of too many ideas.
Here, I would like to mention several things that you can use in order to change your thinking and start use your potential energy related to having too many business ideas in order to make your business one of the biggest success in the world.
- Do not afraid because you have too many business ideas, they are important for your company. Never, really never allow yourself in order to make your entrepreneurial life easier to start rejecting new ideas only because you don’t have time, money, or other resources to implement them. Your business will always need fresh “big” ideas that can be used to improve the company or improve the lives of your customers. It is better to have more ideas and possibilities to chose instead of hitting your head against a wall because of lack of ideas for something that you are aware you need to do.
- Don’t allow your business ideas to be forgotten only because you have an “Eureka” moment outside your office. You can’t limit the places where your brain will have new “big” business ideas. So, if you don’t want to lose some of your “Eureka” moment you will need to have a process that will allow you all ideas to be recorded in specific form and place in order to not forget them in the future. Use your mobile phone or simply traditional notebook to record all ideas that will come to your mind regardless where you are.
- Be systematic when it comes to ranking your business ideas. You will really need a systematic approach when it comes to the evaluation and ranking the ideas from the best ones to the word ones and from the most important to the least important for your company. Create specific processes and working procedures for you, but also for all your staff members if you want really good starting point in selecting the best business ideas to be implemented as a first ones.
- Use 80/20 rule when it comes to the implementation. You already know about 80/20 rule or Pareto principle that 20% of our efforts will bring 80% of our results. So, you can use it also in this process when you want to select the best possible ideas from the pull of many business ideas to start with the implementation. So, if you have 50 possible business ideas ready to be implemented, you will know that ten of them will bring 80% results from all of them.
- You can become even more fanatic when it comes to the 80/20 rule. But, I really want to be more fanatic when it comes to the 80/20 rule multiplying it more times. For example, if we implement the same rule second time, two of already selected ten ideas will bring you 64% of the results instead 80% of ten of them or 100% of all 50 business ideas. So, if you want to reach 64% of the results you will be clear that only two ideas of all 50 will help you reaching this goal. If you go again with the same rule, you will have only one idea that when you will implement it, you will reach more than 50% of the results.
- Start implementing the ideas, because only in such a way you will make progress with them. Now, when you already have a short list for immediately implementation of the specific ideas, you can’t search for different reasons to not implement the most important of them. So, start working on the implementation according already made prioritization of your ideas and repeat all the steps when you find yourself in a position to hesitate or be disappointed that you have no time, money, or human resources required for implementation.