Do you have too many business ideas that simply paralyze you to make the right decision for the future of your business? If you are already an entrepreneur or would-be entrepreneur probably you have already faced with such a problem.
The 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 about them.
Ideas are the natural flow of each entrepreneur
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 does not matter if business ideas are about new product development, improvements in the products or processes, or new services. The ideas 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 leads to the conclusion that many entrepreneurs leave many possibilities on the table. Simply without even try to use them.
What to do when you have too many business ideas?
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 to not do 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 want to be on the top of your market, you will need to change your thinking. Simply, start exploiting the potential of too many business ideas.
Here, I would like to mention several things that you can use in order to change your thinking and start to 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.
1. Don’t 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. These ideas you can use to improve your company or the lives of your customers.
It is better to have more ideas and possibilities to chose instead of hitting your head against the wall because of lack of ideas for something that you are aware you need to do.
2. Don’t allow your business ideas to be forgotten only because you have a “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.
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3. Be systematic when it comes to ranking your business ideas from a list of too many business ideas
You will really need a systematic approach when it comes to the evaluation and ranking the ideas. You need to rank them from the best ones to the worst ones. Also, you can rank them 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 a really good starting point in selecting the best business ideas to be implemented as first ones.
4. 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 too many business ideas to start with the implementation. So, if you have 50 possible business ideas ready for implementation, you will know that ten of them will bring 80% results from all of them.
5. 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% from ten ideas or 100% of all 50 business ideas. If you want to reach 64% of the results, you will implement two ideas to achieve this goal. If you go again with the same rule, you will have only one idea. That one idea when you will implement it will bring you more than 50% of the results.
6. 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 immediate 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 to the prioritization of your ideas that you already made.
Next, 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.