Not every idea is a winner

If you’re a regular reader then you’ll know that I encourage you to keep an ‘ideas’ book to capture those moments of inspiration when a new idea pops into your head, but you’re too busy to do anything about it there and then.

Going back through those idea book (or books!) at a later date, when you’re looking for ways to freshen up your business or for a new product or service to develop, can spark even more ideas. But it can also highlight an unpleasant truth.

Not every idea is a winner

Just because they seemed brilliant and life-changing when you first thought of them, doesn’t mean every idea is worth pursuing.

In fact it’s best to cross out and forget about the less worthwhile ideas so you can focus your energies and attention on the better ones.

But it can be hard to know for sure which ideas to let go – what if you choose the wrong ones? 

You may find that some just don’t fit in with your business model, or with the vision you have for the future. Avoid the temptation to try and force it to fit. That’s like trying to hammer the round peg into the square hole on a children’s toy. It will forever be ‘not quite right’ and sit uncomfortably beside your other offerings.

Other people’s ideas always need careful consideration. Going along with them just because you don’t want to say ‘no’ will lead to regret on your part later, and even to resentment too. This is your business too, so stand up for what you believe in. And of course, It may well be possible to find a mutually acceptable compromise.

For those ideas that remain on your list, ask yourself a few qualifying questions and do some research to find out if they’re worth taking further:

1. Is there a demand for it?

2. Who will be the ideal customer?

3. How much will it cost (time/resources/materials) to produce?

4. What other, similar products/services are currently on the market?

5. Will it help to grow my business/reputation?

6. How much will it sell for?

7. How many sales will be needed to recoup the cost of development?

If the answers are favourable, then you’ll know you have ideas to get excited about.

What other questions should be on this list? Please have your say in the comments below.