How to Find Out if Your Idea is Worth Pursuing
As an entrepreneur, I have trained myself to find solutions to problems—sometimes problems that don’t even exist. The key is learning the difference between a good idea worth pursuing or one worth trashing.
There are moments when I let my mind wander, inspiration strikes and a new business idea forms. I always enjoy letting my imagination take flight. Some ideas go into the garbage, a few on the shelf and once in a while, one will light a fire in my bones. I always question whether an idea is worth pursuing, whether the timing is right, or whether it is just something that will steal my focus and energy.
Most ideas, though they may be good, are often just distractions. It’s almost frustrating at times, because I force myself to “shelf it”, even when it seems like a good idea worth pursuing. Ever since I have decided to “pause” ideas, I have become more focused. I am always reminding myself that consistency and focus are what lead to success. It’s about going an inch wide and a mile deep.
I think about a popular band who tours from city to city. How repetitive and monotonous it must be to play the same songs over, and over, and over. I imagine most musicians and singers would prefer to jam out and play all the new songs they have been learning. Understanding it is a business, it is important to perform the songs their fans came to hear. They must be consistent and focused or they will lose their customer.
When ideas come to our minds, how do we know if our idea is worth pursuing?
Here are a few questions to ask yourself before considering or pursing an idea:
- Do I have time, energy and resources to see this idea to success? Will it improve my current business or cause it to suffer? Will it throw gas on the fire or water? What else may suffer? There are only so many hours in the day.
- Has it been done before? If not, why hasn’t it? If so, what does the competition look like and why would my idea be a “better mousetrap”?
- Does it solve a legitimate problem? Does it add value to peoples lives? Have I researched every angle possible and spoke with those who use the product/service.
- How can I monetize the idea? No money? You may have found a hobby.
- Is the timing right? Can the idea wait?
- Am I passionate about the idea? No passion—no success.
Keep in mind that ideas are like buses, there’s another one in ten minutes. Very few ideas are worth pursuing and most will take your focus off what you are currently doing.
If you are convinced that your idea is worth pursuing, DO IT… but NEVER half-heartedly. You MUST go full out, all-in, pedal to the metal and knock it out of the park!! You CAN do it!! I’ve got your back, and if you need a sounding board, send me a message.