Connect with us

Success Advice

5 Important Characteristics an Idea Needs to Last

Published

on

ideas

People like to say that it’s not the idea that matters, it’s the execution. That may be true to some extent but even the best ideas will fail if they’re not executed properly. This execution takes time and resources, so if you try to execute every idea you have, you’ll probably run out of resources quickly.

Instead, it’s better to create a filter for your ideas. In other words, you should create a process to screen your ideas and determine whether a specific idea can last or whether you should leave it on the shelf and work on something else.

You see, there are certain characteristics of ideas that can last. If your idea has these certain characteristics, then it may be worth pursuing, and it may have a high potential for success.

Today, we’ll give you the 5 characteristics an idea needs to last:

1. This Idea Lights Your Fire

Your idea should get you excited. It should set you on fire. If there isn’t an aspect of the idea that gets you at least a little revved up, then it probably won’t work in the long run. Why not? Well, you probably just won’t have the stamina to keep it going. You’ll get bored with it and want to move onto something else when you hit the first bump in the road. This will be a recipe for failure and disappointment.

2. This Idea Has The Market

You can be super excited about your idea, but it won’t matter all that much if there’s nobody who wants to develop it. Not sure if there’s a market yet? Start by searching for similar products around your idea. If they don’t exist at all, or do exist and are not successful, then the market may be very small. However, if you see products thriving in the market, then that tells you this is something people want and are willing to spend money on.

“Business is war. I go out there, I want to kill the competitors. I want to make their lives miserable. I want to steal their market share. I want them to fear me and I want everyone on my team thinking we’re going to win.” – Kevin O’Leary

3. This Idea Stays Simple

In the hit HBO show “Silicon Valley”, the protagonist has a great idea but it’s a little too complicated for people to fully understand. He’s convinced that if only he can teach people its power, they’ll understand the true value of it. So, he hosts seminars and focus groups to do just that, yet this only results in more confusion for people.

If people can’t easily understand your idea, then they won’t understand the problem it’ll help them solve, nor how it’ll help them solve it. If it causes so much confusion that you have to explain it to them, then you’ll lose their interest quickly. Simplicity is best, and it paves the way for an idea that can last and be adapted by more people.

4. This Idea Gets Growing

If you create a great idea in a dying industry, then naturally it can’t last long. For example, if you created a fancy new interior design for horse and buggies back in the early 1900s, it might have success for a few years, but it would eventually die hard with the increased use of automobiles. Do some research on your idea’ market. If it’s growing, it has lasting potential, but if it’s stalling out, then it already has an expiration date before you even begin.

“The secret of business is to know something that nobody else knows.” – Aristotle Onassis

5. This Idea Sets a Scale

A scalable idea can grow exponentially without having to add exponential resources. This is the ideal situation. For example, if you create an online course, you can sell thousands of courses without having to work thousands of more hours. When your idea is scalable, it has potential to last longer and grow to high heights. If it’s not, it’ll eventually stall out when it gets to a certain point, and you’ll have to add in more resources for every level of growth.

Get Your Idea Out There!

A lot of people spend time working on ideas that never had a chance to work out in the first place. If they took the time to screen their ideas, they might’ve realized their folly before putting in the time and resources to execute them.

Instead, screen your ideas by checking for characteristics like these. If it matches up with all or most of these characteristics, than it has a higher chance of success.

What is the one thing holding you back from starting your own business? Let us know in the comments so we can be of service!

Image courtesy of Twenty20.com

Parker Davis is the CEO of Answer 1, a leader in the virtual receptionist and technology enabled answering services industry.  He believes that the application of data analytics, investment in technology, and fostering a positive company culture together create highly efficient and scalable growth companies.  In 2016, Answer 1 will achieve record revenues while also being awarded the Top Companies to Work For in Arizona award. Parker is also the Managing Partner of Annison Capital Partners, LLC, a private investment partnership.

Advertisement
1 Comment

1 Comment

  1. amal

    Jan 3, 2018 at 4:56 pm

    Thank you for your message.

Leave a Reply

Your email address will not be published. Required fields are marked *

Success Advice

Here’s How to Achieve the Success You So Desperately Crave

Published

on

how to achieve success
Image Credit: Unsplash

Have you ever wondered what separates successful and unsuccessful people? Many people say success is relative. It may mean one thing to you and something else to the next person. Getting a hold of what defines success for you is an important step toward achieving it. Nobody wants to go through life having not achieved anything they truly desired. (more…)

Continue Reading

Success Advice

7 Simple Habits That Will Make You More Successful

Published

on

successful habits
Image Credit: Unsplash

One of the first rules of success is to have good habits. Do you want to live your life to its fullest? It won’t happen if you just write and rewrite your goals. You have to develop new habits. Start today! (more…)

Continue Reading

Success Advice

5 Simple Rules to Achieve Excellence in Your Professional Life

Published

on

how to achieve excellence

Beginning a journey towards achieving personal excellence requires courage, while continuing that journey is even more difficult. The difference between a winner and a loser can be easily determined by how bold an individual is in making decisions. Whereas the people that are stuck in between what to do and what not to do, high performers immediately take actions towards their goals. (more…)

Continue Reading

Success Advice

Consistency: The Key Ingredient to Your Success

Published

on

consistency

It always seems to happen the same way. You start a new habit. It’s a great habit. It’s making your day better. In fact, it seems like it will improve your life. If only you could remain consistent. Consistency is the thing that stands between us and achieving the goals we talk about wanting so much. (more…)

Continue Reading

Trending