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
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
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