Choosing Good Ideas : A Step-By-Step Guide

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 Are you an entrepreneur bursting with tons of business ideas but struggling to decide which of these ideas to work? If you are (and you probably are), you're not alone! I think one of the definitive symptoms of being an entrepreneur is chronically coming up with more ideas than we can put into practice. (So much pressure, so self-induced....) In this article, we are going to be talking about is about how to making those tough decisions, when it comes to choosing what ideas to work on and which ones to shelve- with a sprinkle of creative thinking. (Because yes, you do have to choose, you cannot pursue everything at once... sadly...)

We'll also be diving into the factors that we need to keep in mind when determining, what ideas to focus on and also how to gauge your performance in selecting the best business ideas, and why being a bit creative in your decision-making can make all the difference.

The Challenge of Selecting Good Ideas

The Entrepreneur's Dilemma: One of Many Business Ideas

As an entrepreneur, you probably spend a lot of time thinking of new ideas, brainstorming and daydreaming (That's the fun part). However when it's time to buckle up and figure out implementation, you've likely found yourself at a crossroads where you need to make a decision, but your decisions are influenced by emotions, power dynamics in the workplace or market, politics, and other people's opinions, not to mention your own values. It often feels like you're in a compromise frenzy, trying to find that perfect business idea that:

  • Satisfies your personal interests and needs.

  • Aligns with investor expectations.

  • Is acceptable to everyone involved.

  • Looks like a reasonable business idea.

  • Offers a safe exit strategy if things don't pan out.

This process can be frustrating, but there are some steps you can take to make the whole experience simpler.

The Process of Making Decisions

Making Choices: The Not-So-Formal Way with Business Ideas

While selecting the right idea to work on can be a little bit overwhelming, it doesn't have to be complicated. Decision-making is a bit like following a recipe, just with a dash of creativity, I'm going to outline a 6 Step Process to help you with decision-making:

  1. Set Your Goals with Business Ideas: First, you need to know what you want to achieve with your business idea, whether the idea is for a product, service or even a process in your business, you need to have a goal you want to achieve. This is like picking the dish you want to cook.

  2. Gather the Ingredients for Your Business Ideas: Next you need to collect all the info you can get your hands on about your potential business idea or concept. So doing market research, and finding out what your competitors are up to, and making financial projections are like the ingredients in your decison making process.

  3. Explore Different Angles of Developing Your Business Ideas: Next, you have to explore what's possible with your ideas. As always you have to make sure that anything you develop (especially if it's targeted at customers) needs to stand out. The same way that there's never just one way to make a dish, there's never just one way to implement a business idea. Think outside the box and consider multiple possibilities.

  4. Mix and Match Business Ideas: Not all business ideas are feasible, just like not all ingredients work together. Choose what's realistic (for you right now) and narrow it down to two options.

  5. Choose Your Business Idea: Next, decide on the business idea you're going to pursue, based on if you feel you can meet your goals, have enough information and you have a creative or different way of implementing the idea. It doesn't need to be done perfectly, you can always improve any idea or process as you work on it, but you need to make a decision.

  6. Test Your Chosen Business Idea: Finally, you need to implement your chosen business idea and see how it turns out, you need to follow through with at the very least trying it, If it needs adjustments, don't hesitate to change things.

Unleash Your Creative Chef for Your Business Ideas

Creative thinking is your secret ingredient when evaluating your options with your business ideas. Here's how to add that extra flavor to your decision-making process:

  1. Don't Stick to the Usual Menu of Business Ideas: Your business ideas are like dishes on a menu. Don't just stick to the classics; explore new, innovative business ideas.

  2. Dream Big with Your Business Ideas, But Cook Smart: Dreaming big is fantastic, but you have to cook with the ingredients you have. Some business ideas might be too out there, so stick to those that can be prepared with your existing resources.

  3. Simplify the Order of Your Business Ideas: Simplify your choices related to business ideas. Sometimes it's better to decide between two clear business ideas rather than having a dozen fuzzy ones.

  4. Mix It Up with Your Business Ideas: Just like a chef combines different flavors, you can mix and match your business ideas to create a unique recipe for success.

What's Holding You Back with Your Business Ideas

While creativity can open up new possibilities for your business ideas, you still have to deal with some limiting factors that you need to take into consideration when making decisions:

  1. Time To Implement Your Business Ideas: Time is often in short supply for entrepreneurs dealing with a multitude of business ideas. Are you running against the clock? Is someone imposing a deadline on your business ideas? Can you change it? Can you adapt to time constraints related to your business ideas? If you don't have the time to implement, then shelve the idea for a bit, until you have time in your schedule to work on it.

  2. Information for Developing Your Business Ideas: Good decisions related to business ideas rely on good information. Make sure you have all the data you need and that it's reliable. Do you have reliable information for decision-making about your business ideas? If you don't have all the information required, don't do it (It's a recipe for disaster)

  3. Resources for Developing Your Business Ideas: Every business idea, needs the right tools. Do you have enough funding, equipment, and skilled staff to make your business idea a reality? Are your resources sufficient for the execution of your business ideas? If you don't have the resources to develop the idea, shelve it.

  4. Knowledge To Develop Your Business Ideas: Being successful in business, means having knowledge and expertise in your field. Similarly, for your business ideas, do you have the know-how about your industry, and are your team members well-trained in these business ideas? Does your team have the expertise to support your chosen business ideas? If you don't then shelve it, until you have developed a knowledge base on the idea and field.

It's important to take your time when making decisions, no matter how exciting an idea is, the excitement shouldn't propel you into making the wrong decisions.

Examples

Here are some real-world examples of companies that apply creative decision-making in their business

Creative Decision-Making in the SPARK Framework and Its Application to Business Ideas


SPARK Framework for Entrepreneur Development

Creative decision-making is a core part of the "Perfect your business idea" step in the SPARK Framework. This step is all about making top-quality products and services, which are fundamentally tied to your chosen business ideas. By thinking creatively when evaluating your business ideas, you can make sure your offerings match market demands and customer needs, making them more successful.

Try Our Free Idea to Action Planner Worksheet for Your Business Ideas

Idea To Action Planner

Navigating the sometimes complex landscape of idea selection is going to be an ongoing part of your entrepreneurial journey, to help you with this, we've designed a free Idea to Action Planner Worksheet that will help you enhance your decision-making skills and help you start working on making your business concepts into actionable plans. It will also guide you through the steps outlined in this article. It offers a practical and actionable approach to achieving your goals, ultimately aiding entrepreneurs in bringing their innovative business ideas to life.

Download The Idea to Action Planner Worksheet Here!

Share Your Experiences With Decision-Making

How have you handled the challenge of choosing the right business ideas? I'd love to hear your experiences, stories, and insights related to your journey in running a business. Share your experiences in the comments below and let's learn from each other.

Check Out More Articles for Business Ideas

If missed out on any of my previous articles, you can find the most recent ones at the links below:

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