Don’t throw out your business ideas!

I hear all the time that an idea will not work. I recently heard in my Walmart post for example, that there is no one that could never be better than they are in terms of offering low prices. It’s true, right now they do have a competitive advantage, and to their credit, they run their business really well.

But the point here is in your business, do you ever get you, or your team saying that an idea would be impossible to implement, and dismiss it completely? It’s dismissed, and out in the trash could be the biggest money making opportunity for you, your employees, and your family to live a better live. Are you reading my words more closely now? Good, now let me help you, my friend.

When thinking about your business idea, it’s important to think about using a process to bring some logic to your choice. The reason is because you need to understand, evaluate, and make a strategic choice about if you should choice your course of action, or perhaps not. I’m going to outline these steps for you, in simple language for you to apply right away in your business!~

Step 1 – Make Choices, don’t list issues

The issue is not to make money, or to address declining sales. That’s too broad.There needs to be a change in mindset to make it more like a choice. For example, do we make a new product, or do we acquire a company with an existing product?

Step 2 – Generate Possibilities

First, generate the possibilities. Do we build a better product? Try and create new and interesting ideas. Include the status quo as an option, but also ones that on the surface seems to be over the moon. Once you have your possibilities, talk about them with your team, first with no proof or analysis. This gives you an opportunity to look at the idea without dismissing it right away! Your team should be as diverse as possible. Having individuals with similar backgrounds will not work. Get your team out to a new, perhaps an unusual location. Ask your team to match up your internal capabilities to see if you have the talent to exercise the option. Look at the marketplace to see if there is a gap in the market.

Step 3- Identify the Conditions for Success

Make the conditions for success tough to achieve, but not possible. In other words, it must be as realistic as possible. Start my generating a list of conditions, then weeding it out. You will be down to “must have” conditions to achieve success.

Step 4- Identify the Barriers & and design the bests for these conditions.

Raise any and all concerns about what barriers, either internally or externally to succeed.

Then, find a way to test these barriers. For example, you may decide to bring in an outside consultant, design a consumer survey, etc.

Step 5 – Conduct the tests

Test out the most farfetched idea first.

Step 6 – Make the Choice

The decision will be so obvious, it will be almost anti-climactic!

Need help? Why not e-mail me at carlos3000@hotmail.com.

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