Imagine your latest business idea is like a new relationship. You’ve met a great person (but in this instance, this means you’ve come up with a great idea). This idea is so exciting that it gives you goose bumps. You lie awake at night thinking of all the great things about your idea and can’t pick a fault with it; this idea is perfect, and it will only lead to great things.
So you’re certainly not going to tell anyone about your idea. Not just yet. Not until you make it 100% yours and know much more about it.
This honeymoon period, unfortunately, is short-lived.
The more you examine your idea, the more flaws start to pop up. Not so long ago it was the perfect idea, now it’s riddled with possible issues, disadvantages and liabilities. This idea, as wonderful as you thought it was, will cost you an endless amount of time, effort and money.
Throwing yourself in to a new idea, you realise, is costly.
You’ve decided to put the idea through a series of tests. You certainly can’t invest all of your resources on something that won’t work. You decide to move in with the idea (that is, commit completely) and ask yourself constantly, ‘Am I doing the right thing?’.
And sometimes, you just need to let an idea go.
After a series of speed bumps, and late-night debates with yourself, you decide that you and your idea need to break up. Your idea is zapping all of your energy and reaping no benefit – worst of all, as it stands, your idea won’t change.
But before you kill the relationship, it helps to ask yourself five simple questions about the idea:
- Is it costing you too much money too soon without a foreseeable return?
- Do you have something you can replace it with? You only have 24 hours in a day
- Will it add to your brand or take away from it?
- Is there a market for this idea, or are you the only one interested?
- Will you make a reasonable profit with this idea?
Letting go of one idea forces you to look at other opportunities.
So that one idea didn’t work out; there are millions of other ideas in the sea! Who knows – you might want to revisit it in five years when you’re ready.
Never throw yourself in to an idea that isn’t amazing; if you aren’t completely sold, how are you going to get others to invest in your idea?
Sit back, assess, and be prepared for the next idea to come by.