When trying to start a business from the ground up, you probably find yourself constantly thinking of new ideas. While it’s great that you have many ideas to choose from, this often leads to what I call “multiple idea paralysis.” Does this sound familiar? You have a lot of great ideas that you want to pursue but don’t know how to choose just one. This indecision causes you to put off starting the business altogether.
Many new entrepreneurs encounter this challenge, and they all say the same thing, “I have so many great ideas that I want to move forward with, but once I just pick one, I end up scrapping the plan because another idea sounds better.”
Don’t worry—there’s a method to this madness that I teach in my book Launch Your Dream Business.
Today I’m going to provide some information from the book to hopefully get your mind working so you can make it past this mental barrier.
The Multiple Idea Test Exercise
I developed a test that I’ve used in my personal entrepreneurial efforts to help me narrow down the ideas that are worth moving forward with. It’s a list of questions that will help you determine which idea is the strongest and which ones are only viable in your own imagination. Here’s the list:
- Does each idea have a clear revenue model?
- Does each idea solve a pressing problem or provide a much-needed solution for your ideal customers?
- Will people be willing to pay for this solution?
- Is there an intersection between your passion and skills and the idea?
- Is this what you wish to be doing in the next 3 to 5 years?
If you put each of your ideas through this set of questions, you should be able to weed out the ones that won’t work realistically while also determining the ones that fill a legitimate need that people would be willing to pay for. After all, the whole point of this endeavor is to make a profit, not simply raise a bunch of capital to pursue your hobby regardless if it’s a viable business or not.
The Difference Between Ideas and Goals
When struggling to find the right idea to choose, you should consider your goals. Why do you want to start this business? Where do you hope to see this business in the next year, two years, or five years?
Having the end game in mind while narrowing down your list of ideas will ensure that your head is in the right place. Ideally, once you have your goals in mind, you’ll be able to select the idea that will get you to your goals the fastest.
Those are just a few of the tips that I think every aspiring entrepreneur should know. For more information about identifying goals and passions and what it takes to get your ideas off the ground, head on over to my website https://ebereakadiri.com/.