So you have a business idea you’d like to explore? Yes!
It’s easy to say “Let’s gooo!” but when you say yes to something, you’re also saying no to something else. This is opportunity cost, so be strategic with your early moves. Before you go too far, remember that an appropriate “no” early on is better than a long, wrong “yes.” Let’s explore how to decide what ideas to activate and how to help them bloom.
Things you dedicate time to will grow.
It takes discipline, but time alone with any idea is a good way to avoid swinging at bad pitches. Dig into online research before going too far. Determine what related products or services already exist. Run some numbers. Talk to potential customers and see if you can snag a few preorders. The goal is to understand the realistic impact you may be able to make in the market by confirming it’s something strangers are willing to pay for.
If you start to feel genuine interest, talk with others who may be interested in collaborating. Think about your own skills to identify where you’ll need help. Attend related events to further qualify early concepts. Even if you’re not ready to share details, the readiness to Show Up and #GiveFirst often leads to new allies who can connect dots as you continue working through ideation, team development, research, and testing.
Before you go much further, take a pit stop with your future self. Is this a business/market you want to work on for the foreseeable future? If you like to quilt, it doesn’t mean you should start a quilting business. The hardships that come with being a business owner can actually kill your passion. Dance with all your ideas, but recognize when something should remain a hobby.
Early moves are exhilarating, but there’s value in being efficient as you decide if something is going to work. If this evolving business idea continues to touch your heart after internal and external analysis, you may have something ready to pursue! Inspiration is perishable, so when this happens, be ready to take action. As you do, stay patient. It’s not how fast you move, it’s that you find ways to keep moving. Avoid the headline trap and find lasting energy knowing that even hints of progress can nurture an idea toward reality.
As you continue moving forward, think big, but remain realistic by doing one thing really well. Stay intellectually humble and welcome doubt by working with others and be ready to iterate quickly. It often takes many versions of an idea to land on something ready for the wild.