Are you satisfied with the first idea that “pops” into your head?

A common brand of vegetable peeler in China.
A common brand of vegetable peeler in China. (Photo credit: Wikipedia)

As soon as people reach the right answer, they stop thinking. But this is not a good approach for the entrepreneurial minded person who wants to come up with a new product or service.

Business people are praised for being dynamic and decisive. In typical operational decision-making, the quick decision gets results. Not so with strategic decision-making where the first plan that comes into your head may not have been thought through optimally. Continue reading “Are you satisfied with the first idea that “pops” into your head?”

You’ve got ideas. What to do with them?

ideas (Photo credit: Sean MacEntee)

Not all ideas are equal. You’ve come up with an idea that you think is brilliant. You may have several ideas bubbling in your head or staring at you in your notebook. You might have used idea-generation tools and solo brainstormed perhaps 100 ideas.

To make eventual money from your new business ideas for products and services you need to have some process to select the best ones and experiment with them. Continue reading “You’ve got ideas. What to do with them?”

How do I know if my idea is viable?

softwareboxrightThe owner of a small and innovative business came to me with a new business idea. He wanted to know whether it would stand up in his market. Instead of spending hours discussing his brilliant new idea I gave him a tool that he could use to assess the commercial potential of his idea. Since then he has done well with the new media service he developed and introduced.

A second entrepreneur who had success with an online business called me to discuss an idea for a new business on the Internet. Rather than debate the various strengths and weaknesses of his idea, I emailed him a tool to evaluate his idea. A few days later he called to say that he didn’t believe his new business idea in the health field was viable. He decided to move on and come up with a new business idea.

What was it about this new business idea evaluation tool that was able to help these and other entrepreneurs make up their minds? Continue reading “How do I know if my idea is viable?”

Turning an idea into a product can be risky if you don’t know what you are doing

flatecover 3The new product development process is something that even the very largest of companies often don’t get right. They can afford to lose money especially in the early stages because they are taking bets on various products and services.

For a start-up or small business which wants to develop a new product or service a similar complex process will be faced. If it’s something simple that you are developing such as scented candles or low-sugar jam, you’ll have a relatively easy product development process ahead of you. But if it’s something that is more complex such as a special furniture items, software or food products for grocery stores, you will need to follow a more formal process for product development. Continue reading “Turning an idea into a product can be risky if you don’t know what you are doing”

Give magical power to your business idea with this tool

binderlayingopenHow fortunate was King Arthur to process the legendary Excalibur sword attributed with magical powers to perform his gallant and noble work.

Arthur obtained the throne by pulling the sword from a stone, one legend goes. In another version, Arthur was given the Excalibur by the Lady of the Lake.

The Excalibur was no ordinary sword. In one tale the sword is said to have a design of two chimeras on the golden hilt. When the sword was unsheathed what was seen from the mouths of the two chimeras was “like two flames of fire, so dreadful that it was not easy for anyone to look at”.

Many an entrepreneur would gladly give a king’s ransom for a tool that could give their new business ideas magical powers in the marketplace. Continue reading “Give magical power to your business idea with this tool”

Does your idea have one of these 12 mistakes?

binderlayingopenWill my idea fly?

How often have you said that to yourself?

When you come up with a new business idea you have no way of knowing whether it will be a winner or whether it will flop.

You’ll only know three months, six months, maybe a year down the line…

… after you’ve spent your hard earned savings investing in your new product or service, trying to get it off the ground. Continue reading “Does your idea have one of these 12 mistakes?”