7 Steps to Taming the Idea Monster

Also known as the shiny object syndrome or our ADD culture. The idea monster grows more bloated every day until we tame it. If you are like  every business other owner you have more ideas than you can possibly execute. And you get more ideas every day.

And when you search for information and resources on how to execute on those ideas, you are overwhelmed by the sheer volume. So you do nothing.

Does that sound familiar?

It should, because it almost certainly plays itself out in your life and aspects of your business. The good news is that there are parts of your life and business where you are good at evaluating ideas, learning about how to do them and executing on them.

Successful business owners prioritize ideas and execute on them one at a time.

  1. They have a way to evaluate ideas.

  2. They invest in learning how to execute on them.

  3. They stay with it until it succeeds, no matter how long it takes or how many iterations it goes through.

 

When is the last time you did that? Really? Because we all have in some aspects of our lives, at some times in our lives or with some teams in our lives. Recall it, think about it and think about how you will do that again. Now. With one really promising idea.

 

Here’s a 7 step process for Taming the Idea Monster

1. List all of them

Information and ideas belong somewhere other than your brain. Use your brain for working, not storage.

The act of listing your ideas will clarify your thinking. As you articulate them, you will realize that some of your ideas are not suitable, realistic, possible or desirable for you and your business.

 

2. Know your values

We all know that family, kindness, integrity etc are important values. That being said, we all have different values that are important to us. For instance, my values are fun, learning, ecology and community. I love my 4 kids. I love to travel. When I did a values exercise, I didn’t get family or travel, I got fun, learning, ecology and community. I engage in my family and travel with fun, learning, ecology and community.

Knowing that helps me to do another cull of my ideas. If they aren’t about fun, learning, using resources wisely or building community, then they aren’t for me.

If you haven’t done an exercise to figure out your values, here is a link to an exercise http://businessownerssuccessclub.wordpress.com/2013/01/15/discovering-your-values/

Doing this is an eye-opening experience. Once you discover your values, you will find that some of your past choices make more sense to you.

 

3. Clear Vision

Where are you headed? Are you building a business to sell? Or a business to give you a specific lifestyle? Are you focussed on providing an income?

We are constantly told how to grow our businesses bigger. But if that’s not what you want, it doesn’t make sense to follow up on any of those ideas. On the other hand, if bigger is where we want to go, then leadership, team building, culture and developing brand ideas are the ones to follow.

My vision is centred pretty squarely around community. If new ideas don’t lead me in that direction, they are dropped.

 

4. Your Business Model

Who are your customers? What problem are you solving for them? Where do you get your revenue? Who cares about what you do?

Lean Canvas and Business Model Canvas are both great tools for clearly articulating your business model. It helps to be very clear on your revenue model and on what’s important for your customers.

If an idea doesn’t support your business model, or actively works against it – drop it.

 

5. Your Story Your Identity Your Brand

Who are you? How do people see you? How do you see yourself? Ask. It’s the only way you will know for sure.

Which ideas fit with that? If people see you as logical and you get all emotional on them, or if they see you as human and approachable and you get all facts and figures on them, everyone will end up confused.

Be who you are and really own it.

 

6.Think Strategically About How

By now, you should have a shortlist of ideas. Ideas that fit your values, vision and business model.

Spend some time thinking through each of these ideas strategically. This is what strategic planning is all about.

Think through what results you can expect – best case and worst case.

What resources do you need to implement the idea? What will it take to get those resources?

7. Now Choose

Armed with this, which do you want to do first? Which will you make your highest priority? Which excited you? Which are you willing to commit yourself to seeing succeed?

 

Now Execute!

That’s it. That’s your process for evaluating ideas. You will find that focusing on one idea, will make it easier to ignore other ideas.

Now that you know your values, your vision and your business model, continue running any new ideas through those considerations before adding them to your ongoing idea list. Each time you complete the implementation of an idea, go back to your list to choose your next idea.

Tell Us How You Did

Do you recognize this? – maybe not explicitly stated in these words. Where have you used this in your life before? How did you do with this process? Please share below.

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Week 4 – Getting Paid Well

This week we will examine our business model; we’ll talk about pricing and tie that in with our marketing.

Our business model is what our business is about – who we help, what results we give them, how we do it and what it costs. We clarify these things so we can test to make sure we have a market and that they want what we are offering at the price we are offering it. We look at how we deliver, what it costs and what people will pay. We test to make sure we can produce enough to make as much as we want. We look for the resources we need to make sure we can do what we say we can.

Pricing isn’t just about covering costs (although that is essential) it is an important part of our marketing. Our price tells people what kind of service we offer and it tells them whether this offering is for them.

Last week Seth Godin posted this:

Seth Godin's Circles of Marketing

 

 

What we offer is at the core of what we do. How we deliver (usability and support) is next important. Price, our story and the community of people who care are the reason we are doing what we do. The outer ring represents the tactics we use to get our story out.

Everything about how we do our business and how we market starts at the centre. We need to be passionate about what we offer; we need to care about our customers and we need to be good at what we do.

 

This week we look at what we do, for whom and how that makes us enough money. This week we look at getting paid well for what we do.