Is Your Idea A Shiny Distraction Or The Next Big Thing?
TRANSCRIPT AUTOMATICALLY GENERATED Hey, Hey, so we're at the end of August. We're settling into launch season. We're coming back from some summer holidays. So I wanted to dive in with a quick solo episode with a tool that I think will really help you refocus as we transition back into full on work mode. So raise your hand if you've ever. Half Aster launch because you had a really great new idea mid-launch that you were just so excited about you couldn't wait to get started. Or you had a great idea and immediately pivoted like a ballerina from the one you were working on. Or you had a great idea and your team told you they didn't have capacity. So you did it yourself. Or you had a great idea and you started implementing it and then realize after you've done a whole bunch of work, that it wasn't actually going to really fly. Oh, you had a great idea, sold it immediately and then realized that delivery was a nightmare. If you raised your hand for any of those, you are not alone. I'm going to give you a couple of questions to ask yourself before you run away with your next idea, because just like that you've blinked and summer is almost over. We're days away from September and that's going to bring all those exciting things. Like sweater, weather, and foliage. And in my case, the return to hoodies. But the sweater weather of the online world is launch season. Your inbox is probably already filling up with promo buildup emails and your feed is probably full of ads. And maybe you have something of your own planned, but if you're like most people. As you took some downtime away from the business over the summer. The side effect was a bunch of new and exciting ideas that you now can't wait to implement. And this launch season buffet of offers that's about to appear is owning an add to your ideas list. So before you run full tilt at the most exciting one. Forgetting all the careful plans you made before summer. I want to walk you through five quick questions. You can ask yourself. To save yourself from shiny objects and keep you focused on needle. Moving ideas. First of all. Does it align with your current focus? So, for example, if you're focused on efficiency, adding a new complex offer or funnel to the mix is going to take you off course. Even if it adds to the bottom line. You said that focus for a reason when you weren't caught up in the excitement of how much money this new thing could make you. So take a moment to check that you're not off course. It doesn't mean you need to bend that idea. It just might mean you need to pop it on the back burner and revisit it in your next planning session. Second question. Have you taken the time to figure out the simplest or most efficient way to implement it. I have a terrible tendency. When I build like my own funnels, I build them in the order that the client will encounter them. And one of my systems eat brains. It drives her bonkers. And she always reminds me that I'm just wasting time and effort because I have to constantly context, which to go get the next thing I need instead of planning out the whole thing, spotting the gaps, and then doing all the like work together, all the copy at once all the design at once. We tend to dive into ideas in that same way. We're excited about the idea, but we don't take the time to consider if it could be better. The third question. Is it worth it? There was nothing sexier to an entrepreneur than a new idea. Heck, we are usually already floating with the next one while we're still working on the first one. And we're completely blind to those red flags waving frantically at us. Especially if the payoff is big. But have you considered the cost of the idea? In time and money and energy for both you and your team. Don't get stuck on the sexy revenue line and forget to check out the actual delivery side of things. The fourth question is what are you sacrificing? This is especially relevant. If you have a team. So listen up. Every yes. To one idea is a no to another idea. So if you give into a shiny object syndrome, what are you giving up? In terms of revenue in terms of time, does it mean you're going to have to work a weekend that you could've spent with the kids? In terms of energy, especially around the delivery of the service. And if you have a team and you plan to pull them onto this new idea, what can you deprioritize for them? Which projects are they currently on that were carefully planned. You're not delaying and abandoning. And what does that impact going to be on them and their morale? And finally the fifth question. What is the risk entrepreneur land is made of risk takers. You wouldn't be working for yourself in a recession if you didn't have a fairly large appetite for risk. Unfortunately, this tends to lead to impulsive decisions and I'll figure it out later kind of vibe. So taking a step back before you dive in can save you time and money and heartache down the line. Take a minute and ask what could go wrong with this idea? How likely is it that that could happen? Are you prepared for that? What would have to give while you or the team fixed it? Do you have the time and money to throw at that problem? If it happens? Or should you do something to prepare for it? If you're sexy, new idea, parcels, all of these questions. I want you to ask yourself one last question. Does it have to be now? Given what you had planned. Given what projects the team is working on, given what's happening in your own life. Is it as urgent as it feels. Very often the excitement makes us feel like we can't wait. Instead of recognizing that we actually just don't want to wait. If the idea is as good as you think it is, and you have to pop it on your idea parking lot for now. It should be just as good when you take it out. If it's not the idea, probably wasn't that great to start with.
You've got enough shiny objects bouncing around your head to rival the average disco ball but how do you pick the really great ones from the distractions?
If the idea is a great one now, it will still be great when you’ve taken more time to consider it.
In This Episode
- The signs you might be in danger of implementing a bad idea
- The 5 questions your idea needs to pass before you implements
- The challenge to any idea that entrepreneurs struggle with
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The information contained above is provided for information purposes only. The contents of this podcast episode and article are not intended to amount to advice and you should not rely on any of the contents of this article or episode. Professional advice should be obtained before taking or refraining from taking any action as a result of the contents of this article. Diane Mayor disclaims all liability and responsibility arising from any reliance placed on any of the contents of this article.