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“I have too many business ideas! Which one should I execute?”

Select Startup Idea

Not having an idea is one thing but having too many business ideas also qualifies as a problem for many.

I have seen aspiring entrepreneurs sharing that they have too many ideas and they don’t know what to do with those ideas.

This post lists out various pointers that an aspiring entrepreneur could follow to combat his dilemma. The pointers are gathered from various FounderMates advisors at workshops, my own observation and understanding of the start-up process.

  • Choose on the basis of your passion (TWEETVijay Kumar speaks passionately about “passion for an idea”. He maintains that if you are not passionate enough about the idea, it’s very difficult to stick to the journey as it’s a hard and long journey. Money will follow you so focus on passion.
  • Stop attending workshops for at least 3 weekends (TWEET- Rahul Arora, a FounderMates advisor once suggested to an entrepreneur to “stop attending workshops for at least 3 weekends”. He suggested that the more one attends the workshops, the more new ideas one gets leading to more confusion. As a result, this takes one even further from the execution of an idea.
  • Bring clarity to your idea (TWEET) – This was another one by Rahul who insisted that you should grab a paper and pen and elaborate on your idea to clarify it to yourself. DO NOT use Word or your computer for this purpose. There’s some connection between pen and brain that’s important to bring life to your idea.
  • Research your ideas (TWEET) – Do something about it! Everything looks great and rosy on a piece of paper. But real life is outside. Talk to people, prospective customers to understand if there are takers for your product. Researching your ideas will establish a link between your idea and reality and will take you to next levels of understanding such as financial feasibility of the idea, execution/operational challenges, user perception of your product/service , their willingness to pay etc.

While researching your ideas, focus on gathering sufficient Qualitative and Quantitative facts. Secondary sources such as internet, reports, journals will help you gather quantitative facts while talking to experts, users, buyers of your product will give you insight into the qualitative aspects of your offering.

  • Rank your ideas (TWEET) – Once you have fair amount of initial research, you can create a table with different evaluation criteria on the top and different ideas on the left. Then on a scale of 1-10, assign points to your ideas.

You may think of the 1-10 scale as 1-3 for Low, 4-7 as Moderate and 8-10 as High.

Parameters –>Ideas Ease of execution Financial viability Acceptance amongst users Founders’ domain expertise
Automatic grocery order

6

8

8

7

Full body workout gym home kit

5

3

5

3

Note: This table is just for illustrative purposes to show how you can map parameters with different ideas so you can narrow down your choices and get yourself closer to execution.

Researching and evaluating an idea demands greater elaboration and it’s best to cover them in separate posts.

For now, if you are really looking to get that confusion caused by the “idea swarm” in your head, start taking the first steps to solve the dilemma.

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Pic Courtesy: aydinstone.wordpress.com

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ABOUT THE AUTHOR

NIDHI KAPOOR – Co-Founder of FounderMates

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