Entrepreneurial ideas are a dime a dozen… good commercial ideas however are a scarce commodity. Whenever you hear someone say, “I’m an idea guy, I’m always thinking of new ideas,” run the other way! They have just confessed, albeit usually unknowingly, that they’ve yet to learn how to focus. I know because I use to be an “idea guy”. It served me wonderfully as the co-founder of a successful marketing agency selling my ideas to clients (because ideas were the product)… when I started a restaurant endeavor this trait served me poorly. In the case of the restaurant start-up, it was burdensome to successfully manage the balance between creation and execution.
There is a term that McKinsey consultants use when getting rid of ideas: “kill your babies” (discussed in a good book called The McKinsey Mind). If you have a good idea but it cannot be monetized – kill it! There is no reason (as an entrepreneur) to waste your time on an idea that will never make you money. During the early stages, your idea can be far from perfect. However, if you can’t write a short paragraph on how it will motivate someone else to take money out of their pocket and put it into yours it’s probably not worth pursuing.
I love wellness and fitness and want to help people perform better. As a result I’ve start a nutritional supplement company that enhances people’s ability to achieve various goals. Functional nutriceuticals is a simple and proven idea that will generate revenue through innovative products that are designed to help people accelerate their aspirations, improve performance, and improve well-being.
If you’re struggling to come up with your own idea(s), I’ve found that great entrepreneurial ideas can be garnered/inspired from checking out the various articles and resources found at Entrepreneur magazine.