This interesting piece on how to execute business ideas from Nathan Barry will greatly help you to rise and put in the effort to act on your business ideas and get them executed.
This article is especially useful to you if you are the type who has lots of business ideas to choose from. You get inspired with many ideas per day and you are confused on which one to work on.
I want you to take your time to digest the wisdom in this article from Nathan Barry
Related: How to use Google to discover book ideas
How to execute business ideas: Having tons of ideas?
Do you have 10 new ideas every day?
Do you struggle with choosing which ideas to pursue?
Having a ton of great ideas may seem like a good thing, but if you’ve experienced it, you know it can be stressful.
When you’re feeling conflicted about your ideas, it can cause split focus, resulting in none of your projects getting the attention they deserve.
You don’t want to throw any of your ideas away, because you know some of them are really good.
But you also don’t want to keep feeling overwhelmed and unsure.
3 steps to help you act on your business ideas
Here are 3 steps to help:
1. Admit you can’t do everything
I have no shortage of ideas for new things I want to do—personally and professionally (though I realized the other day nearly all my ideas are related to creators, rather than just general business ideas).
Having “too many good ideas” isn’t a problem unless you don’t know how to handle it. Then it can be frustrating and overwhelming.
If you have lots of good ideas, see it as a positive thing. But the first step is to admit to yourself: you can’t do everything.
And you especially can’t do everything at the same.
This is important in a professional environment where you may not be the one executing on your ideas. You want to strike a balance where you’re maintaining forward momentum without overwhelming your team or coworkers.
Sometimes, you really do have to say no to a new idea. And that’s hard when you feel like it’s a good one.
But how do you know when it’s the right time to say yes or say no to an idea?
How do you know if you’re the right person to do it?
That’s where I like to think in terms of lenses.
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2. Pick a lens through which to view ideas
One idea isn’t inherently better than another. What makes something the “right idea” will depend on different contextual factors.
What’s important to you right now? What are you short on? What do you want to maximize?
Depending on what you are optimizing for, here are some of the lenses you could use when evaluating ideas:
- What’s the most fun?
- What furthers the overall business goals?
- What drives the most [revenue, profit, or cash flow]?
- What makes the most of existing things you’ve committed to?
“Most fun” doesn’t necessarily mean least important. If you’re someone who doesn’t focus enough on enjoyment, “fun” may very well be what you need more of right now.
It’s a good idea to revisit your overall business goals to see if that gives you any insight around what to focus on. It can often help you choose between two ideas.
If you need cash right now, you might need to set aside the ideas that won’t generate revenue in the short term and prioritize those that will bring in money. At least for now.
Don’t forget to also look at the existing things you’ve committed to. Which of your new ideas makes the most of what you already have going on? Look for multiplier effects.
3. Order your ideas in a sequence
Derek Sivers talks about how you can do everything you want in life, just not at the same time. So put them in sequence and focus on each thing—one at a time—for a season.
Once you’ve chosen a lens, sort your ideas in descending order of importance. If the order ever becomes unclear, bring in a second lens.
Say you chose “most fun” as your lens, but your second and third ideas would bring equal enjoyment, and you’re not sure which to pick. Using an additional lens of “drives the most revenue” can help you pick one idea over the other for which project to pursue next.
Here’s another thing to keep in mind when establishing your order of ideas:
Is there a sequence where each idea naturally builds on the one before it?
For instance, let’s say one of my ideas is to host events for creators and another is to build a recording studio. Well, if the studio space has room for hosting events, it would make the most sense to pursue that project first. Then I can use it as the venue for my events.
Look for connections between your ideas. Instead of evaluating them in the vacuum, or looking at them through a single lens, ask yourself: does this feed my other goals? If so, how?
Conclusion on how to execute business ideas
Lastly, remember: good things take time. It’s easy to get caught up in the excitement of new ideas and wanting to bring them to life as soon as possible.
I have to constantly remind myself:
“It always takes longer than you think.”
***Article Credit:
Nathan Barry of NathanBarry.com
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