What’s Next
As an entrepreneur, new ideas happen everyday then there are a few that we keep coming back to. There is something there. Owning a business complicates just going for ideas. It can be tough to go after an idea when you have all the responsibilities of your existing business and the people on your team are great but haven’t done this work before.
Ask a better question
Putting off decisions is not in your nature, when you are an entrepreneur.
You made the business happen and every day you make dozens of decisions. Your business has grown over the year and is doing well. More opportunities have come and more than one is interesting. How do you decide when you have been stuck?
It is hard to choose because it’s essential that the existing business continue to do well. Assessing the options can feel like a big decision and a big analysis all in its own. There are so many details that would need to be figured out for the new growth opportunity to be successful.
The real challenge is not the decision, the real challenge is asking the right question.
Lighten the ‘decision’
Current question
”Which opportunity should I go after next?”
”What would this opportunity look like?”
New question
”Which opportunity excites me?”
“Which opportunity is worth a better understanding?”
If you are asking yourself “What would this opportunity look like?”, then you are asking the wrong question. It’s like trying to decide what to pack for a trip when you haven’t decided if you WANT to go to the ski hill or the beach.
The real question is “Which opportunity is worth understanding better?”. This question comes from understanding what’s your goal with the next opportunity you pursue. What would be a success with the next opportunity? Do you want to have some fun with an exciting new challenge? Do you want to increase revenue? Do you want to increase profitability for the whole business? Or do you want to expand your reach and impact? Success doesn’t have to be limited to a new revenue source that is perfectly executed. It can be what you, your team and your customers want right now. You decide what you are after with A new opportunity then narrow in on 1-2 opportunities that could deliver on that. Leave the detailed ‘how would this work’ and ‘will this work’ analysis to your shortlist of 1-2 opportunities.
Great entrepreneurs are nimble, agile and confident (enough) in their decisions. Making assessments faster is key. You can be that entrepreneur that goes after new ideas with force, enthusiasm and decisiveness.
Assessment-at-a-glance
Focused yet open
A back of the napkin assessment can focus your efforts on the opportunities most likely to deliver what you are really after.
Reframe the question
It’s not about whether you should or shouldn’t do an opportunity. It’s about assessing the idea quickly and confidently for investing more time, effort and funds. Great entrepreneurs are agile decision makers. An assessment can be quick while still being wholistic. Break it down to simplify the next step.
Bring back the fun and excitement in new opportunities!
“You can’t ask customers what they want and then try to give that to them. By the time you get it built, they will want something new.”
- Steve Jobs