Picking That One Idea

This is a very good question, and ironically I just recently read an article entitled, "Entrepreneurship: Too many ideas? Pick one and go for it." This article had four questions that an entrepreneur should explore when deciding on a single direction.  The first question was:What's your passion? The best idea is probably the one that is most aligned with your personal passion and insight. Something that you wouldn't mind doing 40+ hours a week, because it feels more like fun, than work. The second question was: What are your goals? This is where you must be honest with yourself and decide on where you want to be, and what you see yourself doing. Some ideas may require major finances and a lot of attention; therefore, are you looking to have a part-time or full-time?  Also, what are you looking to achieve, to become a millionaire, or to just be financially stable, or some other self-fulfillment?  The third question was: What idea offers the best opportunity? This is where you can compare those many ideas to see which one will give you the best Return on Investment. The fourth question was: What idea will your best skill set support?  If you are a web designer, then you will be able to create your own online website. Assess what you are good at and see if one of your ideas will support that.

In addition to the four questions that were listed in the article, I also think an entrepreneur should ask themselves, What idea will give you the most FREEDOM?  This is about having it your way.  This could be freedom from the 9-5, from financial burdens, from boredom, from missing birthdays due to business trips, etc.  Step into that idea that will give you the most happiness!

Action step: Get a piece of paper out and answer each one of these questions. At the conclusion of it, see how many ideas you have left. If there are still a couple of ideas left, then continue to assess those in relations to the questions above until you have that one idea that fits you the most.

Amat, S. (2011). Entrepreneurship: Too many ideas? Pick one and go for it. Retrieved from http://www.miamiherald.com/2011/07/10/2306264/too-many-ideas.html