When does an idea become a business?

Business Ideas are worth chasing

As an entrepreneur, I have new ideas come to mind almost daily and I always struggle with whether each new idea is a new business opportunity or simply another idea.

Sound familiar?

Ideas are things that often come naturally to entrepreneurs. Were almost plagued with having an unlimited supply of ideas always flooding our minds.

Throughout my career, I’ve started several side projects that I would consider potential viable businesses. Sometimes I wonder if I’m just getting too ahead of myself or if I need to back off all the “great ideas” I have. But the more I think about it, the more I’m confident in starting any idea that comes to mind. Or at least giving it a chance to become more than an idea.

You never know what business idea will stick, so I think it’s best if we all just took a chance with every idea that comes to us.

In order to get the most of our ideas, it’s important to do a few key activities that will give every idea a chance.

Keep Track

So, since we think ideas are great and every idea deserves a chance to become a business, the one thing you want to be sure you’re doing is keeping track of all your ideas. This can be as simple as using the notes app on your phone or carrying around a notepad with you. I personally use the new not taking app called Bear. It’s available for iOS and MacOS so I can sync all of my devices and always have my notes availble. Another alternative would be Evernote.

Make a Plan

Keeping track of your ideas isnt enough. You need to make a plan for testing the idea and determining whether its a viable business idea or not. If you dont make a plan to get your idea to market, it will always just be an idea.

Do Regular Checkups

At least month, you should do a checkup on your ideas list. This is so you can look at the ideas youve had to this point and make sure you havent forgotten to set a plan for an idea you’ve had in the past. Or maybe you want to revisit an idea and decide that it’s not worthy of testing the market, so you need to remove it from your list. Whatever the case, you should do regular checkups on your list so your ideas don’t just sit on the list and never see any action.

Take Action

At the end of the day, the most important thing is that you’re taking action. Ideas are great and I firmly believe that every idea is worthy of exploring it’s viability as a business. But no idea will ever become more if you never take action.

So spend time coming up with ideas, write them down, set plans in place, do checkups, and take action. On every idea, no matter what. You never know what might come of a random idea.

Anything else?

What else do you think is important when deciding whether ideas are worth chasing or not?