As a lifelong entrepreneur I am blessed (and perhaps in some cases plagued) with a constant flow of ideas. Problems I want to fix. Products I think need to be created. Services that need to be offered and on and on. When the idea hits me I’m often super inspired and excited. It always feels like a great idea and I’m ready to make it happen.
So about 15 years ago I created a rule for myself. When I have a great idea I write it down, put a date/time on it and give myself 24 hours to work hard to kill it. Why won’t it work. Why is it a bad idea? Why people wouldn’t pay for it? Why competitors will win and so on. I have to sleep on it.
Guess what… Within 24 hours I kill about 98% of the ideas that just a day earlier I imagined would change the world. So for years I’ve used this simple approach to my ideas.
So, what about the 2%? Well about 10 years and many startups ago I created a simple tool for myself that I called the Idea Development Model. Until today that tool has been for use on my own ideas as well as a simple tool I tried to fill out when people came to me with ideas for investment, advice or recommendations. (This was a “paper” process for almost a decade).
Today, as a part of my desire to really expand my ability to help others I am offering up this simple tool as a free download.
I love this tool for its simplicity. It will not launch your company or guarantee you success but it may really help you save time and money as well as better prepare you for your next steps. The answer to these questions are absolutely critical to raising capital and inspiring others to join your journey so I highly recommend this simple model for any ideas you can’t kill in 24 hours.
As a side note, I also often “require” this framework as a prerequisite for my review of opportunities or investments. It is the “input” to our BLINK REPORT (which is a process where I provide direct and personal feedback on your business).
I hope you find it valuable.
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