How do you decide which ideas are worth pursuing?

I apologize if I’m reporting on news that is a few days old. I wasn’t feeling well the last few days so just this morning caught up on days of reading my favorite updates.

If your mind is an idea generator like mine, always working overtime, you probably have more ideas than time and it’s difficult to decide which ideas to invest time and money on.

An Aug. 3rd article in Business Week tells us that Whirlpool uses the following criteria to decide which ideas to pursue:

-It must meet a consumer need in a fresh way

-it must have the breadth to become a platform for related products and

-It must lift earnings. (Add-on innovations are expected to deliver results within months, while new-to-the-world ones are given three to five years.)

to read the whole article, go here

Do you have a set of criteria that your  ideas must meet?  What’s your personal criteria for deciding if an idea is worth pursing?. If you don’t have a mental list yet, do take the time to define what makes an idea worth pursuing or shelving. Everyone’s list is different, though certain criteria are consistent for businesses in similar fields. What are yours?

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Where to Get the Money to Launch a New Product, Open a Shop or Buy more Supplies

 

If successful entrepreneurs share one common trait, it’s resourcefulness. When we need for something to happen, we don’t sit around and wait for someone else to do it, we make it happen. A resourceful entrepreneur knows that a small business loan isn’t the best way to fund a new project. Some develop an info product, others have a sale of existing inventory. to generate cash.  

My friend Alice Barry is one of the most creative entrepreneurs I know and she continues to astonish me with her resourcefulness. When Alice needs funds to launch a new idea, she creates an EVENT. And Alice’s needs money to launch something BIG-she’s holding us in suspense and won’t say what -so she’s planned an event to fund it. 

If you’re anywhere near Minneapolis on May 28-30th, you can’t miss the ‘Superchicks Stimulus Sale. http://superchickssale.wordpress.com/.  Friends and crafters from all over the country have sent their goodies to Minneapolis and Alice will be holding a flea market, craft fair, and party.  We’re not talking a garage sale here. Items range from handcrafted jewelry, purses and “Fascinators” by Margaret Winter of Santa Barbara, California http://overthetopfascinators.com/ to a 1958 Ford Fairlane, Police Interceptor Special Edition. Knowing that when Alice plans an event, it’s  bound to be a blast, it may be worth heading to Minnesotato check it out. 

http://superchickssale.wordpress.com/

Can’t find a Job? Find a Problem, Solve it and Charge People for the Solution

That was the advise of Ryan Kuder who, after a layoff from Yahoo followed by a fruitless job hunt, started Koombea,a web design company.  And he’s right. It is easier to find a problem than a job. That’s not news to those of us who coach entrepreneurs. You ask many successful entrepreneurs why they started their own business and yes, many will tell you it started with a dream, but just as many will say they found it easier than finding a job. And a lot more fun. 

IN an article today in CNNonline, Peter Bregman commented that “the best strategy in the downturn may be to create your own work.” 

IN his commentary, Bregman tells a story of his friend who was recently laid off form his tech job and is trying to pull together a group from his synagogue to leverage their skills, talents and experience to create a solid business driven by passion. They’re not trying to make a quick fortune but rather create sustainable, ongoing employment. They’ve even considered forming a synagogue based micro-finance bank to fund the businesses. 

Bregman calls his friend’s idea brilliant and figures if each of the 400,000 churches in the US used this model to generate 10 jobs, that would create the 4 million jobs Obama is hoping for from the stimulus plan. I like the way this man thinks. 

What about you? Are you looking for a job.? Who in your community could you form a brainstorming group with to pool intellectual resources and create a small business that would create sustainable income? What problems do you see that you can find a solution to? Rather than spend more time looking for jobs, start looking for problems or obstacles. This is where good ideas for products and services come from. So, if you must listen to the negative media, listen for problems-they’re everywhere, and turn them into opportunities. It’s much more fun than job hunting, and more likely to be successful. 

What Recession? eWomenNetwork survey says NOW is a great time to GROW your Small Business

In a recent edition of eWomen eMagazine, Sandra Yancey, CEO of eWomenNetwork says, “The fact is, for small business owners, nothing has really changed that much from what we normally encounter day-in and day-out. Entrepreneurs already know that in good or challenging times we have to expend lots of energy and invest the time to cultivate new relationships, network and transact deals. To survive and thrive, successful businesswomen are not allowing negative news to permeate their thinking,”

The February 2009 Women’s Economic Business study is based on an U.S. (85%) and Canadian (15%) representative sample of 3,964 women business owners, entrepreneurs and professionals of companies with fewer than 100 employees. This was an online survey that represents over 600 different business categories in North America. The survey was conducted from February 16 – 24, 2009 by eWomenNetwork, Inc., an organization recognized as one of the premier women’s business networks with more than 500,000 businesswomen connected to the network in 113 chapters across North America. The article states that when asked how businesswomen are feeling about the current economic situation, 72.5% replied that they are “charging ahead and keeping a positive outlook and 73.8% of the women surveyed felt this isa good time to grow their businesses. These are highly successful women who didn’t get where they are by being “Pollyanas.” This isn’t about denial. It IS about staying positive and focussed and flexible.

I’ve found the same attitude among my self-employed friends. Many are not just surviving but are thriving. Yes, in a time when people are losing their jobs and homes, small business owners are having to get more creative. I think of an economic downturn as a colander in which the complacent will slip through the holes and those who embrace change and re-align rise to the top.

Now, I’m not saying this is strictly a female entrepreneur attitude. I have met men in some of the hardest hit segments who are facing on the challenge head-on. While the construction of new homes is down, some ambitious contractors can do very well by marketing themselves as re-model experts, and while many realtors have thrown in the towel because they have to work so much harder to make a sale, those who are willing to do the work can connect with prospective buyers who weren’t willing to pay inflated prices and present them with a portfolio of “great deals” right now. Even with the mortgage industry in such a mess, a broker who’s willing to work harder can have a hay day with refinance now that rates are low. I believe in any small business, it comes down to observing the problems and finding creative solutions that people will pay you for. 

According to Sandra Yancey, ” Now is the time to re-tool, re-think, re-design and re-align your business.”

Launching a Business or Launching a Rocket

Yesterday I had the privilege of witnessing something completely by accident that I have dreamed of for nearly half a century. In bed with the mumps on May 5 1961, I watched as Alan Shepard piloted the Freedom 7 into space. Later, along with the rest of the country, I held my breath as the Mercury space capsule splashed down at sea and was retrieved by helicopter.  Spotting neighbors gathered last night when I took Lucy out for her last walk, I headed down to the beach.  Just as I asked what they were all looking for, there was an explosion of light to the south.  The Keppler rocket, of course. Walking back to the house, I started thinking about how something I’d dreamed of for decades was over so quickly.  While it was thrilling to witness the launch last night, did I miss some of the joy that comes with planning and anticipation? And why hadn’t I ever planned it?  (It wouldn’t have been that difficult - I managed to send my son and husband off to space camp). Serendipity sometimes does plays a part in realizing a dream, but if we count on that, it would likely be a very long wait.  And just like that rocket launch, there is something about all that pressure built up in anticipation. 

It always saddens me when someone says they’ve dreamed of starting a business for years but something else always took priority. I’ve even heard, “if it’s meant to be it will happen.” Well, that may be true for some things but starting any business takes planning and though it can be stressful, the planning stage is fun and makes the launch even that more exciting. Dreams rarely “just happen” and how likely are you to be an “accidental entrepreneur?” 

Even if you imagine your launch being in the distant future, starting now to plan will not only increase the likelihood of it happening but will also give you the joy of anticipation. If you know you want to do something on your own someday, whether you have a clear vision of how it will look or just a vague feeling that you would like to be self employed someday, spending a couple of hours brainstorming and strategizing will get you started on the preliminary planning that will make that future launch a thrilling reality.  For information on schedule an idea generation session email themuse@inspiredlivelihood.com

“Working” at the Beach

Wow, I always said my ideal job would be to get paid to spend the day at the beach. I just couldn’t bring myself to sell hotdogs and I’m too old to rescue surfers.  I wouldn’t be a great employe either-I don’t like being told where to be-even if it is the beach. I guess I have the perfect boss-ME! Today was another lovely,  breezy day so I took my laptop down to the beach and worked on the agenda for my upcoming  “Design your Ideal Livelihood “ workshop. (more on that later.)  You know, it sure doesn’t feel like work. (don’t spread the word but sometimes I even take a quick nap. That’s one problem cubicle dwellers don’t have-the sound of the waves lulling them to sleep on the J.O.B.)  And when I got home, guess what, I had made money while I napped! More orders for my new ebook.