4 Simple Steps to Decide When to Let Go of an Idea
Tags – When to Let Go of an Idea
Business individuals and entrepreneurs will go through cycles where opportunities arise.
And, as you become more successful, individuals will come to you with more offers. This situation, as you can imagine, brings a challenge of its own: how to separate the fluff from the actual candy itself.
The statement that ‘risk equals reward’ is not any truer than in business.
In other words, you need to be taking chances, and taking your chances, to succeed. We can talk here about innovation, as we have done in the cases of, among others:
- Entrepreneurial Culture – Getting Away from Traditionalism
- The Future of Business Structure – An Accounting Perspective
- 3 Accounting Avenues to Support Property Landlords
We can even talk of understanding market conditions, as we have done in the cases of, among others,
- 4 Points of Stability Support for Businesses Affected by Coronavirus
- On Our Mind – City Economics and Business Readiness
- A World Without Cash – A Pro Digital Accounting Perspective
However, you also need to understand when to let go of an idea, and considering the following points:
1. Doing Your Research
Instead of simply pursuing an idea, converting it into a business, and then trying to sell your products and services, are you able to talk to your potential customers?
In all logical sense, doesn’t this sound right: well you are going to be selling to these people. So, why not get them on board?
This is one of a million ways to do your research. And, in this day and age of various avenues available to measure your success potential, you can not only measure the interest in your idea but even crop it enough to almost guarantee yourself success.
But, if there is no interest, chances are that you will be wasting your time pursuing your idea. So, you are better off spending your time elsewhere.
Not all ideas that are not picked by your potential clients are bad. Sometimes, it’s a case of understanding the timing.
In fact, Understanding your business cycle is paramount in decision making. In other words, it is important to understand where you stand as a business.
It is likely that in the beginning of your business journey, there is almost no one willing to help. This is the time to find the right support and stick to them, remembering who helped you along the way.
But, again, as you can imagine, once you start getting the right results, quite a few helpers appear. (These are more sharks than helpers).
In fact, our parent company, Marketing Voice, especially for their SEO services, have been offered a partnership at least 3 times. All these cases were different forms of ‘get rich quick schemes’. However, real partnerships are built through trust and forming a relationship over a long period of time.
Same will be the case with your ideas.
3. Testing Your Idea
We have mentioned this multiple times: before putting all effort in, you need to test your idea at a smaller scale.
In fact, we maintain this thinking of micro to macro in all our projects. This is because once you have gauged the premises of an idea, scaling becomes the next natural step, rather than a risk.
In most cases, this is generally a scenario of mapping how your idea fits into existing systems. For instance, if you are building an operating system that will need new computers, chances of your success are quite low.
Similarly, you need to have the right skills, or the right team with the right skills, to fulfil the potential of an idea. Again, it is all about timing and having the right set of skills around you.
4. Knowing When to Give Up
Like the stock market, you need to know when to cut your losses short and move on.
It is all well and good to be ambitious, level headed, and consistent, but flogging a dead horse is simply a waste of time and effort.
We feel that it is necessary to add here that almost no success comes without persistence, but persistence means different things in different circumstances. And, the best way to learn this skill is only through experience, whether your own or with the right help.
To learn more, get in touch with us today.
This blog was made possible through a partnership with: Court of Protection Solicitors Thaliwal & Veja.