Episode 666: What To Do With An Idea: How To Turn Light Bulbs Into Cold Hard Cash
Mar 18, 2024
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Discover the journey from idea inception to monetization in business ventures. Learn about nurturing and refining ideas, testing market demand, strategic investment, embracing creativity through silence, and refining ideas through deconstruction. Explore how team creativity is influenced by idea treatment and incubation for profitable outcomes.
Treat ideas like seeds, nurturing them through incubation for refinement and development.
Invest time in exploring promising ideas through testing and analysis for informed decisions.
Translate refined ideas into actionable plans, adapt based on feedback, and discard ineffective components for long-term success.
Deep dives
Receptivity as the Starting Point
The process of generating ideas begins with receptivity, asking the right questions, embracing silence, and allowing for emptiness in the mind to invite new ideas and creativity.
Incubating and Refining Ideas
Ideas should be treated like seeds, nurturing them through an incubation phase to refine and develop them fully. This involves allowing ideas to grow, evolve, and be viewed from different angles to assess their potential.
Investing in Idea Exploration
Upon identifying promising ideas, investing time and energy into exploring them further through testing, data collection, and analysis is crucial. By seeking data and evidence of an idea's viability, one can make informed decisions on its potential success.
Critical Implementation Phase
The implementation phase is about translating refined ideas into actionable plans and strategies. This involves executing ideas effectively, adapting based on feedback, and ensuring that the essence of the idea is preserved throughout the execution.
Adapting and Eliminating as Needed
Adapting ideas based on feedback and results is key to long-term success. However, if an idea proves ineffective despite efforts, it's important to deconstruct it, salvage valuable components, and be open to discarding what doesn't work to make room for new possibilities.
So much of business is about ideas, but what the heck do you even do when you get a great idea? In this episode, not only do we answer this question, but we break down how to determine if your idea is a good or a bad one, the ways to test ideas, what to do when it isn’t working for you and how to know when it’s time to give up on an idea. These are things that I’ve gotten really good at over the years I’ve been in business, and we want to share it all with you here today!
Save these dates, June 6th, 11th and 13th, because our once a year 3-part LIVE training is happening very soon, and you can join the Business By Design Priority List NOW at https://www.jameswedmoretraining.com/waitlist2024!
We want to hear from you! If this episode inspired you in some way, take a screenshot of you listening on your device and post it to your Instagram Stories and tag us, @jameswedmore and @jeunejenni.
In this episode you’ll hear:
Why I like to look at every idea as a living thing that needs to grow
The phases that ideas will go through and why it’s important to realize that even good ideas can start out as “messy” ones
How the approach I take to ideas if different than most, plus the common theme I see with all business ideas
The way to tell if it’s time to move into the investment phase and to start putting money behind your idea
What often happens when you get too attached to a particular idea that you have
Why I want you to ignore the opinions of others and what you should be focusing on instead
A simple question that you can ask yourself to gain more clarity with your idea and offer
The 3 phases of the incubation phase of an idea and what Jen has learned about the investment piece
What types of questions you can ask yourself to start having more ideas coming in
Some of the reasons why eliminating certain ideas is crucial to your success