Episode 666: What To Do With An Idea: How To Turn Light Bulbs Into Cold Hard Cash

Mar 18, 2024

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.

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Introduction

00:00 • 3min

Nurturing Ideas Through Incubation

03:28 • 23min

Business Strategies and Offer Communication in Niche Markets

26:46 • 4min

Strategic Investment in Business Ventures

30:39 • 17min

Embracing Silence and Clearing the Mind for Creative Receptivity

47:51 • 4min

Refining Ideas Through Deconstruction and Modification

51:21 • 4min

Encouraging Team Creativity Through Idea Incubation and Investment

55:00 • 2min

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

For full show notes and links, visit: https://www.mindyourbusinesspodcast.com/blog/666