I love the rush of a new idea. As multipassionate entrepreneurs, I’m sure you can relate.
If you’re like me, being a business owner has never been all just about business and making money. Don’t get me wrong – I DO love making money. But, when an idea turns from concept to completion – I promise – the feeling is just as good as making money.
However, as a multipassionate entrepreneur, sometimes getting to that completion part can be tough.
You are probably an idea machine.
Big, bright ideas come to you easily, like solutions for problems and things that will delight and inspire. And it’s easy to fall in love with this ideas. I mean, they are brilliant.
But herein lies the problem: more ideas than you know what to do with. Too many forks in the road. And, to be a successful entrepreneur, you must be proficient in three things:
- Vetting whether or not an idea is right for you to launch
- Being able to see that idea through to completion
- Knowing when to throw in the towel
Vetting whether or not an idea is right for you to launch
Before you ever decide to make it a business pursuit, all ideas must pass evaluation. Period. But by what metric are we evaluating them?
Answer: your goals.
In order for you to even begin to be successful as a multipassionate entrepreneur, you must understand where you’re going – in life, in business, long term and short term. Without knowing this information, you cannot make any solid decisions about anything. Even if your goals are conceptual and opaque, you need to have some sort of target.
Yes, you’re allowed to change your goals. Keep them flexible. But have something to start with.
Also, as a multipassionate, it’s critical you make time for your interests. Not EVERYTHING can be a business idea. In fact, it’s best to allow certain things you love unconditionally to simply be personal pursuits. When you turn something into a business, the relationship changes.
My point: not everything needs to be a business. It’s okay for you to have creative pursuits. In fact, you should absolutely have at least one hobby that totally lights you up, and it should be a priority in your schedule.
Finally, vetting your business idea should be measured by 3 things:
- Money cost – as in, how much money will this cost me to launch? Low cost – good. High cost – will you be able to make enough money beyond recovering the cost to make it worth it?
- Time cost – how easy is this to get up and running? Again, weigh pros and cons.
- Ability to scale – can this help a lot of people and provide enough income to be worth both the money and time cost?
Rate each one on a scale of 1-5, with 1 being the least desirable and 5 being the most. The closer the number is to 15, the better the idea.
Being able to see that idea through to completion
One of the most valuable assets you’ll ever have as an online entrepreneur is a confident mindset, and the thing that absolutely kills confidence is unfinished projects.
Not having a satisfying sense of completion erodes both your confidence and your credibility. If you’ve properly vetted your idea (as described above, you owe it to yourself to see it through to completion.
Enter: basic project management. In other words:
- Understanding what the finished result should look like
- Staying organized
- Completing milestones on-time
- Fielding obstacles as they come up
- Completing the project
Because I know the process can sometimes become tedious, pretend this project is for someone else who is expecting it to be completed on-time and on-budget. I promise, when you’re finally finished and launch, you’ll either be proud of what you created or you’ll just have learned a huge lesson.
Probably a bit of both.
Knowing when (if) to throw in the towel
There are times when a project must either change direction significantly or be scrapped all together. You want these times to be rare, if ever, because – remember – unfinished projects aren’t good for confidence or credibility.
However, sometimes things just don’t work out. Maybe there was a significant cost you weren’t aware of, and adding it would render your idea unprofitable. Perhaps you were mistaken about existing technology or your idea’s ability to scale.
Technically, these are still considered obstacles to field. But, ultimately, it’s up to you if you want to continue to completion.
In most cases, I’d probably nudge you to keep moving forward. Often, what seems like a setback is really just an opportunity for you to learn something valuable – or actually create an amazing business or product!