Managing Your Ideas

Ideas need management just like people.  “Ideas are nothing without implementation,” says Anita Campbell, Founder of Small Business Trends, in “Innovation Management Helps Make Your Idea Reality.”  It’s true.  When it comes to business, it’s not enough to just dream.

But how do you take your latest idea out of your head, off the paper, beyond the initial brainstorming and into the market and fabric of your company?

Focus On One Thing, One Bite At A Time 

You may have 51 great ideas, but choose one to work on for the next 1-3 months, and then get started. Focusing on a single idea helps get you beyond analysis paralysis.

Once You Have Your Idea, Dive Into Research 

Use this step to get a clearer vision for how this latest idea impacts your business and your bottom line. Meet with other companies and business owners that have done similar things. This step gives you confidence and helps you gain a realistic perspective on what it will take.

Set A Plan For The Next Two Weeks 

Decide what you will accomplish for the next 14 weeks because it’s easier to take baby steps. As Og Mandino says in The Greatest Salesmen In The World:

“One step at a time is not too difficult.”

Choose Your Funding Options 

Depending on your business model, you may choose to pursue a variety of funding options including bank loans, investors as well as self funding.

Anita Campbell and Joel Libava refer to crowd-sourcing as funding opportunities for small business owners. In “Got A Big Idea? Crowdsourcing Websites Help Bring It To Market” Anita mentions two sites where you can submit your ideas, receive feedback as well as manufacturing support. The inventor retains 25 to 35% of the money once the item comes to market but they have a chance to get in front of companies like HSN, Bed, Bath and Beyond and Toys “R” Us.

In the “Future of Books: Will Publishers Weather the Changes?” Joel refers to crowd-sourcing as an option for self-published authors. It gives you a chance to publish your book debt free. In turn, you have your next marketing piece — a book, as well as sponsors to help you publish and promote it — because your success becomes their success.

Of course, to get the best impact, these relationships have to be managed, but what doesn’t?

Ultimately, if you have a dream, you’re in the business of:

• managing your team
• managing your money
• managing your ideas

It simply comes with the territory.

Ideas Photo via Shutterstock

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