Entrepreneurs and small business owners LOVE ideas. We have them all the time! We get giddy with excitement sometimes. New ideas can even wake us up in the middle of the night.
Unfortunately, we can’t move every idea forward. We don’t have the time or the money. Or, after consideration, in may not be that great an idea after all…
Carol’s latest post on MasterCard Biz is a must-read for any of you who are prone to chasing ideas, instead of focusing on your core business offerings. In “Considering a New Business? 5 Questions to Ask,” Carol begins:
“As a group, entrepreneurs tend to be visionaries. They love coming up with ideas and beginning the manifestation process of turning those ideas into reality.
However, after doing the day-to-day grind of following the plan they created, another idea may seem very enticing. Not unlike the otherwise well-trained dog who dashes after the squirrel that crosses his path, some entrepreneurs, especially solo business owners who may not have accountability to partners or investors, may lack the discipline to keep on the path. What path? The path that leads to the cash.
To help determine if you’re being seduced by an idea or if it’s worth a long-term investment, ask yourself these five questions before you begin something new.
- Are you just Business Beer Goggling? For those considering starting a business or new business venture, beware of going on a business bender—where the idea looks a whole lot better to you than it does in reality.”
You can read the rest of the post here.
