A while ago, you had an idea for a new company that would change the world. You stayed up all night feverishly sketching your plans for global domination.
Yet there you are, months later, still sitting in your cubicle, that brilliant flash a distant memory.
Wake up: Not every idea–even a great one–turns into a money machine. In fact, it’s often just as useful to know when to dump a good idea as it is to pursue one–if only so you can get to work on that next “great” idea.
Here are three ways to know when enough is enough.
1. Paying Customers Never Show Up
So your friends are high-fiving, investors are salivating and the media is gushing. So what? The difference between having an idea and having a real company is a throng of paying customers.2. You Can’t Sustain a Competitive Advantage
Novelty alone is not a competitive advantage. A new idea is bound to attract competition. (If it doesn’t, chances are the idea wasn’t as good as you thought.) The key is being able to survive the onslaught.3. You’re Not Ready To Quit Your Day Job
You can only moonlight so long before your kids start calling you “that weird guy in the garage.” At some point, you actually have to trade in the comfort of a two-week paycheck for the uncertainty of starting your own shop. If you can’t muster the courage to make the leap, it’s time to dump your idea.Photo by MSDesigns.
danakeith on June 9th, 2008 at 4:41 pm
yes having a good view towards what you want to do were i think most important in coming up a good idea.