January 28

A Safe Way to Not Lose Money on Your Business Idea

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I have been discussing starting your business for the wrong reasons this week from a number of different viewpoints.  For some, they will not have to worry about starting their business for the wrong reason.  That’s because they will never act on their idea in the first place.  It can’t be wrong if it never existed right?  This is the safe way to not lose money on your business idea.

We all have friends have are intelligent, organized, meticulous etc etc.  The reason why they are so organized and meticulous is because they need every piece of information available.  For any who are familiar with the Kolbe test (www.kolbe.com) we call these people fact finders.  Fact finders are great people to have on your team, they like to research and go through the details.  I would typically say this is not your average enterpreneur.  When fact finders have an idea, they take forever to act on it as to make sure that they aren’t doing anything too risky. The problem is that if you are this way you never step out of your comfort zone.

Fact finding is where great business ideas go to die.  Ever seen someone look at a product and say, “That was my idea!”.  It happens a lot.  To avoid being this person it’s important to partner with someone who likes to have necessary facts but also like to get the ball rolling and move.  This will help to ensure that your business idea is actually realized.  If not your business idea will be truly safe, in the far recesses of your mind where it will stay forever.

PS.  Podcast time!  Click the button below for this week’s edition of Your Life, Your Purpose.

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