How do you settle on an idea to pursue?

Dare I mention it again? Chris Guillebeau, author of “The $100 Startup” has an excellent tip on how to evaluate your business ideas to determine which ones you should focus on.

He lists all his ideas and then rates them on a scale of 1 to 5 based on the following criteria: Impact, Effort, Profitability, Fit with Vision.

Then he totals up all the scores, and the ones with the greatest impact, profitability, etc. float to the top and the other ones that don’t meet his criteria end up on the bottom. I plan to do this for myself with the trillion ideas I have floating around in my head. Don’t worry, I won’t write them all down at once.

I hope you find this information useful.  And sorry, I can’t help myself. I don’t like to spend full price on books and seldom do. That’s why I picked up The History of Furniture for $5 (and was later disappointed that they dropped the price to $2, and no I haven’t read it yet.) So,  I just have to say The $100 Startup is worth every penny of the full price I paid for it. Hopefully, it will be worth more once I actually start to follow through with it.

Until next time. Write those ideas down. And if you have any input or suggestions, you are welcome to comment.

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2 thoughts on “How do you settle on an idea to pursue?

  1. […] How do you settle on an idea to pursue? […]

    • quipstress November 30, 2012 at 2:01 am Reply

      That’s a good question . . . which one should I pick? It is better to focus on one idea then try and multi-task on several at once which will result in being spread too thin. Many factors come into play — finances, skill set, customer needs, etc. As Chris Guillebeau states in his book . . . passion or skill + usefulness = success. One of the narrowing criteria is whether there is a need for it. If there’s no market for it at present, then it’s time to move on to the next idea.I had about 10 ideas that I jotted down and used Chris’ evaulation method to narrow down the group. Ironically, blogging was at the bottom of the list because it requires a lot of effort, and currently doesn’t have a lot of impact or profitability. On the other hand, it is enabling me to interact with like-minded individuals and that is a good start. Thank you for reading my blog and asking the question. Feel free to comment further. I look forward to discussing this with you.

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