TMR #31 - Ideas + Money = Good Idea
Most of your ideas aren’t as great as you think they are. I promise. I know this because I’ve learned that most of my ideas aren’t great either.
Some are horrible. Some are pretty good. But few are actually GREAT.
But do you know how to filter the good from the great? That’s exactly what I’m going to teach you in this week’s TMR so that you can stay focused on what matters and only deviate when you actually have a GREAT idea.
Ideas are everywhere
As a marketer, it’s your job to come up with new ideas that solve problems.
As an entrepreneur, it’s your job to come up with new ideas that solve problems.
No matter your role, if part of it does not include innovating, then I’m not sure why you’re on my newsletter list.
Ideas are a core part of our work.
BUT
As I stated above, most of the ideas are just “meh.”
The problem with not being able to discern a good idea from a great idea is that it will often lead to you wasting your time on things that just don’t work—or that the market doesn’t even want.
You end up quitting your main work that is WORKING, and you pursue something that only YOU think is good, but doesn’t work at all.
It’s like shiny object syndrome, except you’re the one that distracted yourself…
Good ideas will come back. So just drop all of them and only filter the ones that come back to you.
Filtering ideas
Filtering, or “validating” ideas is EASY.
Step 1. Tell someone you know about your idea.
Step 2. Ask them if it would help them do [PROBLEM IT SOLVES]
Step 3. Ask them what it would be worth to them (in $$$) if the idea actually worked.
Step 4. Ask them for 5%, or 10%, or $50. ANYTHING. But get them to pay you as an early adopter—fully refundable.
If they answer YES to step 2 and 3, but will not give you any form of money, then the idea is not great.
Do this with 10 people and if you cannot get at least 3 people to give you money, then the idea is BAD.
Drop it.
Move on.
Go back to doing what works.
BUT, if you’re successfully able to validate an idea, then maybe you’re onto something…
Validated idea?
Once validated, you have the opportunity to either pursue it, or refund. No harm, no foul.
You get to decide where your focus is going to go, BUT, you know that either route is a good idea.
You either stay with what is paying you now, or you go with what is starting to pay you now.
No more wasted time on ideas that are BAD.
This week…
This week, I challenge you to do the following:
Drop all your ideas. They’re all garbage.
If an idea comes back tomorrow, decide if it’s worth validating. If not, drop it.
If so, get it validated THIS WEEK.
Validated? Decide to pursue it or not. Not validated? DROP IT.
I promise — you’ll have closure either way and you’ll keep moving forward on the ideas that are actually good.
Leggooo!