Many people complain about a lack of startup ideas and look for inspiration literally everywhere. However, it turns out that there are some people who are struggling with an excess of business ideas. How do you deal with it? Can a surplus of ideas hurt startups? What to do when you have too many business ideas?
Business ideas – table of contents:
- Too many business ideas – why is it dangerous?
- How to deal with too many business ideas?
- BFD map
Too many business ideas – why is it dangerous?
It may seem strange that having too many startup ideas can be actually a big problem. After all, many people can’t find a single business idea. Unfortunately, the excess of them is also problematic. This is primarily due to how the human brain functions. The trouble of excess is shown by many studies. It seems that freedom of choice is the foundation of our lives. However, is it completely so?
Sheena Iyengar and Barry Schwartz were the pioneers studying this issue. They discovered that a person overwhelmed by too many options experiences the so-called choice overload or the paradox of choice. Too many options to choose from can lead to paralysis and dismay, which often results in abandoning any option. A study conducted years later, in 2018, confirmed the existence of this phenomenon.
In the context of this research, but also in the context of life experience, it can be concluded that a lot of startup ideas can be a serious problem and cause negative consequences (e.g., a lack of motivation to make a decision). As a result, an entrepreneur, unable to choose one idea out of many, starts pursuing all or most of them. As it is extremely difficult to adequately control all the ventures simultaneously, none of the businesses is properly run. Thus, an excess of ideas can be a real disaster. How to deal with it?
How to deal with too many business ideas?
Is it even possible to deal effectively with the surplus of startup ideas? It is not easy, but it is perfectly achievable. The most important thing is the right attitude. First of all, you need to have a clearly defined goal. Without this, it is impossible to learn what direction to take. At the same time, it is useful to set short-term and long-term goals. In the latter case, it’s worth thinking about where you want to be in 5-10 years.
It is important to remember that a good startup idea solves a particular problem and brings some value. So it’s best to think about which idea touches the problem that bothers and frustrates you the most. How many people can this problem affect in the same way? Such an approach will make a selection easier. It is worth assigning a specific completion date to each idea – a realistic one. This will set a certain business path. On top of that, you should consult your ideas with other people. Finally, you ought to reach for the right tools.
Coming up with a few business ideas might be a serious problem, let alone having dozens of them. In reality, there is no chance of implementing even part of such projects. However, it is worthwhile to look for a solution to help with the difficult choices. The Big Fast & Doable (BFD) map often helps in such situations. This tool was described in detail by Mark Payne in his book “How to kill a unicorn”, outlining the Money & Magic business approach.
What is the BFD map all about? How to use it? You need to draw a vertical and horizontal axis on a piece of paper. The vertical one determines the potential of the idea (Big) – the size of the market, the target group, your business prospects, etc. The horizontal axis (Fast & Doable), on the other hand, shows how quickly the idea can be implemented given current constraints (e.g., a lack of know-how, a small budget). You determine the criteria that make the idea big, as well as the criteria for its execution.
Start using this tool by conducting a brainstorming session (it’s a good idea to have some external support to prevent bias). Put each of your ideas on your BFD map. The best ones will be at the top right of it, and they should be implemented first. The closer an idea is to the left, and the lower it is on the axis, the least likely it is to be successful. Such business concepts should be modified or even abandoned altogether.
The BFD map allows you to arrange the order in which ideas are implemented. However, the analysis must be done thoroughly and in detail. Several people or even a whole team must work on it. Each person then places the idea on the map according to their own discretion. Then a discussion is held on it. The BFD map is one of the best solutions to effectively deal with an excess of ideas.
A surplus of startup ideas can be as frustrating as a lack of them. Fortunately, as shown above, this problem can be easily solved. Evaluate all of them and choose the best one. Don’t focus on too many things simultaneously. Get to work and give it a try. Don’t spend a lot of money right from the start, just gradually develop your business, and you will definitely see results over time.
Read also: 5 creative ideas for a business that require little or no startup capital.
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