As an entrepreneur, you probably tend to focus a lot of your attention on growing the business. You brainstorm new ideas and may even try them out for a while to see if sales grow, any increase in revenue, or if there is a rise in profits. A lot of testing is required before the actual implementation of new ideas occurs.
Therefore, you have to make sure you measure your progress in order to gauge if any new ideas should be realized or scratched.
Always be open to new ideas despite where they came from. If the idea has any merit, try it out. In fact, try it out for a period of time and make adjustments if need be. If later you realize it requires a considerable amount of time, energy, and money without a considerable rate of return, then you may want to drop the idea.
However, don’t get a new idea to later brush it off as though it won’t work without considering the potential of it; or, don’t think, “We’re going to stick to this idea and make it work and that’s that,” either. Be open to change, be adaptable, and execute new ideas.
6 Ways to Test Your Idea
Find the best product to fit the needs of your customers
Investigate other products out there and determine what makes them valuable
Scope out your competitors to determine if they overpower the market
Verify demand for the product and determine if you can improve it or do it differently
Test your product by giving out samples and disclose pricing models
Interview people on what they like about already existing products and allow them to compare your product
The entrepreneur, manager and any team members need to work closely on the project. The visionary needs to keep brainstorming new ideas while the manager and team follow through, tests them out, and then either drops or continues with the idea.
The visionary needs to exercise a spirit of humility, especially if the tried and tested idea doesn’t profit based on concrete data. You have to make sure no one frets about it but keep it moving forward and eventually you’ll land a winner.