Coming up with a great idea can be very exciting once you start imagining all the potential benefits and additional revenue streams. It is easy to understand why you would want to drop everything to begin pursuing your new idea.
But what happens when you are always pursuing the next “Big Idea”? You will inevitably become discouraged and frustrated by the time spent, wasted, and lost on all the failed projects. Pretty soon, you will become so discouraged that you no longer look forward to coming up with new ideas and dreams. That can be a dream killer for the entrepreneur.
People experiencing burnout often feel like they have nothing left to give and may dread getting out of bed each morning. They may even adopt a pessimistic outlook toward life and feel hopeless. Burnout doesn’t go away on its own. If left untreated, it can lead to severe physical and psychological illnesses like depression, heart disease, and diabetes.
So, before you dive headlong into every new idea that comes your way, try implementing a few safety measures to help you prevent “New Idea Burnout.”
Start By Considering These Important Questions Regarding Your New Idea
Does Your New Idea Have Commercial Viability?
The first thing you should consider is whether or not your idea has commercial viability. Can your concept generate sufficient income to pay the bills? If not, you should probably consider another idea.
Does Your New Idea Have A Viable Market?
The second thing you should consider is the viability of your market. Is there enough of a need for what you are selling to make it worth your while?
At one point, we invested heavily in building WordPress products in addition to our services. While the passive income was great, the market for these products did not complement our primary service and passion. The market was not worth our while.
Are You Passionate Enough About This New Idea to Sell It?
The third thing you should consider is your ability to sell. Can you sell what you are offering?
One of the ways you can determine whether or not you have what it takes to sell this new idea is by coming up with several compelling reasons why someone should buy your new product. If you cannot come up with a solid list of benefits to the ideal customer, then you may want to reconsider.
How Much Time and Energy Are You Willing to Invest in This Project?
If you cannot afford to lose the time & money you invest or have other responsibilities that you feel you can’t neglect for any length of time, you need to be realistic about how much time you can afford to commit.
Also, you should only invest as much time and energy into this endeavor as necessary to ensure it will succeed. If it doesn’t, you haven’t lost much (if anything), and you can move on to something else. On the other hand, if it does turn out to be a winner, you’ll be so excited about it, you’ll find it hard to stop working on it.
Let Your Greatest Ideas Cool Off for a Bit First
We are constantly being bombarded with the next big strategy, tool, influencer, growth coach, course, and by our peers who are doing big and extraordinary things. We have ideas for new services and features all the time. I have found that if you write down the idea and give it a week or two to stew over, you might just figure out it is not worth spending time on after all. That is a lesson I wish I had learned early on.
Have as many great ideas as you can, but let your best ideas cool off for a bit first. Get excited about them. Do a little research. Just remember, you do not always have to act in the moment.
I highly recommend keeping a note system for all your ideas. Write your thoughts down in an easy-to-use note system. I like to use iNotes because I can easily access my notes and lists from my phone and desktop. I jot things down in there almost daily.
Making Smarter Decisions When It Comes to Pursuing New Ideas
Making smarter decisions about what you say “Yes” to does not mean you are letting rational considerations like “risk” and “loss,” and “effort” keep you from doing something you believe will make a difference in your life. In fact, saying “No” to some new ideas is actually giving you more time to say “Yes” do something that will make a difference in someone’s life.
On average, only about 1 in 30 of my middle-of-the-night ideas make it to the drawing board. And for that, my family, work schedule and stress levels are very thankful.
Do you have any tips for dealing with New Idea Burnout? Let us know in the comments below.
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