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Swimming In Business Ideas

Our clients – overworked entrepreneurs trying to make a reasonable income while maintaining growth and profitability – are full of business ideas. They come up with new products and services, new markets and new strategies monthly, weekly and, sometimes, daily. They also seek opportunities for brainstorming ideas with mentors and peer groups. Their energy is extraordinary. Their ideas terrific. Sometimes.

Sometimes ideas divert entrepreneurs from their fundamental goal: Make a reasonable income while maintaining growth and profitability. And, sometimes, very intelligent entrepreneurs forget to assess an idea before they invest time and resources into it.

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Sometimes having too many new ideas distracts entrepreneurs from fully managing the ones they’ve already launched.

Sometimes the reason they aren’t achieving their goal is because they’re too distracted with new ideas to fully market and manage the ones they’ve already launched – a message hard for people who generate ideas practically in their sleep to not only hear but listen to!

According to the Myers-Briggs personality testing model, if your personality is ENTP, you are probably an entrepreneur. Let’s put aside some of the elements of that test and focus on the “P.”  P stands for Perceiver, and per Myers-Briggs, there’s a spectrum that runs from High Perceivers to High Judgement. High Judgement personalities prefer plans and closure, while High Perceivers prefer options and alternatives. Based upon our experience with hundreds of entrepreneurs, many more lean towards options than closure.

There’s nothing wrong with having these ideas. But if you prefer to create new ideas rather than slog through the endless planning, tracking and work required to build the ones you’ve already launched, seek balance. 

Here are three quick tips for achieving balance:

1)  Keep a record (on paper or online) of all the ideas you are going to assess once you’ve achieved the goals set for those already implemented.

2)  Spend your ideation time on problem solving current roadblocks to your current goals.

3)  Find a mindfulness trainer. Mindfulness will help you focus on the here and now, on your current goals. Brainstorming is great, but use mindfulness to keep your mind on the task at hand and balance out the multitasking involved with generating possibilities for the future.

For more info about entrepreneurs and their personalities, check out this Forbes article.

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Amanda Weathersby’s business Entrepology provides business analysis and forecasts to help companies seek funding, sell their companies, and merge with or acquire companies. Amanda has worked as a business consultant for multinational companies, for startups and for small businesses. She has taught entrepreneurship classes for five years.  The Weathersby Group (TWG) was Amanda’s first venture, created in 1990. The company provided consulting and staffing to high tech businesses in Washington, DC, Boston and New York. It grew to $15 million in revenue by 2000, when the company was sold to a publicly traded company.

You can view her profile HERE.

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