What To Do If You Have Too Many Business Ideas

by

Many people on my mobile apps write that they are stuck because they have many business ideas, and are having a difficult time deciding which one they should go with. And sometimes, when they decide which business idea to go with, they get other business ideas, and that puts them right back at step one where they are still not sure which business idea to go with. In this article, we will go over how to choose a business idea, and get set on it.

Must Choose Just One Idea Out of Many

In almost all cases, to make your business a success, you have to choose only one idea. Once you choose that idea, you have to put all your effort into it. You will find that even if you put all your effort into it, it will still be extremely difficult, and will take years. So the more you focus on the single idea, the greater your chances of success will be.

Steps To Narrow Down To A Single Idea

Is one of the ideas something you are more passionate about? Is one of the ideas in an area where you have more knowledge or experience? If you can bring experience into a business, it should be a very big deciding factor. Conversely, if you have no experience or little knowledge of the business environment for a particular idea, likely, going into that business is not a great thing to do since you will be making every rookie mistake in the book while learning the industry.

Which Business Idea Will Be Simpler To Start And Execute?

If you are considering between many business ideas, very often, the right one to choose is the one that is simpler to execute. If one of the business ideas you have is going to require hundreds of thousands of dollars to start, and the other will require just a few thousand dollars, then the ladder is a much better one because most businesses never get such a large investment. That means that only one of the ideas is truly doable.

The Team

Around which of the business ideas will it be easier to build a team that will have complete experience in every aspect of the business? If one of the ideas going to be something that it will be simpler or more difficult to find talent around? This is a long term consideration, the ramifications of which will linger throughout the lifetime of the business. Here is a tutorial on how to choose the best business partners and what to look for in them.

Consider The Market Of The Business Ideas

Which of the business is in a more attractive market? The way you determine that is by understanding the target market for that business, and taking a look at the market size of the business. Here are some video tutorials to help with that.

Once you understand the target market for a particular business idea, think about whether that market is lucrative. And is it very competitive? Or will a new company be able to compete in that market?

Book On Business Ideas

If you are dealing with business ideas, not sure which business idea to pursue, or are generally at the business idea stage of your business, I wrote a book that can be of great help to you. My book covers topics faced by entrepreneurs as they go from a business idea to starting an actual business. It is based on the experiences of 300,000 entrepreneurs who have been using my mobile apps for entrepreneurs. Here is the link to the business idea book on Amazon.

Get Feedback About The Business Ideas

Sometimes it is difficult to decide between the business ideas on your own. Getting feedback from others is a very useful option that is always available to you. Here is our tutorial for how to get feedback about your business ideas.

When getting feedback it is extremely important that you can explain your ideas clearly so that people understand your business ideas, and are not confused by what you are trying to express. Here is a tutorial for how to correctly pitch and explain your business ideas.

Further Business Resources

For more business-starting resources, please take a look at our business planning mobile apps. Here is the iOS business plan app and here is the Android business plan app.  Additionally, here is the iOS fundraising app. And here is the Android fundraising app. And here are our business apps on the Kindle. And here is an article where I give the argument that our Android apps are the best business apps on Android.

And please check out and subscribe to my YouTube channel where we cover many marketing topics.

Author: Alex Genadinik

by