August 4, 2022
People often complain about not having any good business ideas…
They believe that the real bottleneck to starting their own business is a lack of good ideas.
The truth is… This is the easy part. Execution is the real bottleneck.
BUT, if you strongly believe that you’re lacking ideas, then what you really need is a good capture system.
What is a capture system?
It’s a reliable place to capture thoughts, ideas, or tasks, and get it out of working memory. This can be a note in your phone or a journal.
Now that you have designated capture buckets, the next step is to incorporate a weekly review where you regularly review and clarify what you’ve captured. You can learn more about my weekly review here.
Once you have a capture system and you begin to pay more attention to your thoughts, you’ll begin to realize that ideas are plenty. They just come and go quickly.
However, there are activities that I consider idea generating…
- Long dark showers (I use a water-proof notepad)
- Long walks
I have a winning idea! Now what…
The next step is to test your assumptions.
Look at competitors who are already selling a similar service or product and learn how they operate. You can take this information and build a basic financial model to make sure that your idea will be profitable.
You can learn more about how I conduct a competitor analysis Here.
Make sure to clarify the Next Action❗️
Always clarify the single Next Action needed to push your idea or project forward. Too many ideas end up dying a slow death because a single Next Action was never identified.
You can learn more about why this is important Here.
If you have a capture system, ideas won't be a problem.
Go ahead and try it:
- Designate a reliable capture bucket
- Schedule uninterrupted alone time
- Capture thoughts and ideas as they surface
- Pick an idea worth exploring further
- Learn from existing competitors to test your assumptions
See you all next Thursday 👋
PS. Whenever you're ready... Here are three more ways I can help you become your most productive self:
- Access my Free Notion Task Manager → Get Access
- Get my Notion Personal OS to manage your business & personal life → Learn More
- If you need help mapping, creating & optimizing your systems → Work With Me
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