Say what?!?
Yes, you read that right and yes, I know you’re a bit shocked and confused. Aren’t good ideas exactly what we want to encourage? Isn’t innovation the lifeblood of a successful business?
Innovation IS good. BUT, there is a difference between a good idea and the right idea. A good leader needs to learn to walk the balance between encouraging creativity, generating ideas, experimenting AND knowing when it’s time to pull the plug and redirect that energy and those resources into a better path.
What can help us, as leaders, to make that difficult decision? How can we know whether an idea is good and right for us or whether we need to move on? Below are 4 reasons why you might choose to kill a good idea…
1. No Real Need
If you can’t identify a specific need for a real customer that your idea will serve, then it is time to consider moving on. An idea can be great but if it doesn’t solve a definite problem for your customers then it’s not the right idea for you. Lack of desirability is one reason to kill an idea, even if it’s good.
2. Count the Cost
A wise leader always counts the cost. Every new idea and new endeavour will have an element of risk, and will require resources. Sometimes, we have to admit, our idea is great and we can see a need, but we don’t have the time, energy, finances or other capabilities needed to make it a reality…at least not right now. Lack of feasibility is a second reason to kill a good idea.
3. There’s no Profit
Always remember, you are running a business – you need to make money. If you cannot see how your idea will generate a profit for you and your business, then it’s time to pause and make a serious consideration. There is a time and place for non-profit activities – think carefully if this is one of them or not. Lack of viability is the third reason to kill a good idea.
4. Short-Term Only
Finding a customer need is not the same as finding a market. Sometimes we may hit upon a great idea that solves a problem…for three people. Again, remember you’re running a business – ask yourself if it’s worth the investment for an idea that you cannot scale to benefit your business long-term. Lack of adaptability is the fourth reason to kill a good idea.
It’s a tough call – whether or not to move forward with an idea. Sometimes, even brilliant, innovative ideas are not right for your business, right now. Being an effective leader includes developing the skill of analysing ideas, your values, your market, your customers and making wise, strategic decisions. I hope the above points prove useful to you in building this capability within yourself. It may feel a bit difficult but, trust me, your team and your business will be grateful for the efforts you make to become a good leader.
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