How does your company generate creative innovative ideas to stay competitive in the marketplace? When you have one how do you determine whether it’s worth pursuing? Some companies regularly schedule idea generation meetings. These are helpful, however, idea generation can also occur in the following ways:
1. Through your day to day activities whether at work or on vacation you maintain an entrepreneurial mindset by observing your surroundings and the opportunities and challenges you encounter.
2. Through a coaching session you brainstorm or are given an idea.
3. You hire a company to generate idea(s).
4. You use an entrepreneurial tool called an adaptability link to determine the strength(s) between industries you currently do not serve.
To evaluate an idea use this formula:
(work + time + money) * probability = whether to pursue or not to pursue
Work can be a 1 (worth doing) or 0 (no value to the company)
Time can be a 1 (can be done in a timely manner) or 0 (time prohibitive)
Money can be a 1 (not cost prohibitive) or 0 (cost prohibitive)
Probability can be a 1 (a deal is in place), .5 (may or may not happen), or 0 (will not happen)
If the result of the formula is a 3, pursue the idea
If the result of the formula is a 1.5, consider pursuing the idea
If the result of the formula is any other value, do not pursue the idea.
It is wise to have your employees on the front line involved in the process not only management.
When an idea is worth pursuing you will discover new leaders in your company if you are willing
to mentor them and provide relationship capital.
Most ideas aren’t good, however, a good idea makes you the client’s choice in the delivery of your services and products.
Are you planning a meeting for this year or a kickoff meeting for early next year? Book Raj to speak to energize and inspire your team, organizaton or corporation to consistently perform at the top of our game! Call him at 864.569.2315 or contact him at raj@rajgavurla.com with your date, time and location to book your date today!
Raj helps and works with individuals, teams, and athletes that want to experience human performance, life, organizational development and breakthroughs interconnected with your life, business, and sports.