Turning Every Business Idea into Gold: Strategies for Maximizing Value
Download MP3So if you're part of any type of group like your employer, a social group, or family, a lot of times the idea comes up where you may have suggestions. Maybe your company has a suggestion box, or you have somebody who you like to give ideas to. As an individual within a group, it might seem tempting to give suggestions and ideas to the group for the purpose of advancement. But keep in mind that with the suggestion box reality, there's more than meets the eye behind it, and there are ways to use it to your advantage and also to avoid hidden traps with the suggestion box mentality.
Anytime you put a suggestion into a group—whether it's a formal written paper in a box, an idea in a meeting, or if you go to your boss and say, "Here's something we should do," or even if you share a suggestion with your family—it becomes an extra job for somebody. That suggestion now becomes a hot potato: somebody's got to do it. The first question is, who actually does it? Even if the suggestion does result in a benefit to your group, tribe, or family, there's work involved.
The question is whether that work is worth the positive result. If you throw out a suggestion and somebody else does the work while you get the benefit, it might seem like a good return on investment. However, the resulting benefit must outweigh the effort. Sometimes the value is unknown until the entire process is complete. Even then, the benefits may not always justify the effort.
Another important consideration is capacity. Even if the excess benefits outweigh the effort, there might not be enough capacity within the organization to actually execute the suggestion. Everyone might already have full-time responsibilities, leaving no room for additional projects. Additionally, there are often unintended consequences. A great idea might seem profitable or beneficial initially, but as the project unfolds, unexpected downsides or errors can arise.
So how do you take a good idea and make something out of it for yourself rather than throwing it out there like a hot potato for someone else to handle? First, run with the idea yourself. Do some legwork and due diligence to identify obstacles, capacity issues, and whether your theory is viable. By doing so, you can determine if the idea is worth pursuing.
Even if your idea proves feasible, consider whether the potential benefits justify the time and effort required. If you invest 20 hours into a project but only achieve a minimal return, it might not be worthwhile. Furthermore, every project takes attention away from other priorities, potentially resulting in a break-even scenario.
This brings us to the suggestion box reality: just throwing out ideas, projects, or suggestions can create work for someone else. Instead, take initiative by vetting the idea yourself. When you present it, bring more than just the idea—bring a preliminary plan or proof of concept. By doing this, you'll likely receive more credit for the idea and avoid being seen as someone who offloads work onto others.
An idea alone doesn’t deserve all the credit for a successful result. Success requires effort. If you flush out the idea, start working on it, and identify potential issues beforehand, you’ll stand out. When you finally present your idea, you'll be seen as a proactive problem-solver, not just someone who creates extra tasks for others.
Finally, remember that not all ideas are successful. Many businesses and projects fail because of unforeseen problems or poor planning. If you take the time to vet your ideas, address potential problems, and weigh the benefits against the effort, you'll become known as someone with consistently good ideas. This reputation will benefit you in any group—whether it’s your workplace, family, or social circle.
