TES 015 - How to Create a Blockbuster Idea - a podcast by Mel Abraham

from 2015-03-10T21:27:05

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In this session, Mel Abraham shares with you his framework for evaluating ideas and the questions you need to ask to make sure it is the right idea, for you, at the right time for your customers.  


 In this session, we talk about the second stage of the Think Up phase which happens to be one of the three phases of business life. The stage is Ideation and today we deal with creating ideas that resonate with the marketplace. We also learn a way to evaluate an idea with the help of a series of questions or checklist.



 



 



 



 


For entrepreneurs, the challenge is not to generate ideas but it is related to having too many ideas. We need to understand, test and evaluate those ideas so that they resonate with the audience and the marketplace.


When we talk about evaluation, we need to deal with the following elements:


The Inputs deal with three elements:



  1. Time: The amount of time that you and others involved will take.

  2. People: The people that are brought it so that you can eventually scale away from the things that aren't your core.

  3. Money: The sum of money that is required.


The Market is about knowing your:



  1. Customers. Who are our customers?

  2. Market. The size of the market matters.

  3. Access. We also have to figure out the ways to access it.


 


The Outcomes are the things that are the outcomes of the idea. Those outcomes should be related to:


 



  1. Profit. There must be profit or cash follow to be sustainable

  2. Growth. There should be potential for growth beyond a “one-hit”

  3. Lifestyle. We need to know how it will impact our lifestyle


 


The Obstacles are the challenges that you need to navigate through because they stand in our way.



  1. Alternatives. Are there other alternatives your customer may have?

  2. Capabilities. What capabilities do we have to create or bring this idea to life?

  3. Strengths. Is it part of our core strengths or competencies?


 


How to Evaluate an Idea?


If you download the guidebook of this session, you will have access to the checklist or questions. You can use them to evaluate an idea. The questions are subjective. The idea with stronger, clearer and certain answers are highly recommended. The idea that is lacking in terms of clarity in the checklist needs to be modified to increase the probability of success.



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ABOUT MEL ABRAHAM


Mel is the founder of Business Breakthrough Academy and Thoughtpreneur Academy where he helps entrepreneurs bring their businesses to the world and build the lifestyle that they want. Mel is one the most sought after entrepreneurial mentor and strategic thinkers of our time. Unlike many other so called “business coaches”, Mel has lived everything he teaches and continues to do so. Mel has built, bought and sold numerous multimillion-dollar businesses for himself as well as his clients. As the author of The Entrepreneur’s Solution: The Modern Millionaire’s Path to More Profit, Fans & Freedom Entrepreneur, Mel’s strategies have helped build thousands of businesses and have generated hundreds of millions of dollars for his clients, ranging from large corporations to startups and small family-owned businesses.


Mel is a true believer in the entrepreneurial way of life and says that this “new frontier” is the paradigm that will shift society from simply existing to living life bigger, bolder and on their own terms.


Meet Mel at http://melabraham.com/


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THE ENTREPRENEUR'S SOLUTION


The Entrepreneur's Solution is a weekly entrepreneur, business, wealth and lifestyle show where entrepreneur, speaker and author Mel Abraham reveals all of his business and entrepreneur building strategies. Mel is one of our time's most sought after mentors and speakers that not only teaches but also lives what he teaches. Discover how to design, create and build your business so it gives you the life and lifestyle you want.


Subscribe to the free entrepreneurial podcast here: http://melabraham.com/podcast


The Entrepreneur's Solution Blog on Tumblr: http://melabraham.com/blog


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