How Do You Know When to Jump?
"How do you know whether it's time to take the leap with a new idea?" That's the question one of my coaching clients asked me a few weeks ago as she struggled with whether to commit to implementing a new idea in her solo business. Here are some of the things I shared:
1. First, run the numbers. Twice.
Pull our your calculator and run the financials on your idea. Don't be blinded by entrepreneurial optimism. Does it really make financial sense to invest in this idea?
2. Chart the continuum.
What's the best-case scenario, and its outcome? What's the worse-case scenario, and its risks? Realistically, where do you think your chances will fall on this continuum? What can you do to shift your position closer to the best-case results? What's your Plan B? Your Plan C?
3. Get a Reality Check from your peers.
Listen with an open mind and heart to feedback from peers who know you well. (Relatives and significant others often can't give unbiased feedback, and we filter their comments in multiple ways.) A MasterMind group is invaluable for this. You're seeking insights from folks with only your best interests in mind.
4. Weight the lightness.
Does your new idea fill you with energy and a sense of lightness? Or does it contain elements of "should" or "ought to"? What's your intuition say? In my experience with soloists, it's best to nix the burdensome ideas. To sustain you, a new idea needs to energize you.
5. Flip a (mental) coin.
Here's one of my favorite tactics, particularly if you're convinced that you're truly undecided. Narrow your decision down to two options and assign heads or tails to each. Now, flip a coin and see how it lands (it can even be a mental coin-flip). Quick, what's your reaction to your outcome? Are you pleased? Or are you disappointed, and ready to lobby for a do-over? Chances are, you had already decided and just needed to pay attention.