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How To Select the Best Business Ideas and Opportunities for Implementation

 

 Innovation Process A-Z/360 ppts download, presentation slide deck

 
Vadim Kotelnikov

The 4-Step Approach

Quick and effective assessment and simulation

Vadim Kotelnikov, founder of 1000ventures - personal logo VadiK

Inventor

Author

Founder

 
 

Entrepreneurial opportunities arise constantly.

You and your partners often come up with promising business ideas.

All these opportunities and ideas must be quickly assessed and the best ones selected for implementation.

   Smart & Fast Decision Maker Constatly Reassess Your Past Decisions Innopreneurial Simulation Games Guiding Principles Intuition Learning SWOT Questions 4x2 Perceptual Positions Vadim Kotelnikov 80/20 Principle Vadim Kotelnikov Asking Effective Questions VadiK trademark concepts Decistion Making Techniques How to Make Decisions Effectively and Quickly: KoRe Techniques

 

 
   

Step 1: Reject irrelevant ideas

 

  

 
Vadim Kotelnikov quotes You move foreward faster when you stop to think  

Quickly reject ideas which you do not want to follow up. Ideas should be rejected because they do not solve the problem, are irrelevant, do not fit your firm's guiding principles, are duplicated, or are clearly impossible. Do not reject ideas which are simply difficult or weird. Such ideas could later prove to be your best ideas.

  

 

 
   

Step 2: Shortlist high-potential ideas

 

  

 
 

Shortlist the best out of the remaining ideas. The 80/20 Principle can help you to do so: look through your list of ideas and circle the 20% that will yield 80% of the results you are looking for.

Do try to include some wild ideas even if you believe they are near to impossible to implement.

  80/20 Principle of Business Growth 10+

 
How To Select the Best Business Opportunities: 80/20 Principle  

Divide ideas into two groups:

①) the ideas you are likely to implement in the short term and need to evaluate immediately;

② the ideas that should be saved for future evaluation and implementation.

  

80/20 Rule of Profit Growth

 

 
   

Step 2: Prioritize shortlisted ideas

 

  

 
   

Evaluation by  Weighted Guiding Principles (WGP) is the simplest and fastest method. Formulate 5 to 10 guiding principles and assign weight (importance) to each of them.

Set a threshold as a percentage for an idea to progress to the next stage.

Compare each idea to each guiding principle, giving it a score of 0 to 10 points depending on how well the idea meets the principle.

 

  

 
 

Multiply each rating by its weight to get a weighted score.

Add up all the weighted scores and divide the sum by the maximum possible score to get an overall idea score as a percentage of the ideal idea.

If this percentage is below the threshold, improve the idea.

   How to evaluate ideas quickly: Weighted Guiding Principles (WGP)

 

 

 

 

  

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