Should Your Idea Pass Go?

By: Tamara Monosoff

A die-hard belief in one’s business or product has been the key to the success of many entrepreneurs and inventors. Generally speaking, I’m a strong advocate for determination and action, and the press is filled with stories of successful entrepreneurs who refused to give up. Less well-publicized are the opportunities entrepreneurs decided to pass up. So how do you know when it’s time to let go of an idea or invention?

Frankly, most inventions, and most new business ideas for that matter, should not “pass go”–not because the ideas are not creative, clever or innovative, but because there is no market to support them. I’ve met many inventors who have filed a patent and handed thousands of dollars to an invention promotion company only to wonder if the invention was worth the money and effort.

So inventors and new entrepreneurs should ask themselves if they are willing to change their minds if necessary. It’s important to be willing to change your mind for two reasons. First, in today’s economy, people who are seeking a new way to generate income cannot afford to waste time or money. Launching an invention can cost thousands of dollars and years of effort. If something is not going to work, it’s best discovered early in the process.

Second, when you enter the process with a willingness to change your mind, once you have concluded that the idea is indeed worth pursuing, you can do so with all the more conviction.

Don’t be afraid to find out that you should not pursue your new idea. Inventors and entrepreneurs are innovative by nature. If you need to dismiss one idea, there is probably another waiting in the wings of your mind for a chance to take the stage.

So how, you might ask, does one pursue an invention with conviction yet remain willing to abandon it at any time? The answer is research and planning.

Read the rest of this article about researching your idea before starting your business here