Once you find a good idea, don't move halfheartedly. Scott Anthony is the managing director of Innosight Ventures, an investment firm in Watertown, Mass. He often assigns one employee to examine all of the company's new ideas.
"When we think of an idea, we don't ask for a person to spend 5% of his or her time on it," says Anthony. "We say, 'This is your focus for three to six months.' If you're serious, you need to commit them to it."
Case in point: When one of Anthony's partners at Innosight wanted to create a new business focused on incubating and investing in startups, the other partners gave him the freedom to spend all his time on the project. Innosight has since invested in three successful international companies -- a business that wouldn't have been built if pursued part-time, says Anthony.
Moving from brainstorming to action can be tough, entrepreneurs admit. Set goals and benchmarks -- time or money -- for your idea so you know when to quit.
And beware of getting trapped in "shiny-penny hell," where you become enamored of too many great ideas at once, says Kirk, the CEO of Path Forward International. "You have to separate out the emotion."
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.93%||4.14%|
|15 yr fixed||3.03%||3.14%|
|30 yr refi||4.02%||4.21%|
|15 yr refi||3.11%||3.21%|
Today's featured rates:
Loosening state restrictions have given gun silencer sales a boost. Silencers are now legal in 41 states, compared to 37 four years ago. Also some gun makers are making it easy to attach them. More
If history is any guide, gold is still very expensive -- despite its recent fall. More
Pinterest reveals its diversity numbers and announces how it plans to diversify its workforce. More
Fast-food chains that operate in more than 30 locations nationwide are the sole target of a new rule in New York to hike their minimum wage to $15. But consumers and small business owners, as well as some employees, may be the ones to pay the price. More
You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More