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||3.92%||3.92%|
|15 yr fixed||2.99%||2.98%|
|30 yr refi||4.01%||3.98%|
|15 yr refi||3.08%||3.04%|
Today's featured rates:
Best Buy is the latest retailer to follow a new trend of week-long sales for 'Cyber Monday.' More
Nearly six in ten black Americans surveyed by CNN/Kaiser Family Foundation say that they or a close friend or family member have been incarcerated -- and a majority of them come from low-income households. That leaves the many families of inmates in a precarious financial situation. More
Raspberry Pi bests itself with a smaller, cheaper computer that costs $5. More
Shoppers around the country braved the crowds to get their hands on the best Black Friday deals. More