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||3.77%||3.73%|
|15 yr fixed||2.95%||2.93%|
|30 yr refi||3.84%||3.80%|
|15 yr refi||3.05%||3.01%|
Today's featured rates:
No customers or employees were in the store when looters broke into it, the company said. It was closed earlier in the afternoon out of caution before the situation turned violent. More
A major earthquake was the last thing Nepal needed. Even before one of the country's major fault lines rumbled to life, the country was beset by challenges. More
Tech devices -- from drones to Raspberry Pis -- got a lot of love onstage at the 2015 Matrix Awards honoring powerful women. Here's why. More
An Oregon bakery that refused to bake a cake for a lesbian couple's wedding had its crowdfunding page shut down after just one day. More
Imagine having a three-day weekend every week and being paid the same full-time salary. It can be done if your employer offers you the option of a compressed workweek. More