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Choosing a big idea or small idea?

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LiveEntrepreneur

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Hey everyone so I have a ton of ideas lined up, and I got these ideas that I think have the protentional to go big, reason is because it will provide value to a wide audience. My concern is though since I am quite new to the entrepreneurship game and only have 1 project under my belt, that if I do pursue the big project it's going to fail and be a waste of an idea because I didn't have the experience. In this case should I keep doing smaller projects and work my way up to bigger ones or just take the bigger ones because I'll have a lot more to learn from since I made a lot more mistakes?
 

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MikeS

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Apr 26, 2018
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Hey everyone so I have a ton of ideas lined up, and I got these ideas that I think have the protentional to go big, reason is because it will provide value to a wide audience. My concern is though since I am quite new to the entrepreneurship game and only have 1 project under my belt, that if I do pursue the big project it's going to fail and be a waste of an idea because I didn't have the experience. In this case should I keep doing smaller projects and work my way up to bigger ones or just take the bigger ones because I'll have a lot more to learn from since I made a lot more mistakes?
It's up to you for what you decide. I think that there is even a thread that says "This forum can't make decisions for you".

If you are sure that one of your projects has the potential to lift off and you know exactly what to do to get it off the ground in the next 6 months, then what are you waiting for?

Everyone has ideas. Ideas are worthless without execution.
Do whatever you think is the right choice, but make sure you know how to walk before you try to run.
 

Brendan8450

Contributor
Jun 29, 2018
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Leeds, UK
You recognise your fear...that is a start.

You need reassurance...hmm...if you get it from here...you will still balance it on what you internally know.

FOCUS is the key...do not scatter. Put all your efforts and laser in to one thing you want to do.

It may not be brilliant, but it will have given you experience. And it is better than timeless confusion
 
OP
OP
LiveEntrepreneur

LiveEntrepreneur

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 17, 2017
474
329
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Australia
It's up to you for what you decide. I think that there is even a thread that says "This forum can't make decisions for you".

If you are sure that one of your projects has the potential to lift off and you know exactly what to do to get it off the ground in the next 6 months, then what are you waiting for?

Everyone has ideas. Ideas are worthless without execution.
Do whatever you think is the right choice, but make sure you know how to walk before you try to run.
I had a feeling this might happen lol. I understand making your own decisions (this is a bit of a problem I have that I must admit), but I guess my fear is making the wrong decision and regretting it later so I see it as a good idea to speak to people who are wiser than me. I guess my line of thinking is "Why make the mistake when I don't have to?" I'll check out that forum post.
 

MikeS

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Apr 26, 2018
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I had a feeling this might happen lol. I understand making your own decisions (this is a bit of a problem I have that I must admit), but I guess my fear is making the wrong decision and regretting it later so I see it as a good idea to speak to people who are wiser than me. I guess my line of thinking is "Why make the mistake when I don't have to?" I'll check out that forum post.
I think you understand this wrong man. Mistakes MUST be made. Nothing will prepare you for them.
You need to read this thread. BIG a$$ ROCK
 
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LiveEntrepreneur

LiveEntrepreneur

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I think you understand this wrong man. Mistakes MUST be made. Nothing will prepare you for them.
You need to read this thread. BIG a$$ ROCK
I understand that, I'm fine with that. But I do try to minimize my mistakes. That was a great thread you linked, peoples responses on there really got me thinking.
 

MikeS

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I understand that, I'm fine with that. But I do try to minimize my mistakes. That was a great thread you linked, peoples responses on there really got me thinking.
Yeah, I know. I have been there too. Just make sure you don't get the "analysis paralysis".
 
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LiveEntrepreneur

LiveEntrepreneur

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Thoug
Yeah, I know. I have been there too. Just make sure you don't get the "analysis paralysis".
Though one thing that I must ask. When is appropriate to ask for advice if I'm stuck on a decision? Or should I just always make my own decision?
 

MikeS

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Thoug

Though one thing that I must ask. When is appropriate to ask for advice if I'm stuck on a decision? Or should I just always make my own decision?
This is a tough question. But as it is said in The Millionaire Fastlane "Your decisions are your life's steering wheel". Focus on making decisions that lead to action. It's not bad to ask for an advice, but you have to learn to trust your gut and to make most of the decisions yourself.

Try something first. If it fails, analyze what exactly have you done and what probably caused the failure, then try again. If you fail multiple times in a row, then go ask for an advice.
 
OP
OP
LiveEntrepreneur

LiveEntrepreneur

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 17, 2017
474
329
132
31
Australia
This is a tough question. But as it is said in The Millionaire Fastlane "Your decisions are your life's steering wheel". Focus on making decisions that lead to action. It's not bad to ask for an advice, but you have to learn to trust your gut and to make most of the decisions yourself.

Try something first. If it fails, analyze what exactly have you done and what probably caused the failure, then try again. If you fail multiple times in a row, then go ask for an advice.
I see that makes sense. Thanks for your advice.
 

Ashish Kulkarni

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Aug 20, 2018
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Market research is the key here.

What value will either of the project add?
Is there a big enough market?
Has anyone else done it before?
What are you doing that is different?
How crowded is the market?

Big or small doesn't matter.

What matters is how much value are you adding and to how many people.

Research without bias.

Good luck!
 

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OP
OP
LiveEntrepreneur

LiveEntrepreneur

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Aug 17, 2017
474
329
132
31
Australia
Market research is the key here.

What value will either of the project add?
Is there a big enough market?
Has anyone else done it before?
What are you doing that is different?
How crowded is the market?

Big or small doesn't matter.

What matters is how much value are you adding and to how many people.

Research without bias.

Good luck!
I see thanks.
 

Andreas Thiel

Bronze Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Aug 27, 2018
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Karlsruhe, Germany
I would lean towards the stairstepping approach (starting with a simpler project).

But, you can also try to go through the execution in your head to see how far you should be able to get in theory - or do a combination of both. A short initial evaluation should tell you how much research you will have to do and you get an idea of how much uncertainty there is.

Then you either decide early that it seems too daunting ... or take a look at each uncertain area by creating sandbox projects that isolate their essence. You do not violate the Fastlane rules either way, because that kind of evaluation is already a form of execution.
 

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