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Too many Options -> Decision Paralysis

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I am quite new in this forum and so far I find that there is a ton of great tips and tricks, really helpful information. But I have a problem: the more I read, the more frustrated I get.

Every thread is like the door to the world of possibilities, businesses you could start and so on. The problem is, that I don't really have a business idea at the moment. When I start reading on the forum, I get two or three new ones each day.

Now I am at the point, that I just can't decide, what to do. Do you have some tips, how I can overcome my decision paralysis? I just can't decide, which kind of business I should start and I also can't decide about the niche. There are just too many options. When I choose one idea (and all the benefits, that come with it), I am at the same time rejecting all the other ideas (and their benefits). This triggers an extreme amount of loss aversion in my mind, which leads to paralysis.
Did you know your niche before you searched for a need or did you just aimlessly search for any need? Did you have multiple ideas, when you started and how did you decide, which idea to choose? How did you choose?

Thanks.
 

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ReEngineeringME

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It is helpful to have experience in the area you plan to start your business in, but it is not necessary. You're going to have to learn an immense amount of new information as you continue to execute. How to pick which idea to execute on is entirely up to you, but here is some advice. Quantify the fastlane potential of each idea and pick the one that gets you to your end goals in the shortest amount of time. I like to use the weighted average decision matrix when comparing ideas. Just remember you can executing fantastically on a poor idea and it still has potential to change your life, but executing poorly on an amazing idea will lead you pretty much nowhere.
 

Envious

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I am quite new in this forum and so far I find that there is a ton of great tips and tricks, really helpful information. But I have a problem: the more I read, the more frustrated I get.

Every thread is like the door to the world of possibilities, businesses you could start and so on. The problem is, that I don't really have a business idea at the moment. When I start reading on the forum, I get two or three new ones each day.

Now I am at the point, that I just can't decide, what to do. Do you have some tips, how I can overcome my decision paralysis? I just can't decide, which kind of business I should start and I also can't decide about the niche. There are just too many options. When I choose one idea (and all the benefits, that come with it), I am at the same time rejecting all the other ideas (and their benefits). This triggers an extreme amount of loss aversion in my mind, which leads to paralysis.
Did you know your niche before you searched for a need or did you just aimlessly search for any need? Did you have multiple ideas, when you started and how did you decide, which idea to choose? How did you choose?

Thanks.
Ah yes, when I joined the forum I went through the same thing.

It's far easier to find a problem and then create a business around a solution to that problem, than just coming up with ideas.

If you don't know of any problems, start taking action on the business models that not only have a need in the market, but also which you have the potential to get good at and maintain interest in.

Start moving forward, on ANYTHING. You won't be able to think your way out of this, you have to take action. And once you do, problems and opportunities will start to show.
 
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I like to use the weighted average decision matrix when comparing ideas.
I already thought, that using the WADM could be a good idea in this situation. Thanks for the confirmation.

@Paolo Rizzo
You are right. Taking action is the only thing that counts. Ideas do not matter. So I guess, that I am really just going to pick one thing and act on it.
 

RazorCut

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You may also want to consider the life your chosen business will create for you. I'm not talking fancy car's and holidays in far flung destinations.

I'm talking about:
  • Will it be geo specific (such as meeting a local need or have to have business premises or warehousing)?
  • Will it still consume 8-12 hours a day of your life once established?
  • Will there be a high enough barrier to entry that competition won't drive down profits to the point where all you are doing is earning a living?
  • Is the business future proof so that new technology won't make it redundant or see a shrinking marketplace in 5 years causing you to work pretty much for nothing. Think DVD rentals, USB sticks, MP3 Players, compact cameras, and car phones.
  • Do you want to be able to scale the business to a size where you can sell it on for a high figure or even float it later?

From personal experience I would suggest writing out what your ideal life would look like in 5 years time and build a business that will be able to meet those needs.

It is too easy to build a business that is fun to start with but a few years down the line you find doesn't fit in with how you imagined your life to be.

We are all different. Some want a company that changes the world and has offices in every major country. Others want to buy a farm and build a premium food brand they can be proud of. Others want to put 5 years of hard work in then sell up and retire. Yet more want a business they can run off a laptop on a beach a couple of hours a day.

My advice would be figure out what you want then work backwards to find a business that will give it to you.

-
 
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From personal experience I would suggest writing out what your ideal life would look like in 5 years time and build a business that will be able to meet those needs.
Great advice, but after figuring out what I want, how do I know, which business will fit my demands?
Is it a process, where you first formulate the demands you have and then search for a business that fits them? How do I know, if the business is really appropriate when I don`t have expertise or the insights to know that?
Thanks.
 

RazorCut

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You can compare your business idea to a similar one that has matured. It is easy enough to gauge what the demands on the business owner are liable to be.

If it's a bricks and mortar business this probably wouldn't fit well with a nomadic lifestyle.

If it has lots of employees then will you be happy with that responsibility? Some people take great pride in providing jobs and security for others.

If it is marketing you will probably have high maintenance and demanding customers? Do you thrive under stress and tight time schedules?

If it's retail you will probably have to be open evenings, weekends and holidays.

Break it down. Think of the components of the business. From creating a product to selling it to providing after sales service.

It's not rocket science.
 

Startup Steve

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You don't have decision paralysis. Your subconsciously afraid to get started.

Of all of the ideas find those that you believe are the most viable and ones that you have interest in pursuing.

You start on customer development. It's very simple. Have conversations with people that have the opportunity / pain point you are trying to pursue and get them to engage with you. If you cannot find people that want to collaborate with you, then it's not as viable as you thought. Eventually, one or two ideas will rise to the top. Invest as appropriate your time, money, assets directly proportional to the viability of the two ideas. In almost all cases one will end up being the most viable.

While you're executing on this idea, be very opportunistic. I have found that the best opportunities have availed themselves at a time, place, way that I least expected it. What you have to do is have the courage to put what you're currently working on aside and go after the new opportunity.

Now put on your big boy panties and get out there and get started!
 
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sparechange

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#1 Make a list of all your ideas

#2 Evaluate your ideas (market size, competition, demand etc)

#3 Throw the crappy ones in the garbage

#4 Pick the ones that seem most promising

#5 GO!

Your first business will generally suck, and thats totally ok. Learn & improve along the way
 

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