When to switch ideas?

[Kalera]

Hi everyone,

A few weeks ago I started my first progress thread on the creation of my first fastlane business. Progress is going slower than I anticipated, but I'm pushing through it.

The problem I'm dealing with right now is; that while I was working on the business, I had an idea that would be a true game changer in another industry.

I don't want to be the guy that jumps from one idea to the next without finishing it so I don't know if I should switch or not.

Except for my time, there has been little monetary investment in the business I'm working on right now, and I believe the market for the new idea is much bigger. I also have all the tools I need to manufacture a prototype, I would just need to invest my time in it.

To put it simple, the new idea looks much more promising, and I have a lot more experience in that industry and confidence in myself that I can pull it off. Although the hurdles with the current business might have a mental effect on that confidence.

What do you all think?

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Rawseed]

The money, effort, and time you've put in the current business are sunk costs. Disregard them.

Now, you need to figure out the opportunity costs and potential of both businesses.

Ideally, you need to find an intelligent, objective, and honest person to discuss both ideas with. Discuss the pros and cons of both ideas. A smart friend, coach, mentor, or mastermind group would be ideal.

They'll help you see through your own BS, biases, and logical fallacies.

 

[Matt Hunt]

If the new idea has a greater potential, then it's a no-brainer. A few weeks is nothing. Would be a different story if you had spent a year and were just starting to build momentum and would have to start all over.

 

[Kalera]

The money, effort, and time you've put in the current business are sunk costs. Disregard them.

Now, you need to figure out the opportunity costs and potential of both businesses.

Ideally, you need to find an intelligent, objective, and honest person to discuss both ideas with. Discuss the pros and cons of both ideas. A smart friend, coach, mentor, or mastermind group would be ideal.

They'll help you see through your own BS, biases, and logical fallacies.

Thanks, I'm going to do that!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.