If you have more ideas than you have time to develop...
 

What do you do?

Hire someone?

Make a note for later?

Forget about them eventually because you're too busy?

start a little bit of each thing and come back to it later

that hasn't seemed to work for me for a few years now.. lol

I have a dozen Vietnamese slaves that I rescued from a Nike factory a few miles outside Ho Chi Minh city. I tucked them in a closet and pull them out whenever I need something done.

Sort and rank them by potential.

Select the ideas that have the most potential for success and profits with the lowest amount of risk and time. It's a definite balancing act, but eventually you get a good instant gut feeling what is going to work or not work easily.

What you don't want to do is get bogged down developing ideas with too much risk, or requiring too much of your time and energy.

Then eventually you have to accept that not every idea you have will ever be done.
There really is not enough time to do everything if you are an ideas man.

The other thing I do that has worked well is to bring in partners. I usually will take 20% to 30% of every deal and bring in both active and passive partners.

This enables you to spread your financial risks, have lots of additional brainpower and partners to delegate tasks to, have stronger networking to get everything connected for your project, and have backup if for some reason you can't be there to manage or perform tasks.

So instead of trying to do 10 projects yourself, get partners on all of them. Eventually you'll build up a strong, diligent and reliable group of people on your teams.

You can also make employees partners as rewards for previous great work. Give them equity participation in your deals. They'll appreciate being rewarded and will work twice as hard if they have ownership.



:thumbsup

Best advice I've ever read on this board.

Yeah for real KRL just spelled it out properly. Great advice.

Good advice KRL

Bad advice JaceXXX

Just strive to make sure your team partners:

Are diligent and will go the extra mile.

Have integrity and the type you would trust holding your wallet if need be.

Are creative, bright, and innovative.

Have solid stable easy going personalities. The kind that work well on a team and aren't confrontational, edgy, moody, etc. This is where a lot of teams fall apart if you don't get this right from the get go.

That aren't greedy and just looking out for themselves. You want partners that are team players, looking out for the team to win and accomplish the project objective not just themselves.

The type that will be there for you no matter what. The kind you can call at midnight and say I need you here now we have a crisis to handle, and they'll respond I'll be there in 5 minutes without hesitation.

You want to avoid partners that are cancerous and negative. One bad apple will demolish the spirit of your entire team. You need to master the art of knowing everything that is going on and be able to quickly spot the troublemakers negging out everyone else cause they don't get it or are dropping the ball and want company.
Get the losers and ball droppers out of there fast without hesitation.

You want people on your team that have big roledexs filled with contacts. Networking is crucial. You want to be in a meeting and know that out of 10 people someone will have a contact for the person you need for something.

You want partners that have a good sense of humor, that are fair and considerate of others, that can laugh in the face of challenges and adversity, not frown and quit.

Most of all you want achievers who will live and breath the venture. Mountain climbers that love obstacles so they can find ways around them and get to the goal despite all the things that don't go as planned or stand in the way of the mission. Achievers who will not quit no matter what. Invicible personalites with no fear in their hearts and mind.

When you build people like this on your teams you are unstoppable and can accomplish anything, and you'll find yourself having lots of successful ventures.

Its impossible to do every idea you have... concentrate on a few things. If it was possible to do everything Wal-Mart and Microsoft would own everything in sight.

Damn KRL, you always amaze me with your insights. Yet another KRL post to print out, and add to my success binder. :thumbsup

Thanks.

You're welcome. I've been through a lot of experiences since I started my entrepreuring 20 years ago. Ups, downs, sideways, big hits, little hits, bombs and everything else and learned a lot from mentors I found and got great info from, and from my own experiences, and from all the studying and research I've done.

So its great to share my knowledge, insights and experience with all the young people here.

Saves you a lot of time and mistakes when you get some guidance and advise from guys who have been through the trenches of business already and survived.

Well, this may sound cheesy, but I am truly a student of yours. You have taught me sooo much in such a short time. The insights and wizdom I glean from your posts are pricessless to me. It's nice to "see" some of the landmines in business before you hit them. You have certainly caused me to avoid a few, and for that, I am grateful. Thanks again for all you give to us!

haha .. did I spell wisdom with a "z"? I must have been thinking of my Koala Bear pet stuffy (it's symbolic) that I was given, that I named "Wizdom." Ooops!

Awesome Dcat!

hire mexicans

Lots of people joke about Mexicans, but I'll tell you out of my personal experience from the apparel manufacturing business I was in for many years, they are the most loyal, diligent and hard working employees I've ever dealt with.

I have nothing but good things to say about them.

Wow, i didn't think this kind of advice still existed here. Great info KRL.:thumbsup

Thanks, KRL! :) I appreciate your taking the time to post such a detailed and sincere reply.

I've got way too many pots on the fire right now... and some are just too good to let go. I'll be on the lookout for possible partnerships for some of them.

Forget about them eventually because you're too busy?

Great advice KRL it's refreshing to see stuff like this on this board again...

KRL has some great suggestions, but damn get your tongue out of his ass

:1orglaugh :1orglaugh