Today I thought: When is an idea worth pursuing?

Every so often, I am asked by friends to go out for a drink to brainstorm on their next big idea. I love doing this. It allows me to take their grand scheme and throw out crazy ideas, making it grander! Dreaming is a talent of mine and it is a necessary exercise for creative minds.

I usually come away from these sessions knowing the idea will die on the small napkin we drew on. Recently, I surprised myself when my parting words for a close friend were simple and direct: “Do not shy away from this idea.”

It stuck with me as I was driving home. My gut knew this was an idea worth cultivating and I knew she could do it. But why? I believe she showed these five qualities that led me to this conclusion and maybe it is a good measure for if a project is worth pursuing:

• Passion for the idea: Passion is the building block of any product. You need passion for what you create and passion to answer the hard questions and prove your assumptions wrong.
• Use for the product: I am not worried about the usefulness to a broader audience (although it is valuable), but will it be useful to you as the creator? Would you use it even if it wasn’t popular. In my friend’s case, it will still be a useful tool for her own business for internal use.
• Technical Expertise: Can you get 80% of the project done without help? If not, it may be worth keeping the idea in your notes until you have the resources to do it, or have time to hone the needed skills to create a prototype.
• Short term planning for long term goal: This is simple, you have this grand idea, but what are the next steps needed to get there? Are you willing to do them? Laying out a timeline and knowing the cost can help you make this decision.
• Intention: Lastly, is your intention to get rich or help others? Projects that are pursued with the intent of making money rarely pan out as expected. I will say though that products with out business plans are usually short-lived, so a balance is needed.

What are your thoughts or experiences? When do think an idea is worth pursuing or do you have a story that is worth sharing that may relate? I’d love to hear it in the comments.

This is the first post in a series I hope to grow. Today I Thought articles are meant to be short thoughtful insights. I am not a professional Career Advisor or Life Coach. These are just passing thoughts which I hope can help others to make more meaningful and fulfilling decisions in their life.