Where were we?
After an exciting brainstorming session, our aspiring team of entrepreneurs was left with a wall of post-it notes and endless possibilities as to what our venture might be. Before we wrapped things up that week, we agreed upon a set of criteria that would be used to help narrow the plethora of ideas down to ‘the one.’
The criteria were all based upon the “Assessing opportunity ‘doability’” figure found on page 13 of Effectual Entrepreneurship. I touched on this in my last blog post, Taking the Plunge. The chart asks four primary questions:
- Is it doable?
- Is it worth doing?
- Can I do it?
- Do I want to do it?
We adapted these questions to fit the needs of our own team. Is it doable with resources available to the individuals in our class, within our budgetary confines, and on a realistic timeline? Is it something that we all feel equally passionate about? Can we create this venture with a realistic time commitment from each of us, keeping in mind that we are full time graduate students with lives, families, jobs and commitments? Do we want to do it?
The process of narrowing down the ideas was less painful than I thought it would be. We didn’t need to dive into deep discussions about why an idea was taken down. We had agreed that it was important to us that we all felt passionate about the project, so if one of us admitted that they weren’t excited about an idea…it came off the wall. No arguing, no huffiness, no tears. We were women on a mission. This allowed us to pare down the ideas significantly.
Next, Linda asked us each to anonymously write down our top three choices on a notecard. I’m usually quick to make decisions, and this exercise was no exception. I selected my top three immediately. Some struggled to narrow down their favorites. Ultimately, there was a good amount of overlap when it came to the top choices.
We closed out last week’s class session with a new level of excitement. The ideas had been reduced from nearly 40 to about 4. Four ideas that each felt like real business opportunities. Four ideas that came from our team, in classroom, with a pile of post-it notes. Are they worth doing? I’m looking forward to finding out.