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Home » Business And Finance Articles » 5 Questions Every Successful Entrepreneur Must Ask To Make More On Your Cool Ideas

5 Questions Every Successful Entrepreneur MUST ASK to Make More $$ on your "Cool Ideas"

All wealthy business owners know that the difference between just being an entrepreneur and being an industry leader lies in choosing viable projects. The key is to focus on those ideas and projects that will give you the greatest return for the time, money and effort you invest in them - hence, choosing high Return on Investment (ROI) projects.

Successful people know how to discern a "cool" idea from a profitable idea. How many times have you said to yourself, "This is a great idea!" but nothing ever comes of it? Here are a few common scenarios that many eager entrepreneurs experience:

* "I've invested hundreds and thousands of dollars on a product or service that I thought was a great idea, but no one purchased it."

* "I was brainstorming with a friend, and we both loved this idea of working together to create a seminar - but we never made it happen."

* "I have a big vision of opening a school for (fill in the blank) but it's funny, I never have time to focus on it."

* "I know I need to implement a sales follow-up system and make prospecting calls - but I always get busy with other things."

* "I can work in my business all day long, providing the customer with an excellent product or service, but I hate marketing and sales so I just never get around to those aspects of the business."

Here is the bottom line... what you focus on expands. If you focus on activities that don't generate a significant financial or emotional return on investment, you don't really have a business. Period.

This concept isn't just about financial return. Sometimes an idea is still viable even if it doesn't provide a monetary return. R.O.I. can also be measured in the time you save by establishing systems in your business, so that you can spend more time on your business - and less in your business.

Your return can also be measured by credibility and prestige in your industry, which would lead to more opportunities. Your R.O.I. might be money saved by reducing errors in your systems. Your R.O.I. may be an emotional feeling of fulfillment or completion. A truly viable idea addresses all of these possible returns. So how do you assess your R.O.I.?

Five Questions to Assess R.O.I.

1. Will your idea move you closer to your bigger vision of success?

There are only two types of business activities: those that move you closer to your vision, and those that don't. If you're spending a significant amount of time focused on tasks that don't move you closer to your goal, how will you reach your desired outcomes?

2. What is the potential revenue opportunity?

What costs will you incur? What will you charge? What volume do you need to sell to recoup your costs? At what point have you broken even, and at what point have you made a healthy profit?

3. Will it reduce errors or costs in the business?

Is this idea going to improve your process so you can reduce errors or costs? How will it impact the bottom line of your business overall?

4. Will it increase your time availability?

Will this give you more time in the end? Or will it take more time than it's worth? It's not uncommon for seemingly good ideas to turn into greedy time bandits that steal your time and money. Remember, 20% of your time investment should return 80% of your results.

5. Will it increase your prestige and credibility?

Is this idea going to position you and your company as a leader in your industry, increase your credibility, and entice your prospects to do business with you?

So Now What?

Once you understand what your R.O.I. criteria are, make a list of your top 5 ideas. Then test each idea against the 5 R.O.I. Questions above. Rank each idea using the following scale:

1 = Definitely No, 2 = Not Really, 3 = Neutral,
4 = Somewhat, 5 = Absolutely.

Lastly, add up the scores. The idea with the highest score wins. This is an idea that has enough viability to overcome the "cool factor" and really align you with your goals. Now, get started! Don't forget to map out a plan and schedule the time to work on it.

And here is another random article you might be interested in...

The Power of a Home Equity Loan to Pay Down Debt

Households across the country are finding themselves in a similar situation. They lack the financial funds to make the necessary changes to their home and need to find a way to fund upgrades and eliminate debt. A popular way of financing these changes without killing themselves is by taking a home equity loan to pay down their debt.

The Home Equity Loan has become a fast-track way of paying down large credit card debt, financing college education and even taking a vacation. Since the stock market has lost quite a bit of appreciation, people have been purchasing homes as a means of investment, thus sending housing prices through the roof. With higher prices comes a great deal of appreciation in the home. People who have found themselves in 20 â€" 30 thousand dollars in debt can pay it down by taking a home equity loan. Home Equity Loans have been a source of relief and flexibility to get the homeowner out of debt and moving forward in life.

The home equity tax shelter

The greatest benefit from taking a Home Equity Loan is being able to crush debt, but also reduce the amount you owe the government every year. Most loans by design do not provide any tax relief, whereas a Home Equity Loan provides a direct line item to reduce your debt. To figure out your home equity value you can hire a professional appraiser to come out and tell you how much it is worth to a bank or financial institution. Once you have that figure you can easily find out how much equity you have in your home. For example, should your home appraise for $150,000 and you owe $ 60,000 you have $90,000 in equity. This equity will not become a taxable event should you buy a bigger home and spend more money. Should you step down in your home, you can be penalized for the difference, provided that you have not already taken the one-time exemption allowed by the government.

Debt relief

Once you have found out how much your home is now worth, it is time to apply for the loan. During the loan process you can bring your credit card statements as well as any other debts you may owe to the table. Explain to the loan officer your situation and ask that these debts also be included in the Home Equity Loan. If your home has at least 40% equity in your property you should have no problem getting them dissolved into the loan. There are many reputable lenders who will help you find the right loan for you. The Home Equity Loan will restart the 15 or 30-year clock from day one. Your payment may increase or decrease depending on how much debt you add or cash you take out of the property.

By Jakob Jelling
http://www.cashbazar.com