- April 10, 2020
- Posted by: Pattraco
- Category: Competitive research, Innovation, International
(A blog by Ishana Luthra)
As entrepreneurs we are all “idea-factories”. The mind of a business owner is never satisfied with just what he or she is doing. They are always looking for ideas while they innovate their own inventions for better growth.
Some of these ideas are just brilliant, and if implemented could bring about a huge increment in revenue. But many a times, when you come across such an idea, it’s either not the right time to implement it or some other factors hold you back.
What do you do with the idea then? You should read this, if you’d like to know about how to store your ideas.
WHY STORE AN IDEA?
An idea is usually very subjective to a particular situation or a timeline in your business. It creates value for the business in boundless ways. Storing such an idea for future use, can benefit your work in many ways.
A research in 2015 by a market research firm in India shows, entrepreneurs who effectively saved their ideas for future use, showed 12% higher growth rate than their counterparts.
It can motivate you to implement the idea soon hence increasing your revenue. It can also provide inputs for a bigger change in the business at some point of time. Also, it can drive operational changes which increase business efficiency.
HOW SHOULD I MAKE AN IDEA REPOSITORY?
Ideas are at times immaculate. But they don’t guarantee their arrival at the time when you can really implement them. So here is my list of how you create an idea repository for future reference.
A. CREATE AN IDEA EXCEL SHEET – I’ve tried this myself. Having an excel sheet that stores all your ideas is a wonderful option. You can have multiple columns to describe the nuances of the idea, and accordingly create a map of the idea. It also helps you draft the idea correctly and in more doable ways than just a thought.
B. STORE LINKS ON THE DRIVE – Using technology to its most advantage is a great thing. If you stumbled upon an article online, that inspired you with a new idea, save the link of the article on a Google Drive account. Why I recommend storing on the drive is because, whether your system crashes or changes, the drive is almost eternal. Losing on any valuable idea or data linked to it will almost be impossible. I have a separate folder on my Google Drive that stores ideas and it is password protected.
C. USING WHATSAPP GROUPS AS A REPOSITORY – I absolutely love this one. If you wish to store your idea in the handiest manner, create a new group on WhatsApp and add yourself into it. Share the idea you have as a message on the group and leave it there. Keeping adding newer ideas to the list in the form of – photos, videos, article links, referral text etc. It’s recommended you visit the group often (once every two days), to motivate yourself achieve it. Make sure to backup your WhatsApp chats often too.
D. BLOCK A DOMAIN OR ONLINE ASSET – If your idea is about a new product or service or a new brand all together, go ahead and create an online asset for it. Buy a domain name or make a social media page which saves your brand name. I’ve done this a number of times myself. I have created online assets for ideas long before I actually implemented the idea. This gave me the advantage of online age of the brand/product/service and kept me motivated to achieve it someday soon.
Saving your ideas can be beneficial if you are a dreamer at work. I had a chance of mentoring multiple business owners who were full of ideas, and we had to sit down and store most of the ideas for future use.
Creating an idea repository can be an excellent reference when you are looking to innovate down the line. Many a times were you access your repository after a few weeks; you would compliment yourself for having such a brilliant thought.
Save the idea, before it slips away. Remember, an idea is an opportunity.
How do you save your ideas?
Share your thoughts with me on firstname.lastname@example.org.
To your growth,