The four facets of a good business idea

I was reading an article in the Harvard Business Review* this morning about established companies that create entrepreneurial start-ups to try out new business ideas. They typically generate a huge number of potential ideas and need to whittle them down to the one idea that has the best chance of success.

They do this by asking four questions. These are questions that I’ve used before when working with my clients. And they’re well worth remembering.

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Avoiding confirmation bias in decision making

The key to success is to wear stripy socks. Barack Obama wears stripy socks. Elon Musk wears stripy socks. Kim Jong-un wears stripy socks. Buy my new book and learn how wearing stripy socks can make you successful, too. Complete with case studies of other successful people who wear stripy socks. And my personal recommendation on the best stripy socks for you.

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We need to talk about heuristics

Things move fast. We don’t always have time to stop and think. And sometimes we need to just make a decision and move on. Preferably without worrying for days afterwards that we did the wrong thing. So how do we make good decisions in a hurry?

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