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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

Business Drunk- Beer Goggling New Ideas

Written By: Carol Roth | Comments Off on Business Drunk- Beer Goggling New Ideas
Don’t build your business under the influence.

I don’t know what it is with “new”, but new things are highly intoxicating. This is particularly the case with new ideas. Whether it is for a new product, a new location or a new business altogether, new ideas are often pursued without the best clarity in judgment. I call this “Business Beer Goggling”- the idea looks a whole lot better to you than it is in reality.

When you have a new idea, the temptation may be to keep it a secret. But you are doing yourself a disservice to do so. When you are business beer goggling, you are too close to the idea. You have some kind of weird chemical reaction going on and your judgment is impaired because you are so enamored with your idea. You need to find trusted advisors that will give you candid feedback to evaluate, improve and even implement your idea- if it has merits. Think of it as having a business “wingman” of sorts. Let someone talk you through the pros and cons, the issues and opportunities, and potential refinements.

By yourself, you may not be able to see the forest through the trees. And who knows, by getting others’ buy-in to your idea early on, you may actually make them feel like they have a vested interest in it and they may become raving fans and advocates.

And if it is a truly awful idea (i.e. there is no way you could ever get a return on your investment), then you will be better off having that information up front, so you can revise it or abandon ship.

Friends don’t let friends build their businesses under the influence.

Article written by
Carol Roth is a national media personality, ‘recovering’ investment banker, investor, speaker and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett (Shark Tank, The Voice, Survivor, The Apprentice) produced technology competition series, America's Greatest Makers, airing on TBS and Host of Microsoft's Office Small Business Academy show. Previously, Carol was the host and co-producer of The Noon Show, a current events talk show on WGN Radio, one of the top stations in the country, and a contributor to CNBC, as well as a frequent guest on Fox News, CNN, Fox Business and other stations. Carol's multimedia commentary covers business and the economy, current events, politics and pop culture topics. Carol has helped her clients complete more than $2 billion in capital raising and M&A transactions. She is a Top 100 Small Business Influencer (2011-2015) and has her own action figure. Twitter: @CarolJSRoth