Contain your excitement

New ideas are always exciting.

People who are enthusiastic about new ideas are good to spend time with as you feel energised and excited about the future.

Drawing a long bow - not a great way to put food on the table.

I think the most addictive thing about the formative stages of a business is that you and your colleagues are going through the stage of working out what is possible and challenging yourself and each other to go that one step further.

As exciting as new ideas are, a seasoned entrepreneur will look at the potential to make steady and growing profits out of that business.

However, if you are scornful of all new ideas then you never take any chances and you never learn how to tap into new markets or incorporate technological advances into your business.

I know of a couple of seriously rich entrepreneurs who understand that they can get carried away with someone who has a seemingly good idea and invest in bad deal, so they surround themselves with people who can look at the idea from different angles and provide alternative views. This is why many of the top companies often have a duo at the top – one is the entrepreneur/CEO, and the other is the voice of reason. Yin and yang if you like.

As you progress with growing your business it is quite normal to find it going slower than expected and to then scratch around for new ideas that can help it grow. This is a dangerous phase as the longer it takes you to get up and going the more peripheral those ideas are – many of them are, as they say drawing a long bow.

Look at new ideas carefully, make sure they can directly help your business, make sure they are something you have good control over and ensure that they are only one step removed from your day to day business. Or to use yet another cliché - keep an eye on the future and your feet in the present.