Allocate Resources properly to those things you should OWN, PURSUE and CONSIDER and stay away from those bad ideas that only waste resources.
Core Competency Evaluation Method
Part of your Strategy should be to list out and understand your core competencies.
This will help in QUICKLY identifying if an idea passes "the smell test". Is this initiative good for your company?
A core competency is defined as a deep proficiency that enables a company to deliver unique value to customers.
The 3 C's of a core competency are:
it must be Company centric - you must be able to do it better than anyone else in your industry;
it must be Customer centric - it must address a real and unmet need of your target market; and it must be Competitor differentiated -
it must provide a unique benefit that your competitors cannot match.
Once you've identified your core competencies, you can use them to build a competitive advantage and drive growth for your business.
Your Main Core Competency is the heart and soul of your company. It's what you're known for, what you live and breathe every day. Everything else - your products, your services, your processes - springs from your Main Core Competency. It's the one thing that sets you apart from your competitors and makes you indispensable to your customers.
When you're looking at a new initiative, ask yourself how well it will match with your Main Core Competency. If it's a good fit, OWN that initiative - burn the boats, as they say. Don't second-guess yourself, don't look back. You know it's right for your company, so go all in and make it happen. Your customers will thank you for it.
If the initiative is moderately high in your main core competency, and maybe lower in your secondary core competency, you're going to want to pursue that activity.
It's important to remember that your core competencies are the things that you're good at and that you enjoy doing. Pursuing activities that are outside of your comfort zone can be difficult, but it's often worth it in the end. By pushing yourself to try new things, you'll develop new skills and confidence. In addition, moderate initiative levels can help you stay focused and motivated. So if you're considering an initiative that falls outside of your usual area of expertise but lands in this "pursue" category, go for it! You may just surprise yourself with what you're capable of.
Any good businessperson knows that their company's success depends on their ability to identify and capitalize on their core competencies. These are the areas in which the company has a unique strengths and advantages. However, it is important to remember that even companies with strong core competencies can sometimes benefit from pursuing initiatives that lie outside of their main area of expertise. This is especially true if the initiative is high in their second-most important core competency. While it may be tempting to write off such an initiative as a distraction, it may actually be precisely what is needed to take the company to the next level. Therefore, it is always worth considering initiatives that fall outside of your primary area of expertise. You may be surprised at how beneficial they can be.
Next level thinking is all about being aware of your own limitations and knowing when to avoid certain ideas. If you're not naturally good at something, or if it's not something that you're passionate about, it's probably not worth your time to pursue it. This isn't to say that you should never try new things, but rather that you should be honest with yourself about what you're good at and what you're not. There's no shame in admitting that something isn't for you, and in fact, it's probably the smartest thing you can do. By focusing on your strengths and avoiding your weaknesses, you'll be able to reach a higher level of success than if you tried to do everything equally.
We call some of those bad ideas, the "good idea bus" everyone hops on and it goes nowhere.