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If you want to be a bad product manager, immediately reject any bad idea. There’s no point in discussing an idea with which there are serious and obvious flaws. Putting any effort into them just wastes everyone’s time. Clearly communicate the problems with the idea, put it to rest, and move on.
If you want to be a good product manager, encourage all ideas, even bad ones. You might be expecting the “there are no bad ideas” pep talk, but there are in fact bad ideas. Face it — some ideas are just better than others. However, just because an idea is bad does not mean that you should not even entertain the idea or spend any time with it.
Accepting all ideas — even ones that appear to be totally awful and worthless to even think about — benefits your product in several ways:
Collaboration and innovation are important parts of product development. You need to create an environment in which both are encouraged. If you reject ideas outright, that will not only stifle creativity but encourage others to do so, further reducing the likelihood for collaboration and innovation. However, if you accept all suggestions for consideration and further reflection, regardless of how horrible they may initially appear, you will find that good ideas will emerge and you will have established working relationships in which more good ideas will flourish.