I want to start up my business, but…..(1)
Whether you are a budding entrepreneur or business advisor, we all know that phrase. We feel the trepidation behind the voice. “I have a great idea, but how do I convert it into a go project?”
So the first thing many people do these days is to google ‘how to start up’. And they will invariably hit a site offering 10 key points to make your business a success.
Very useful…or not? Because these simple facts of life often demand that you possess money, work space, a website, and loads of other resources that 99% of start ups do not have. Oops, and back you go to square one.
Looking for a fresh approach, there are plenty of other factors to consider. All they will cost you is a bit of time and patience. And they set you up in a much healthier position.
First, work out your vision; a very clearly defined idea of where you want to be after 12 months and 3 years. Simple? Actually, when many people carry out this exercise fully, they end up asking a lot of very searching questions of themselves and their chosen path of gold.
Even more important is that the resources they had initially thought that were required are way now different. They have changed in nature and in scale. Time and money saved before you start.
Then, once you have understood your vision, summarise it in a 15 second “elevator speech”. If you cannot do that, it implies that you have not worked out in enough detail what you want to do. And that means you are not sure what you are selling. Ouch!
When you have completed these seemingly simple tasks, you will have developed a reasonable degree of confidence in what you want to deliver to the waiting public. So what?
Look around you. Most successful new enterprises have been created by people full of themselves. Obama has used the phrase “yes, we can”. He is only suggesting that all of us can control what we want to achieve.
It is at this point that you are ready to look in on those necessary inputs. The difference is you will know exactly how much you need. The next blog describes the process of evaluating resources.
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Excellent Article.I feel that In the face of continuous technological changes and financial market volatility, it is becoming increasingly important to define business ideas and validate the concept before launching a high technology or eCommerce venture. The Integrated Approach Methodology provides the means to entrepreneurs in objectively analyzing their business ideas. It enables them to identify the underlying factors that are critical for the longer-term success of the venture and whether their concept is actually a viable business solution. Additionally, the framework evaluates the allocation of limited resources, especially of cash, and helps determine if the venture can deliver a sustainable competitive advantage.
If you can’t answer the following questions – using no more than the napkin your drink has been served on, the bartender’s pen and a conversation with the person on the stool next to you – then you might want to think again . . .
Business Questions:
• Who is your customer?
• What is your revenue model?
• What is your cost structure?
• Who is your competition?
• What is your sustainable competitive advantage?
Thanks Kandarp Vaishnav (Askthiscfo.com)