A cheat sheet to turn your vision for a successful new business into a reality.
Some of the most important things in life don’t come with instruction manuals: homes, spouses, kids, and start-ups are a few. That’s why I created this start-up road map. Inspired by the lean approach often favored by today’s tech entrepreneurs, the principles apply to any industry.
1. Come up with an idea. Pick an idea that fits your passions, goals, strengths, resources, and tolerance for risk. But keep in mind that your initial idea is just a hypothesis. Don’t fall in love with it just yet.
2. Think through all angles. Evaluate the opportunity like an investor would—in an objective, thorough, analytical way. Who are the customers and what do they need? How big is the opportunity? Is the timing right? What will it take to execute? Is the payoff worth the risk? What’s the business model? A rough business plan is a great way to make sure you’ve covered all your bases.Here’s a free tool you can use to make sure yours is comprehensive.
3. Get feedback. Find people who know the market, the business model, the competitors and predecessors—people who have been there, done that, and can help you understand what works and what doesn’t in the real world. Also, talk to customers—people in your core target market—and find out what they think about your hypothesis. You’ll learn lots more once you get a product to market, but this initial research will increase your chances of starting out on the right path.
4. Respond to feedback. Make any necessary changes to your business plan, product, and go-to-market strategy. Run some numbers to get a sense of how much capital you’ll need to reach key milestones. Develop an implementation plan with your most important goals over the next few months, and determine whom you need on your team to execute that plan.
5. Build a basic product. When you envision the product or service you ultimately want to offer, it probably has a slick design, and a full set of features. Keep that ultimate vision on the back burner for now. Instead, strip the concept down to the bare minimum offering to address the needs of your core customers. Build that basic product as quickly and inexpensively as you can.
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