Step 1. – An Idea
The entrenovational process flows from your “idea”. The idea is a product/service plus a target market. At the beginning both the product/service and the target market are assumed to be real and attainable. Those assumptions must be fully tested. Note: customers will not come just because you built it.
Questions you must answer include:
- What is the product/service?
- Can the product/service be created?
- Will there be a market for the product/service?
- Is the market economically viable as defined by your goals and objectives?
Complete the validation process by writing a Justification Statement. If your founding group remains unshakeably convinced the idea is justified as the right opportunity, launch the Start-up. Otherwise, re-visit the justification process, or move on to the next idea.
Step 2. – Start-up
I believe it is beneficial to accept that a Start-up is not a business but rather is a project. By definition a project is unique and has a finite existence. Utilize project management tools to develop a plan. Use classic feed-back loops during execution of the plan to keep the plan focused and aimed at the target market. If you are not aimed at the market, you will likely miss it!
Step 3. – Business Plan
As the start-up project moves toward commerciality, the entrepreneurial needs of a new business will become evident and a business plan will be required. The business plan will be the guide. To attract the capital and to move forward will require a complete and credible, not a blue sky, business plan. With the business plan in control, the new business emerges and replaces the Start-up plan, and the entrepreneurs will manage the new enterprise.
Step 4. – New Business
Armed with a business plan it will be time to manage and grow your new company. Good luck. Your success will require focus, the pursuit of excellence, passion, and the process.
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