How to get a business started? Test First The Idea
As I write this, throughout the worst pandemic in 100 years , people still want to start new companies in the grips of a serious economic downturn – let's just hope it's just recession, not depression.
We also come up with fresh ideas for company. Some solutions come from the current challenges we are facing, some are good ideas for a long time, some will work now, and some will only work after the economy is revived and restored. As you pick out the poor ones, and pull up the better ones, these ideas always deserve a mechanism to help sift and sort through.
This article reviews the basics of coping with fresh business ideas, crisis or not.
Good guessing, not certainty, is the target.
We need to note one important truth relevant to new business concepts before we get into the specifics: you have to guess. You never get to be sure. It's risky to start a new company and no matter how much data you receive, no matter how good you're preparing, you still have risk. And, in addition, you look at the future, because you're always guessing.
No amount of studies or data removes misunderstanding. You can build prototypes, do surveys, even take initial orders, but if and when you actually launch and start selling, you can not completely predict what is going to happen. Uncertainty is part of startup realities. With it, entrepreneurs exist.
So, don't strive to be sure or certain from the outset. Look for an informed guess as potent as you can. Try to should confusion, not eradicate it. Educate as many of those guesses as you can, just don't claim to eradicate them.
Phase 1: Identifying performance
Start thinking about what you want from your business. Maybe it's economic prosperity, maybe it's freedom and independence, maybe it's just a means of making a living on your own terms, or maybe you want to change the world. Some aspire to fame and riches as Bill Gates or Jeff Bezos.
And others want to get through the financial crisis triggered by the pandemic in these times of crisis and make a decent living to cover for the jobs or business they may have lost. In terms of what you look for and what you want to test, it makes a huge difference.
For any difference of what is considered a success, it's not like the questions and the method are different. As you go through the other steps, you should just keep this in mind.
Stage two: A step back and a vital appearance
You don't go straight into the real world for prototype, surveys, market testing, or something. You take your idea a step back and give it a proper, hard, vital look. You understand that good ideas are like fly traps, you are trapped and drawn in by them. So, from a distance, you fight the temptation to fall in love. You are moving forward, then objectively reviewing it.
The first major question is whether people actually want what your new company is going to offer or not. You're probably in love with it. You will buy this one. But can you distinguish your own viewpoint from what it seems like to someone else from inside the concept? You must begin by trying critically to see it.
Take the plunge, by force of your own will, to look at the product or service as foe, or supporter of the devil. Accept that there is a fatal flaw you don't see, and look for it harder. If you have access to any people who you really do trust, who have some insight into the field you are considering, then ask them. But be patient. People will prefer to tell you what you'd like to learn. This is person.
So ask your questions in such a way as to frame the dilemma into the negative. Ask them to tell you what's wrong with this please? What would you forget? What don't you think they see, or don't see?
The target here is the “aha! "The factor. To figure out what you're missing, to be heard by others. Counterexamples, rivalry, all the potential explanations why not. And this is the very first major point of abandonment. If this test does not withstand the idea then it is a no-go. Remember that it has been tested and failed.
Learn more about getting your business idea checked.
Step 3: List what's needed
Create a list of practical items that could happen, with an estimation of what it will cost in time , money, and skills / expertise for each of them. Don't list it all; just a few main things, the basics. These milestones, we call them.
For instance, the list may include writing an original business plan in a retail store, selecting a venue, fixing and fixtures, signage, initial stock, staffing, and promoting the launch. The milestones might include an initial business plan for a software-driven online business , having the right people on board, website specifications, design, first website launch, marketing launch etc. Whatever company you are considering will require such important milestones.
Find out more about setting goals for your company definition.
If you're not able to make the list,
If you can't make such a list, though, then that's an important input. You were putting a business idea to the test. You have a dream but not a real business idea if you don't know enough about it to make this list. You have a lot more to work out.
You either partner with others, or take up, or let go, a job in that industry. We've all got visions. Anything new is a business concept. Remember that it was tried and failed here as well.
Or, after you've got the list
Getting the list, rest, relax and reflect. Will you get it done? Is that sensible? Ask the following important questions about yourself:
As for you and others
Do you have the requisite knowledge, experience , and skills? Will you or do you need any other people to do it yourself? If you need others, can you recognise the competencies and expertise that others need? And if it does, you will find them? Would you make them join in?
Concerning financial capital
At first, just a wide-brush but try to think about what financial resources you have and what level of financial resources you may need. What you should recognise. But what you might be able to access, you'll have to guess. Make an educated guess out of it.
Start with if you're going to need tens of thousands, hundreds of thousands, or millions of dollars. You're not ready yet if you have no idea. We don't get the luxury of not getting an idea in idea research and startups in general. It requires some understanding of the general size. You might want to learn more about startup funding for a easy fast view. And search for news about company loans, angel investors, and support for friends and family.
All other doubts and contingencies
Be frank, and yet critical of yourself. If you can not see the achievement of these achievements or don't know how to be vigilant then. Perhaps this means the idea has just failed the exam.
Anyway there? Passing through so far? Do a slimming business strategy
If you can, then now you have split your confusion into pieces that are more manageable, and you are over your block. Only get moving. Develop a business strategy that is lean. It's not a structured business plan complete, not even quite. For yourself, it's just a website, lists of bullet points, and tables. Write down main strategic bullet points (about the problem you solve, why you solve it, why you, strategic focus) and implementation and strategies for yourself and your early team, as well as critical estimates like revenue predictions, cost budgets, unit economics and cash flow.
To assess if you know enough to go forward, use the lean company plan. If you can't do this, as with your list of big milestones, then you are not able. It might be a good business idea but to be able to determine you need more help. To help you flesh out your plan, turn to people you trust.
Don't just employ a consultant; this first fundamental lean business strategy needs to be achieved on your own. But if you're not sure where to start, you can download our free lean plan template, or use a tool like Plan to get step-by - step guidance.
Decision: a strong choice based on intelligent guessing
Do not claim to assurance. Understand that you don't get to assurance in doing a new company. What you want is a genuinely educated guess, instead.
Don't fear saying no, and don't go forward. If you are saved from starting a bad business by this method, hooray.
If you are moving forward, then you understand the danger. Plan well, revisit the plan regularly, and exercise
We also come up with fresh ideas for company. Some solutions come from the current challenges we are facing, some are good ideas for a long time, some will work now, and some will only work after the economy is revived and restored. As you pick out the poor ones, and pull up the better ones, these ideas always deserve a mechanism to help sift and sort through.
This article reviews the basics of coping with fresh business ideas, crisis or not.
Good guessing, not certainty, is the target.
We need to note one important truth relevant to new business concepts before we get into the specifics: you have to guess. You never get to be sure. It's risky to start a new company and no matter how much data you receive, no matter how good you're preparing, you still have risk. And, in addition, you look at the future, because you're always guessing.
No amount of studies or data removes misunderstanding. You can build prototypes, do surveys, even take initial orders, but if and when you actually launch and start selling, you can not completely predict what is going to happen. Uncertainty is part of startup realities. With it, entrepreneurs exist.
So, don't strive to be sure or certain from the outset. Look for an informed guess as potent as you can. Try to should confusion, not eradicate it. Educate as many of those guesses as you can, just don't claim to eradicate them.
Phase 1: Identifying performance
Start thinking about what you want from your business. Maybe it's economic prosperity, maybe it's freedom and independence, maybe it's just a means of making a living on your own terms, or maybe you want to change the world. Some aspire to fame and riches as Bill Gates or Jeff Bezos.
And others want to get through the financial crisis triggered by the pandemic in these times of crisis and make a decent living to cover for the jobs or business they may have lost. In terms of what you look for and what you want to test, it makes a huge difference.
For any difference of what is considered a success, it's not like the questions and the method are different. As you go through the other steps, you should just keep this in mind.
Stage two: A step back and a vital appearance
You don't go straight into the real world for prototype, surveys, market testing, or something. You take your idea a step back and give it a proper, hard, vital look. You understand that good ideas are like fly traps, you are trapped and drawn in by them. So, from a distance, you fight the temptation to fall in love. You are moving forward, then objectively reviewing it.
The first major question is whether people actually want what your new company is going to offer or not. You're probably in love with it. You will buy this one. But can you distinguish your own viewpoint from what it seems like to someone else from inside the concept? You must begin by trying critically to see it.
Take the plunge, by force of your own will, to look at the product or service as foe, or supporter of the devil. Accept that there is a fatal flaw you don't see, and look for it harder. If you have access to any people who you really do trust, who have some insight into the field you are considering, then ask them. But be patient. People will prefer to tell you what you'd like to learn. This is person.
So ask your questions in such a way as to frame the dilemma into the negative. Ask them to tell you what's wrong with this please? What would you forget? What don't you think they see, or don't see?
The target here is the “aha! "The factor. To figure out what you're missing, to be heard by others. Counterexamples, rivalry, all the potential explanations why not. And this is the very first major point of abandonment. If this test does not withstand the idea then it is a no-go. Remember that it has been tested and failed.
Learn more about getting your business idea checked.
Step 3: List what's needed
Create a list of practical items that could happen, with an estimation of what it will cost in time , money, and skills / expertise for each of them. Don't list it all; just a few main things, the basics. These milestones, we call them.
For instance, the list may include writing an original business plan in a retail store, selecting a venue, fixing and fixtures, signage, initial stock, staffing, and promoting the launch. The milestones might include an initial business plan for a software-driven online business , having the right people on board, website specifications, design, first website launch, marketing launch etc. Whatever company you are considering will require such important milestones.
Find out more about setting goals for your company definition.
If you're not able to make the list,
If you can't make such a list, though, then that's an important input. You were putting a business idea to the test. You have a dream but not a real business idea if you don't know enough about it to make this list. You have a lot more to work out.
You either partner with others, or take up, or let go, a job in that industry. We've all got visions. Anything new is a business concept. Remember that it was tried and failed here as well.
Or, after you've got the list
Getting the list, rest, relax and reflect. Will you get it done? Is that sensible? Ask the following important questions about yourself:
As for you and others
Do you have the requisite knowledge, experience , and skills? Will you or do you need any other people to do it yourself? If you need others, can you recognise the competencies and expertise that others need? And if it does, you will find them? Would you make them join in?
Concerning financial capital
At first, just a wide-brush but try to think about what financial resources you have and what level of financial resources you may need. What you should recognise. But what you might be able to access, you'll have to guess. Make an educated guess out of it.
Start with if you're going to need tens of thousands, hundreds of thousands, or millions of dollars. You're not ready yet if you have no idea. We don't get the luxury of not getting an idea in idea research and startups in general. It requires some understanding of the general size. You might want to learn more about startup funding for a easy fast view. And search for news about company loans, angel investors, and support for friends and family.
All other doubts and contingencies
Be frank, and yet critical of yourself. If you can not see the achievement of these achievements or don't know how to be vigilant then. Perhaps this means the idea has just failed the exam.
Anyway there? Passing through so far? Do a slimming business strategy
If you can, then now you have split your confusion into pieces that are more manageable, and you are over your block. Only get moving. Develop a business strategy that is lean. It's not a structured business plan complete, not even quite. For yourself, it's just a website, lists of bullet points, and tables. Write down main strategic bullet points (about the problem you solve, why you solve it, why you, strategic focus) and implementation and strategies for yourself and your early team, as well as critical estimates like revenue predictions, cost budgets, unit economics and cash flow.
To assess if you know enough to go forward, use the lean company plan. If you can't do this, as with your list of big milestones, then you are not able. It might be a good business idea but to be able to determine you need more help. To help you flesh out your plan, turn to people you trust.
Don't just employ a consultant; this first fundamental lean business strategy needs to be achieved on your own. But if you're not sure where to start, you can download our free lean plan template, or use a tool like Plan to get step-by - step guidance.
Decision: a strong choice based on intelligent guessing
Do not claim to assurance. Understand that you don't get to assurance in doing a new company. What you want is a genuinely educated guess, instead.
Don't fear saying no, and don't go forward. If you are saved from starting a bad business by this method, hooray.
If you are moving forward, then you understand the danger. Plan well, revisit the plan regularly, and exercise
