How Can I Turn My Idea Into A Business?
Did I hear you say “I will develop a business plan”? If that’s your thinking, you are WRONG! You know why? The reason is that most business plans cannot survive the first contact with the real world because of the process taken.
First and foremost, it is expedient for us to establish a context to be able to provide an insightful counsel on this thorny subject. Ideas truly rule the world and the entrepreneur is one whose forte is to constantly cook-up ideas. Not all ideas get to become a business venture. In fact, many ideas are at best mere hobbies. As a rule of thumb, 11 out of 12 startups don’t make it past their 3rd year anniversary. Most businesses fail because of untested assumptions.
Scott Belsky (Founder, Behance and Author, Making Ideas Happen) posited that idea generation is indeed the simple part. Turning ideas into a finished product (business) capable of solving a problem is the hard part. Whether social or commercial, ideas must be agile and valuable enough to command transactional activity.
Turning ideas not just into business but sustainable and probably disruptive business is a function of value. According to Steve Blank (Author, Startup Owner’s Manual), the ultimate challenge today is not technology or resources but the business model. The number one consideration for a startup is to get out of the building to test the assumptions. This process of getting out of the building saves the startup from surprises.
In other to successfully create an enterprise, the following questions must be answered:
- What value are you creating?
- How do you intend to deliver the value?
- How do you intend to capture value from the market(s) that you serve?
To effectively answer these questions, the startup must build from scratch a business model canvas. The business model canvas is a tool that is designed to replace the traditional business plans.
Business plans as we know it to be are DEAD!
For insights into the tool, visit www.businessmodelgeneration.com
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