Page 57 - Start Up_Genesis

Ask the following questions:

• Who am I? Am I an entrepreneur or more of an 8 a.m. to 5 p.m. person?
Could I be both?
• What skills do I have?
• Who is in my network and possesses the skills I don’t have but need?
• What are my unique abilities?
• What am I passionate about?
• Am I looking for a survivalist business or do I want to start and grow my own?

2. Research Your Great Idea

You have probably already identified what you are calling a ‘great business idea’. While
that’s an awesome starting point, it’s even better to know if your idea has the potential
to become a successful business.
The only way to have a clue of that potential is to have your business idea researched
and run through some form of idea validation tests. There is an unlimited number
of ways or methodologies one can use to achieve this from talking to friends, family
and acquaintances to undertaking actual research. It can also be done by asking and
answering the following questions:

• Is there a current or expected problem my product or service will solve?
• Are there customers who will pay for it?
• Are there any companies offering the same or similar products/services and
what are their weaknesses and strengths?
• What does the competitive landscape look like?
• How will I position my business in the market?

3. Decide!

Now that you have the information, do something tangible with it - it’s time to decide
whether you’re going ahead with your business idea. Without the right information,
you can’t make good decisions. It’s still okay to keep asking questions at this stage but
it’s better to decide and take an active step forward.

4. Create Your Plan

I often like to say “What would you like it to look like?” The only way to see it before
it becomes something tangible is to create a plan and put it down on paper.
Don’t limit your brilliant mind to the decades-old traditional concept of a business
plan. There is no need for endless pages of data and financial projections. There are a
number of great tools on the Internet which will provide all the important components
of a business plan and give you the confidence you need.
Take note, however, that if you will seek external support from established institutions
they will ask for a long, well-articulated business plan which could end up being as
long as the more traditional ones. That said, there are also many 21st century investors
who are flexible and desire a more simplified approach which covers just the important
parts.

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