Business

Practical Tips To Go From Idea To Company

“Many great ideas go unexecuted, and many great executioners are without ideas. One without the other is worthless.”
-Tim Blixseth

Any and everything that has ever been done started out as an idea. Rather or not the result ended up the way it was originally intended is a whole other subject. The equation for coming up with a idea is simple:

Problem + Solution = IDEA

There is nothing more powerful than an idea whose time has come, here are a few practical tips to help get your idea off the drawing board and into the boardroom.

Lay the proper foundation

 *Must haves, Must do’s:

  1. Sales skills
  2. Have a simple, clear focus and vision
  3. Technology
  4. Business must identify problems and have a solution
  5. Get with connectors (people who can connect you with people who can help you)
  6. Products and services are needed to be called a business
  7. Create  unique opportunities
  8. Swing for the fences
  9. Small companies need to take care of their people, people are the biggest asset
  10. Its all about the team, especially when it comes to raising money.

5 practical tips to go from idea to company

*Problem and solution must be:

Valuable, Differential, Defensible
  1. Get something started
    1. Find a way to get started without network effects or big ticket ideas
    2. focus on how to lower customer costs and how to scale acquisition opportunities
  2. Raise Money:
    1. Be able to answer this question, Why you?
    2.  Possible answers: experience, team, domain expertise, intellectual property.
  3. Focus on data, stay scientific
    1. Find a way to scientifically survey your audience
  4.  Don’t own your idea by yourself
    1.  you will never build a winning team or get people on board if you don’t share ideas
  5. Practice your pitch like its your job
    1. Don’t underestimate the power of being able to convey ideas to an audience
Bonus: create something free thats really valuable that acts as a marketing tool.
 

 

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