Congratulations on having an innovative spirit! Creating a new venture needs careful consideration. Your job is to know the business, have the ability to run it well, and be willing to work hard to make it a success. Your goal is to understand the assumptions you are making and validate them using the Innovators Journey. You need to prepare yourself for making decisions. Solid advice will set your business up to be financially sound. When it is time to get an injection of equity (usually from you first) you can be confident you've considered how best to move forward.
The Innovators Journey Is as follows:
- Have you done your homework on your idea?
- Create some benchmarks based on education and exploration
- Start to formulate your idea
- model validation
- Incubate (so you don't accelerate into a brick wall)
- It's time to start considering how to fund your idea and test
- Execute with some early growth
- Sustainable growth and possible expansion
- Aim to Achieve.
- Business is a commercial, profitable, enterprise that works without you.
- Your goal is to create value in the company
- Build your people and create heroes within your culture.
- Saleable asset: If the business doesn't run without you, then the business doesn't work, you do. Make it an asset that investors value.
If you are entering a new industry, bring on partners to give you the management experience in the industry to guide your decision making. Starting a business successfully takes tactical/practical guidance and support from people who have been there, done that.
Some of things you are going to need to figure out:
- Your plan to raise capital
- Land on a business model that drives revenue
- Adding the right type of technology to get your business started
- Honing your pitch for any audience: customers, crowdfunding campaign, investors, etc..
Every business needs capital and you are going to want to keep your credit score in good condition with stable revenue and profits. Make sure you've built a solid repayment history so you can leverage your good credit history with business suppliers. Your integrity and personal reputation you've created before opening your business will help you find investors.
Take advantage of shared office spaces and accelerator programs to obtain additional training and lean on experts to properly set up the business.
We love your ambition! You can read on when you are ready to launch your great idea!
Ingenuity and vision and the ability to change on the fly will serve you well. Company success is measured by how you work every day to make it better. Take some time to choose what matters most and give it all the time it demands.
As you start your journey into entrepreneurship, remember that your success is built on doing the right thing and not about doing everything right. Focus on finding your purpose-driven priority.
We love your ambition! You can read on for things to consider when you are ready to launch your great idea!