You’ve got an idea for a startup, now what? Seven actions that will create momentum
Here are a few ways to build momentum for your startup Idea.
1 Clarify
and refine your idea
Write down all your ideas and all your thoughts relating to your
project. Start an idea notebook and always keep it with you. It is very easy to
forget a thought. Don’t waste any of them. Write them down and review them
later.
2 Explore
alternatives
Try to
brainstorm alternative markets, alternative solutions, alternative products,
and even alternative ideas. Can you reframe or reformulate the problem? It is
easy now for you to consider and evaluate different options. Don’t commit to
anything yet. Just observe all the alternatives that are available for you to
choose from.
If
you freeze an idea too quickly, you fall in love with it. If you refine it too
quickly, you become attached to it and it becomes very hard to keep exploring,
to keep looking for better. The crudeness of the early models in particular is
very deliberate. — Jim Glymph of Gehry Partners
3 Build
prototypes
Build
many rough, low-resolution prototypes. Your goal is to explore options and get fast
feedback. In order to build and test them quickly, you could make them very
simply by using materials like pen, paper, and glue. Show them to people to get
comments. Low-resolution prototypes will make people much more open to giving you
complete feedback. If they see something that looks like a finished product,
they will assume that you have invested a lot in it, and they might be shy to
tell you what the problems are. Do it fast. Iterate often.
4 Write
your elevator speech and pitch it
The goal of an elevator speech is to quickly and clearly explain
your idea in less than one or two minutes. After you have rehearsed it, start
pitching as much as it makes sense and gathers feedback to improve on your idea
and your speech. As the start, you could read this article: The Art of the Elevator Pitch: 10 Great Tips. Your first
versions will be bad, but it’s ok. You have to go through that before creating
something better.
5 Learn
more about business and marketing
Just having some basic knowledge about business and marketing can get you a long way. Try reading: Josh Kaufman’s -The Personal MBA: Master the Art of Business, which covers a lot of ground. You don’t have to read it from cover to cover, just pick the elements you want to learn. If this book doesn’t inspire you, choose another one.
6 Write
down a draft Business Model Canvas
Many questions must be answered to describe the
business you want to create. The Business Model Canvas is a one-page tool that
allows you to document your hypothesis on the main facets of your business. It
will be easier to review and improve your answers once you have committed them
to paper. Explore alternatives here too.
You can download the
canvas for free here in pdf or use The Startup Toolkit for an online version. For more information about how to
use it on Steve Blank’s blog:
·
The LeanLaunch Pad at Stanford
– Class 2: Business Model Hypotheses
E Entrepreneurship as a Science – The Business Model/Customer Development Stack
·
There is a book that goes with the Business Model Canvas. You don’t have to buy it, but it might be quite useful:
Business Model Generation: A handbook for Visionaries, Game
Changers and Challengers.
7 Clarify
your goal as an entrepreneur
It is important that
the kind of business you are building corresponds to your aspirations. I wrote “Your aspirations: 12 questions to ask yourself (and your
co-founders) before you start building your start-up” in order to help you with that.
Now what?
If you’re in
doubt or you don’t feel you are ready to move forward with any of the actions
above, use my new favorite mantra:
If
a thing is worth doing, it is worth doing badly at first. — Chesterton
Whatever you
do, you should confront your idea with reality sooner rather than later.
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