30 things: part 2/7 - the idea - 30 things that i learned from my startup experience
TRANSCRIPT
things that I learned from my startup experiencePART 2 – The Idea
Suhas Dutta
“Failure is not fun. It can be awful. But living so cautiously that you never fail is worse.”
JK Rowling’s speech at Harvard Business School
So far…• We went through the basic building blocks for
ideating your startup, thinking about how to get it up on its feet, getting it to run and so on.
• Lets dwell on the “Idea” a bit.
Idea
Starting Executing
Results
Funding Marketing Selling
People Emotions Learning
I have this really smart idea…• Sure, and perhaps a
dozen other people have the same (or very similar) idea. Getting to be the first mover certainly will improve your chances of success.
• Ask yourself without emotion - Will your idea solve a real problem in this world? If you do not have a clear answer as to how…then your idea is not well formed yet and needs more work.
I have this really smart idea…• Pilot / Prototype - Only
way to figure whether it will work or not is to start working on it, and prototyping. This could be the product, or the service that you will provide.
• Start small, but do the pilot test. You don’t have to jump into the river right away.
Ideate
Prototype / Pilot
Create Product / Service
Check Fitmen
t
Quick segue…
Validate
Prototype / Pilot
Check Fitment
Ideate
Business
Validate
Plan
ProductBasic ideation cycle Basic startup execution cycle
I have this really smart idea…• Ask yourself these standard
questions
– Again – what problem are you trying to solve and for who? Does your solution fit?
– Is your solution the first of its type? Has someone tried this before and failed? If that someone has failed, you definitely do want to know the “why”.
– Will you have competitors? How will you be better than a competitor?
– Will someone actually be willing to pay for your solution? Who is your final customer?
• Clear answers to these should provide you good insight.
• If you are unable to get clear answers, you need to revisit your idea.
I have this really smart idea…• Does your idea appear
smart to other people as well?
• Discuss your idea with a few like minded individuals, who either know the industry, have decent general business sense or understand the complexities of the technology that you might be dealing with.
• Don’t be discouraged by the naysayers.
Avoid asking too many people. Too many opinions will only confuse.
TIPSM
ART
I have this really smart idea…• Go find a potential
customer and speak with him /her about your idea to verify whether your product /service is perceived to solve a problem.
• Besides feedback, you might get ideas on additional features for your product /service.
I have this really smart idea…• …and locate a person who is
seasoned from the area /industry you will be working in or perhaps has done something similar before. Someone who can show you how.
• This person could become your mentor too. Try to stick with the same mentor for a longish duration unless there is something seriously wrong in terms of advice.
• BTW, beware that many of these kind of people will refuse to mentor you if you haven’t done the prototype yet.
• Now that we have gone through the Idea stage, go on to Part 3 where we shall go through the planning, and starting up.
• Have questions or feedback? Write to me.
• If you need a bit of help in terms of mentoring, reviewing material, vetting a plan or the like…I would be happy to help a fellow entrepreneur start her/his journey. It will cost you just a cup of coffee.
• If you have already started and could do with some strategic advice, helping create your business plans or your investment pitch, marketing strategy, fulfill your company’s training needs, need advice on the pitch etc, please feel free to reach me.
• My coordinates are:
– linkedin.com/in/suhasdutta/
+91 9980711477 | +91 [email protected]
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