A Roadmap from Idea to Venture Creation for Entrepreneurs

Getting an idea off the ground and turning it into a business is no easy task; whether or not it’s successful is a whole different topic. Follow the” Idea to Venture Roadmap” and turn that 3am realization of a product or service into a start-up venture.

1.      Idea Generation:

This occurs when an individual or a group of people come to realization of solving a specific problem.  Their solution might need to be refined or re-evaluation but the key is that the concept serves a customer.

The more time is spent on refinement and research on comparables, the better off the Entrepreneur(s) will be. If you “Fail Early and Fail Often” it will help you mitigate the loss of time and money.  Talk to others about the idea to help refine the idea and understand where the real problems in the industry are that you're helping solve. You don't have to get into specifics of how you solve the problem at this point; just focus on what are the "pain points" your idea addresses and if others agree with your assessment.

2) Opportunity Assessment:

The next step is to focus on understanding the actual opportunity of the product or service in the desired market. This is when the Entrepreneur(s) needs to understand even if his venture was in full operation, would it be a viable business? Could he or she develop and sell this service or product and maintain the desired margin and profit?

3) Team Formation:

Securing a team of the right people, to turn your idea into a successful business is extremely crucial. “Team + Execution = A successful business” – picking the right people with the appropriate skill sets can make or break your venture.

Be selective, but keep in mind what motivates people. Is it their passion? Quest of becoming rich? Or just another job/hobby?  Select these individuals based on how you work and what your tolerance is for each category. If the Entrepreneur is a strong leader, he or she can align all three and create a booming business.

Lastly, team chemistry and cohesion is something that cannot necessarily be determine until a few weeks/months of working with one another (that is, if you have not worked with them in the past). Therefore, the same principle of fail early and fail often applies to the selection of the team.  If certain expectations are repeatedly not being met, maybe it’s time to look for a replacement. For this reason, always make equity vest over a long period of time; if something doesn't work out, you haven't given up a large piece of your company to a non-contributor.

4) Create a plan:

The idea has been refined, the preliminary team selected, and now it’s time to organize your team and direction with a plan. Create milestones to help you understand what direction you’re heading toward. I have written countless posts about the value of milestones which allows the team not to lose focus and understand what needs to happen and when.

Once you achieve a milestone, you feel a sense of accomplishment which reinforces your venture. Determine what resources including money is needed to accomplish each milestone. Don't be afraid to commit to external deadlines like presenting at a startup event or attending a conference; external deadlines cannot get pushed back, so they act as the strongest motivators to stay on schedule no matter what.

5) Acquire resources:

After having clearly laid out your game plan and an understanding of what each milestone requires, the team needs to begin acquiring the appropriate resources to accomplish each set of step.

Each member has a unique a network that they can tap into; therefore, it would be appropriate to strategize as a team and take leads on each initiative. Certain resources such as capital or finding the appropriate connection might not be clear within the team; no need to worry there is always a few options.

Network - - head out to local events that pertain to your venture but before you go, have a clear objective. It could be to find that of that lawyer, venture capitalist, or web development firm; just know ahead of time what you want, so that you can maximize your efforts.  Check out our calendar!

Build an Advisory Board / Find Mentors - - if someone is out of your network or the team is having trouble completing an objective, a good solution would be to find a board member or mentor that can help. This individual should also be knowledgeable of the industry, players, and will assist in answering the tough questions.

6) Build!

Always remember you need to be making progress on the product or service you're building. Planning is important, but not the end game; no startup ever was successful simply because of plans.  You win by building something that satisfies and delights your customers.  Make a proof of concept prototype and start gathering feedback...the sooner the better.  Always work for incremental progress and one day you'll look up and find you've made something amazing.

Now where did that napkin with the doodles of your next venture go? Either way, get to work.

How do you define the thought process for getting a startup idea to reality?

If you have any other questions, send me an email or post a comment.

Ashkan

Ashkan[at]greenhornconnect[dot]com