How Do You Know If You Have A Winner

IdeaSo you came up with an idea that got you excited!  I mean REALLY excited!  Sooo excited that you go to bed thinking about it; then glance at the clock a few hours later in a panic because you have to be up early for work.  You tell your brain to shut down, but you just can’t stop thinking about it.  The euphoria of the idea has you so excited you just can’t stop.

Next you start telling your friends and family all about it.  Being the supportive people they are, they tell you it’s good and may ask some questions that help you to think about some holes in your plan.  You then start expanding the number of people you talk to, getting their feedback.  After receiving feedback from multiple sources you still feel strongly about your idea and decide you want to pursue it.

What happens next is where we start to separate the winners from the losers.  How you carry this idea forward can make the difference between a couple thousand dollars and a couple hundred thousand dollars down the drain.  Or in the entrepreneur’s mindset, learning how to fail while spending a couple hundred thousand dollars! (Sounds like an exhilarating book title!) A great piece of advice I received from a mentor was, “If you’re going to fail, then make sure you fail fast.” Failing fast can result in significant cost savings!

Two key points that The Startup Owner’s Manual  LeanStartupMethodologyteaches us is to “Get out of the building” and to focus on a “Minimum Viable Product”. Ultimately, the market will dictate how good your idea is.  “Getting out of the building” in this context means getting out there and interacting with your potential clients.  Introducing them to your product and getting feedback so you can make adjustments according to what your target market as a whole will likely want.  Using the lean startup methodology (Right) you would constantly be validating your idea to ensure its viability in the marketplace. 

The concept of the  “Minimum Viable Product” is to develop your product with the minimum feature set necessary to gain sales.  This concept helps to keep you on core tasks and not waste a lot of time and resource on additional features that may never be used.  Your target market will dictate what features you should concentrate on to garner additional market penetration.

How well you perform these activities will tell you how much of a winner your idea really is.  It will also help lead you down critical paths that will ultimately help make your start-up more successful. Check out the resources I’ve mentioned above if you’re interested in learning more about start-up mechanics.  I have read both books and can say that they were very helpful with great insights into the start-up world.

“Stop Doing the Mundane, and Start Getting Wierd!”

(Image Credit)

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