The human mind is amazing, I found out about Neural Networks 25 years ago when it was offered as an elective during my Computer Science days! All ideas are great, but how to make them work is an achievement. There is a process around this creative innovation, evolving every day, but giving life to an idea is not easy. Here is my take on it:
- Ideation Process: You have an idea, usually its a solution to a problem you have. You sleep on it, give it some time, and then do research around it to see what is out there. If you see an opportunity then you are excited, and start planning. An idea is born!
- Domain Knowledge: Usually the idea you have is around your core profession, i.e if you are an accountant, then your idea might be around making accounting easier for SME. Nowadays domain or subject knowledge is key, as technology can be a vehicle, but you need to drive it.
- Financial Modelling: How big is this idea of yours? What is the revenue model? How would customer acquisition take place? At this stage, the initial financial deck is born, which will go through numerous evolution until it finally starts making sense. Always make sure you make the financial model in stage-wise and try to tackle each stage at a time and tweak it as you go on.
- Tech Stack: If the idea involves technology vehicle, like a website, app or a software, you should look for help. Make sure your IP (idea) remains intact/secure and you sign all relevant documents before venturing out. Look at launching the MVP (Minimum Viable Product), rather than waiting for a perfect product. Testing is always good for feedback.
- Financing/Funding: Who is going to fund the product? Is it coming out of your pocket or your savings? Is it the right time to look for partners? Maybe a friend can partner up. There are a zillion options here, make sure you think long term and not go for stop-gap arrangements, as these will come back to haunt you later. Documentation is key for clarity and to avoid any hiccups in the future. Getting funding early is also not viable, but overvaluing your product will not help either. At this stage, Cashflows is all you need to look after.
- Launch, Growth & Sustaining: Launch, growth and sustaining are humungous tasks. If you are supplementing this with a job, then make sure you calculate when you should take the leap of faith and come full time. Remember the founder is key, nobody has the passion you have. Leadership, quick decision making and good runway fo cashflows are extremely important.
eCanuks Global: Need help for the above, visit eCanuks Global. This is my startup! The problem I am looking to solve is to prevent potential and existing Entrepreneurs from making the same mistakes, I made as a rookie entrepreneur. It’s a platform to help other entrepreneur leverage technology and grow. We aim to facilitate you in every step possible.
“If we tried to think of a good idea, we wouldn’t have been able to think of a good idea. You just have to find the solution for a problem in your own life.” Quoting -Brian Chesky, Co-founder of Airbnb