There are more tools available that time and experience to develop any great idea into a product or project. When people approach me with a great idea I found a pleasure to talk about the subject and explore how this idea can become a real thing. For that purpose, I found that ideas are cheap, you can throw in a whiteboard hundred of them in just a few minutes, but the real challenge is how you choose one, focus on it and develop it in the right way to achieve a great success.
One typical recommendation that use to provide to the people was build a prototype to do the market validation and explore the available resources to develop your level of capability to build the product you want. The kinds of tools I recommend are
One missing element I had found, in the entrepreneur is a personal setup of his/her mindset that it is very needed, despite that having the interest and motivation it is not enough if the full understanding of what it takes to move an idea into a great company is needed.
The Minimum Viable Mindset (MVM) integrates three elements that has to be analyzed and explored:
- Purpose – what I want. The dream start with a vague idea what do you want to do. You find yourself involved in a lot of conversations where the people mention that there are a lot of opportunities out there, the big challenge is to identify one that suits your interest, match your skills and find the way to develop a viable alternative to fulfill the need. Once you identify something that you really like and want to go to it, you are getting ready to move forward. The end result of this stage is setting a Goal than has the five points covered by the concept of SMART
- Magic Sauce – How to do it. New business and ventures requires a little of a secret or magic sauce that provides the innovation behind the scenes to hold a differentiator that motivate potential new customers to have interest in use our solution, otherwise your idea will born in a red ocean of competitors that will give you hard time to survive. It is amazing how important is the magic sauce for the success of your product. An ingredient that needs to be included as early as possible in the development process. This is also our magic sauce – how we can help you to find your own magic sauce – in innovation it is very complex and involve too many elements that is hard to find it at the first glance. It is a process that requires several iterations that implied success and failure in a iterative process that you need to learn how to manage.
- Roadmap – Action Plan – The last step in building your MVM is to define when you will do it, what resources like time and money you need to commit from your personal side as well to explore the available resources like people, knowledge in all shapes from technology, how to´s, patents and skills to integrate in your action plan. At the end you come out with a 50,000 feet level budget that consider the time and resources you need to accomplish your first goal. This goal is a moving target that will be moving up and down and back and forward until you reach it. A final decision that you need to set on stone before embarking into the road is to define your role in this game, how long are you willing to play and have in mind alternatives for any changes in the mindset to allow the idea keep moving forward in case that you desisted.
If you are interested in jumping into a new adventure in your life, then you are ready to become a KinnLearner, contact us now to keep going this conversation focused into your success.
Image from https://www.flickr.com/photos/gruenewiese/
Painting: Mistic Forest from https://paintingasong.com/