“Ideas have a short shelf life. You must act on them before the expiration date.” John C. Maxwell
Starting a company or creating a new app can be exhilarating, rewarding and profitable but also can be a disaster if the right questions aren’t asked and strategy is not well thought out. Many startups get off on the wrong foot because of rushing to market, poor execution and concentrating on too many things at once. That’s when the product launch fails and things start to blow up.
Before even getting to the point of writing a plan or creating a presentation, an entrepreneur needs to evaluate the idea and ask five key questions:
- Is it something innovative and something no one was really doing?
- Does it answer a need?
- Is it a new, cheaper or better way of doing something that already exists?
- Does it meet the startup success formula? EITHER LOVE TO BE FIRST TO MARKET OR SOMETHING DRASTICALLY DIFFERENT.
- Is it clear to understand and will it hold up to questioning when scrutinized?
Once those questions are answered, the product can start to be shaped. Does it have a look and a feel? Your potential customer will look for that. The world flocked to the iPod overnight because of Apple’s concentration on “look and feel” and one simple statement from Steve Jobs when the iPod was first introduced, “This amazing little device holds a thousand songs and it goes right into my pocket.” Game over!
The answers to those questions will set the foundation for your future launch or may tell you to move on to your next idea. Once satisfied that you are moving forward, you must transfer the passion you have for your product to your presentation pitch, strategic planning and future talent added to your company.
Collaborating with experts through this phase and beyond will yield higher returns and show potential future investors that it was well thought through. Experts will help you prepare to answer questions, assist you in image building and help you get the best results.
Whatever your decision, you must find a way to the finish line!
