Startups is a very glamorous word, from young mind to the old genes all are inspired by this word and this is pushing them to work on their dreams, pushing them to utilize every resource they have money, people, time and age, the reason is the believe in the idea and its viability, which most of recognize as “One in a million” or “Next Zuckerberg”.
Ideas are the product of the interaction between our creative mind and the environment we live in, it's the creativity which help us to find solutions to a problem which we feel that people in general are facing and if we can have a solution, we can sell that solution as a product or services to satisfy the need and a rational person will pay for it, this though is true but most failed to understand that tagging a problem generic is a subjective thing and may not have that proportionate generic thing that can signify its quantity.
The acceptability of an idea is based on two major things, firstly the acceptability quantity and secondly the serving quality, the relationship is always inverse in the quantified term so production of such solutions and hence the the successful idea is found at the middle of it.
Often, even with the successful idea we miss the viability, there are three viability factors,
- Firstly of acceptability, the acceptability of the idea as a solution, there can be many paths to solve a problem but why I choose your path, what makes to choose your path, does the generic factor is that large that this solution can be the default path of solution and hence step by step the acceptability will infect others and all other solution paths will be consumed by the default choices of your solution path.
- Secondly of Financial viability, when we choose a solution path, we must analyse the product financial viability, not limited to reducing the BEP time zones or making money out of it, but how margin will arrive on balance sheet, at what cost will that be in the market, does your cost is in sync with the market thoughts to pay for that solution, is the price of your service is market friendly, and while keeping that market friendly will your financial health survive the market hits, we must plan for worst scenarios, design a list of backups that we may need in an emergency
- Thirdly Operational viability, how much time does it take to deliver the product, is their any other way to deliver same solution, does that path of delivery is better/quick/smarter than yours, find out these answers, is there any other more comfortable way to deliver your product, the trade off between the quality of your product v/s the pain the consumer will pay in terms of everything (money, time, efforts, etc) for the solution that your product provides.
Define future in the present !!
We often focus on the present scenario and miss the overall spherical view of the product, after realising the viability we must design the overall path, there should be a blueprint of it in front of you before coming to market, that if things go in the “rational” direction this will be my plans, financial as well as strategically, what features will define the market entry, and how you will plan for its brought up and if the things go against you what your plans are, then how will you behave to market scenarios
Not just plans on a paper, create scenarios of worst cases and create plans for keeping the idea alive, keeping the product alive and make notes of all worst cases so when they happen you must tell yourself that I was aware of it and this is the possible remedy for it.
This was about the initial stage of your planning, which is just a step to your business, execution comes next and that is the key. We will look into execution later, hope you like this