Email: guru@gims.co

Tel No.: +91-9845429122 |  

Startup Guide

Startup Guide

October 16, 2017   

Got excited about your new idea? that is great. Most of the achievements happen out of your excitement and curiosity. Once you are excited it is important to keep that excitement alive. This can be a good business opportunity only when your excitement excites others also. That means other are acknowledging your idea. It is very easy to dream. The real challenge is to convert the idea into a business. At this stage, your excitement should not diminish, it should motivate you to work for execution. If you fail to keep up the excitement during this stage there is a danger. The idea may die.

Ascertain for yourself that your idea/innovation,
• will solve a problem
• will have measurable value addition to the target users,
• Ensure that your innovation will improve the comfort of users.
• have acceptability

You need to ascertain these points for yourself first. Then take the proposal to some of the professionals, Businessmen, and technology guys to take inputs about the proposal.
Before going for external opinion prepare a Presentation. The presentation will have all essential points required to give an opinion. This PPT is not for investors, but for users and experts to give an opinion for acceptability of the proposal.

The presentation may incorporate The innovation, what problem it solves and how it is useful, value proposition etc. This will clearly explain the process of execution and delivery. May also incorporate the competition, comparison and edge over the present process.

Before going for such opinion do have a questionnaire. Ensure that questionnaire is drafted with right questions to ascertain opinion. Meet at least 10 people and ascertain the inputs. Record inputs of such discussion. ( may go for audio recordings). While choosing people for such inputs do select professionals, seasoned businessmen, experienced technology guys and users of your product/service. By the end of ten opinions, you are in a better position to gauge how strong your idea is, how is the acceptability and chances of success. When you receive negative comments about your innovation/idea don't hesitate to accept. normally we will resist such opinions. If someone gives a negative opinion about an aspect of the plan do take with a positive mindset. Tabulate all the opinions received. and analyze. You may have a very positive response, or you may get just a good response or response may be poor.

1. If the response is very good and opinion is also favorable it is good to take it forward.
2. If the opinion is average, then you may have to work on some of the points where people felt that it is not workable. You have options to modify your plan and re-ascertain the opinion.
3. If the opinion is poor it is not advisable to continue it.

Most of the people do err here. Even if 10 people say it is not workable, they don't listen. Normally we start developing an emotional attachment to the idea/innovation. It is dangerous to get emotionally attached to your idea/product. Don't ever do this mistake. This is the problem with first generation business guys. since they don't have business exposure and not seasoned, they go more emotionally. Please avoid this mistake. when your idea/innovation is good, opinion is also favorable you need to work on the next steps. The next step would be working on a presentation and business plan.

How to work on a formal presentation and business plan will discuss in the next session.