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May.22
5:48 PM ET
Thursday, 22 May 2008
Rich Sloan: 4 Steps to Getting in Motion
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1) Write a snapshot. Some people call this a “brain dump.” Just try to write everything down that you can about your opportunity. The process of creating this description will force you to really understand what your concept is.
2) Get practical. Take your snapshot and add a dose of reality. For example, what is needed to bring the project to life? Who are the key people? What kind of money and time will be required? What business model will you pursue – part-time, full-time, online, brick-and-mortar, licensing in exchange for royalties, etc.? Can you offer what you plan to sell at a reasonable price given the costs involved? You might want to check out StartupNation’s Defining Dozen questions that help you get practical very quickly.
3) Research the market. First stop: Google! Find out who’s out there doing something similar. If you come across offerings that are similar, this is not necessarily a bad sign. In fact, it could be a good sign. You can learn from what they’re doing to create a better alternative. You’ll also be able to learn what price people are willing to pay and how and where they want to purchase what you offer.
4) Set action items. As quickly as you can, you need to create a specific set of action items to make sure that you are constantly moving your project forward. You should plot out a milestone timeline, which has key tasks and achievements on it. For example, you may determine you need to do a patent search. Or, you may know you need to raise some money. Put key action items down to ensure you’re making progress in your fund raising. You may also want to launch a website using a free service like Microsoft Office Live Small Business. That way you can start getting the word our about what you’re doing.
For more from Rich and Startup Nation, visit their website!
Data is a real-time snapshot *Data is delayed at least 15 minutes