Entrepreneurship journey starts from a dream, although there is no end point in this journey, but revenue is supposedly a halt to begin the next phase and the cycle goes on and on. The avenues may differ but the route more or less remains the same. The hardships, commitments, efforts and patience required to go through this tiring journey remains the same.
In this article we are mentioning the possible steps involved in the process from a dream to launch, these steps are non exhaustive and non compulsory, but likely hood off these coming across is high and most of the entrepreneurs we interviewed are more or less confirming these to be most likely ones.
The Process:
There is nothing right or wrong in this process, the events are mentioned in an order fit for one not for other but events will fall.
- Understanding the industry
- Exploring the need
- Hypothesis to idea
- Brainstorming and Critique
- Business Model
- Overhauling self
- Set things in place
- Checklist
- Prototype (MVP)
- Soft Launch
- Feedback
- Launch
Understanding the Industry
No alternate to the experience in the same industry but If you have no experience then research and understand by
i. Sector focused websites
ii. Research journals
iii. Online forums
iv. Trade publications
v. Conferences on the sector news
Observation and intuitions followed by research
Exploring the need
Create the need
Explore the need through i. Meeting Customers, consumers, sellers and manufacturers.
ii. Talk, ask and understand
iii. Engage and settle
iv. Reach the bottom and pick up the idea
Develop a hypothesis
Hypothesis to idea
Take a break, dream, think and relax
Work out the possible ways to solve the problem
Use white board to plot your thoughts
Personalize with the problem as a customer and empathize
Test hypothesis by talking to more customers
Develop 2-3 more alternative ideas around the same problem.
Brainstorm
Wake up and start talking and collecting information.
Keep your focus on the idea
Organize brainstorming sessions with:
i. Select participants for brainstorming and discussing the idea
ii. List out your findings, problems and possible solutions coming out with the discussion
iii. Now again put the problem, and idea to the group and let them talk on the solution
iv. Focus the discussion on “How this idea may fail” do not bring in any new solution to the discussion at this stage.
v. Compile and finally talk about the alternative ways to solve the same problem.
Repeat the same process with the other 2-3 alternative ideas you developed in the last stage.
Try to record this session and take detailed notes of this entire discussion
Share this with the critique, they can improve it further, you may use ‘quora’ or other platforms as well.
Develop Business Model
Work out the idea and bring out the product or service that it talks.
Prepare the business model around it.
Prepare a cost and budget model as well.
Prepare cash flow and work flow charts.
Prepare Pitch deck
Vet the model with an expert, find some mentor from the industry to discuss.
Get ready: Overhaul yourself
Polish yourself well
Take cofounder (If not yet) and workout initial team
Keep open mindset and talk to parents, family and friends because it could be a really long journey and you will need support on the way.
Talk to your team and polish yourself and your team for:
i. Charisma
ii. Creativity
iii. High energy
iv. Tenacity
v. Stress management
vi. Criticism handling
vii. Handling failure.
Stay close to each other, commit yourself to the cause you are coming together for.
Set things in place
Start building the core team, you may need to start partnering with people who are going to help you initially.
Divide responsibilities, set targets and make policies.
Set common goals.
Set priorities like:
i. Budget for family and business, congratulations if you have no liabilities and family to support.
ii. Workout dates and timelines
iii. Chalk down the insurance, loans and funding needs and timings
iv. Learn books and accounting
v. Understand taxes and compliances
Start working on prototype and set a soft launch
Soft Launch:
i. Space (Office, Plant)
ii. Machine procurement or outsourcing
iii. Licenses
iv. Resources
v. Contingencies
vi. Events and activities dates
vii. Find the first customer
Soft Launch and beyond
Feedback
Alterations in the MVP
garner funding support
LAUNCH!!!
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Polaris Educational and Cultural Trust the parent body of Polaris Academy of Excellence and Polaris Incubation Center is running one of its kind SAT classes for USA college admissions in Graduation. Polaris Incubation Center is the best incubation center in Aligarh, we are working closely with small and regional colleges to provide them the best business incubator in Aligarh. At Polaris Incubator, we work on startup ideas, the ideas those are innovative and can be developed into a real business. We work closely with young entrepreneurs while they are in their college and train them on entrepreneurship skills and motivate them to join the vision of new India with their own startups. . PAE Stack is employability and entrepreneurship development programs run by Polaris within the colleges as well as outside to make the youth of the region more employable and better placed for entrepreneurship ventures. For more details and information about the programs run by us for schools, colleges and communities please get in touch with us by subscribing to our newsletter.
