Idea to LaunchOn September 4, 2018 in entepreneurship • 1 minutes read
Quick notes on the first steps in launching a new company.
Step 1: Ideate
Goal: Pick an idea or to validate with potential customers.
- Create an idea list
- Define the business metrics, effort to ROI ratio and pick an idea (or 2 really good ones)
- Image the product that would compete with your idea and succeed; how can you avoid this?
- Pick the best idea for the next step
Step 2: Validate
Goal: Validate your idea by socialising it with potential customers.
- Identify people who we think will use our end product and interview them
- Confirm we are solving the problem and the problem problems which are more worthwhile to solve before we start working on the one we want to
- Go to step 1 if required and iterate
Step 3: MVP
Goal: Build a Minimum Viable Product (MVP) to elicit key input from potential customers.
- Show an MVP of the product to the people we have interviewed in Step 2.
- Listen to their feedbacks and iterate.
- At every step we need to be conscious of all key metrics we define in Step 1.
Step 4: Launch
Goal: Get your product out there!
Once the MVP has gained traction and is usable, chart a launch plan with marketing and PR, a customer acquisition strategy, pricing plans, roadmap.
Move forward and do not look back.