We still have new business ideas. Some ideas come from the new problems we are facing, some good ideas, some will work now, and some will only work after the economy reopens and recovers. These ideas still need to be put into practice so that you can eliminate these evils and pull out the best. This post explores the basics of dealing with new business ideas, crises, or not.
The goal is to make a good guess, not sure.
Before we explain that, we need to remember one essential truth about new business ideas: you guessed it. You never believe starting a new business is risky, and no matter how much data you get, no matter how good your plans are, you still run the risk. And besides, you’re looking to the future, so you’re still guessing.
No amount of research or data eliminates uncertainty. You can create prototypes, do surveys, even take initial orders, but you can’t fully predict what will happen if you really start and batch. Uncertainty is part of the reality of the beginning. Merchants live with it.
So, from the beginning, don’t be sure. The goal is to make as strong an educated guess as possible. The goal is to reduce uncertainty, not eliminate it. Educate these estimates as much as you can, but don’t expect them to disappear.
Step 1: Explain the success
Start your business with your own thinking. Maybe its financial success, freedom and independence, maybe a way of living on your own terms, or maybe you want to change the world.
And in these times of crisis, some want to go through the financial crisis caused by epidemics. Losing a job or a business can lead to a better life for them. There is a big difference between what you are looking for and what you want to test.
It’s not like the questions are different for each difference in what the process is considered to be in terms of success. That’s all you need to keep in mind when you go through other stages.
Step 2: Take a step back and take a critical look
In the real world, you don’t directly prototype, survey, market, or do anything. You take a step back from your idea and look at it with a good critical eye. You realize that good thoughts are like flying nets, they catch you and take you inside, and so, you fight the desire to fall in love from afar. Get away from it and take a critical look.
The first big question is whether people really want to sell your new business. You probably love it You will buy it. But can you separate your ideology from the ideology that everyone thinks? You have to start by trying to see it objectively.
Step 3: Make a list of what to expect
Make a list of all the specific things that need to be done, with an estimate of each of them in terms of time, resources, and skills. Don’t list everything; some important items, essential items. We call these milestones.
For example, in a retail store, the listing might include writing an initial business plan, choosing a location, fix-ups and fixtures, indicators, initial stock, staffing, and marketing your startup. For software-driven online businesses, milestones can include an initial business plan, which can include the right people, board, website specs, design, first website launch, marketing launch, and more. The business you are considering will include some important milestones.
Do you have a lean business plan?
If you can do that, now you have broken your uncertainty into more manageable pieces, and you have overcome your block. Carry on. Develop a lean business plan. This is not a complete regular business plan, not even close. It’s just a page for you, lists of tablets, and tables. Key strategy points for you and your startup team (about the problem you solve, why you solve it, why you focus on strategy) and implementation and tactics, and sales forecast Necessary estimates, including expenditure budgets, cash flow, and unit economics.
Use the lean business plan to test whether you know enough to go further. Like your list of important milestones, if you can’t do it, then you’re not ready. This can be a good business idea, but you will need more research to decide.