Giving Birth to Business: The Thrill.

Giving birth to a new business can be a thrill. The word is thrill, not green, as Bruce Willis would say in the blockbuster film The Fifth Element. Green is money: if that is your thrill, go be an investment banker or some other lucrative job. The thrill of success, of building winning teams, and of launching successful companies is what motivates the best of us...

In fact, 'thrill' may be one reason that VCs struggle to put 'process' into small companies. Process can go against thrill if not managed well. For me, I absolutely love giving birth to a new business. I've discovered a process that I think makes for a good recipe for forming an idea into a business. It starts first and foremost with motivation: why are you starting the business? For me it is not just thrill (that is the reward), it is people, passion, and love of the challenge.

Here is my recipe for sharpening an idea and turning it into a business:
1.) Understand your reasons for starting the business!!!
* For me, this is the best part. I absolutely love the challenge of running a new business. I truly enjoy seeing my employees, partners, and bosses succeed. Finally, I am almost always passionate about the need or problem I am solving.
* The real thrill for me though: is doing all this MY WAY: the way that doesn't compromise on values, and is unique. In fact, the best part about starting and running a company for me is hiring, managing, and firing according to the winning values that I believe in (more on that in a future post).

2.) Hone the idea into a Minimum Viable Product (MVP).
* For me, I've written about the MVP idea already... but this is so important. If your MVP idea can't solve (by its self) a part of the need or problem: start over. If it solves "too much" and "will take a long time" to get going... or requires a "chicken for your egg" start over.

3.) Build a winning Business Plan.
* A winning business plan to me is one that: a.) clearly identifies the problem or need. b.) has a solid business model, c.) identifies and sizes the target market, and c.) shows how profitability can be achieved quickly. I'll assume that the product/service idea is good... the other parts are almost always the key.

4.) Build a team and a product.
* Based on the business plan, build a small team.. give shares freely for work early, and get the MVP product built ASAP!

5.) Sell it.
* start selling now. I am learning about this myself... it is hard. Be voratios about learning: there are Good sales books out there (i'm on a sales book reading kick right now myself, and i'll post my results soon).

6.) Raise money if needed.
* after you have successfully made a sale, determine if you can keep going and get to profitability, or if you need to raise money now.

7.) Sell it more.
* keep selling. Selling stock. Selling product. Selling vision. Selling culture. Successful selling is THE thing that makes small businesses work.

(photo credits)
Bruce Willis in The Fifth Element.(©1997

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