The Lightbulb Comes On--We Can Change the World!
Seemingly out of the blue but as the result of experience, business pain or from an interaction with an individual or group, the so-called lightbulb goes on. What if we did such and such, wouldn’t this make our world a better place?
Inspiration occurs in the strangest ways. The preverbal business idea on a cocktail napkin often results in success and even the next unicorn. It has happened. But not without a plan. Not without successful action.
Now you have a Big Idea, what is the next step? Where do my team and I go from here? If you live in Houston, Texas USA or are a participant in the global energy sector you probably know that Houston has a significant Entrepreneurial Ecosystem.
Sometimes, a significant presence can be intimidating and moreover, which of all the entry points do you approach? Yet everyone seems willing to help me, so how can I avail myself of this capability? You need a plan.
From Idea to . . .
Henry Ford is (possibly) attributed with saying, “If I had asked people what they wanted, they would have said faster horses.” Not settling for an incremental market, he invented and popularized the Tin Lizzie ushering in the new age of the ‘horseless carriage.’
Conventional wisdom tells us to write a business plan and shop for investors. However, an early question in the process, “Does anybody care?”
In the case of the Model T, the evolution from horse to horseless was not as big a step as it first appeared. Customers just needed to see a value proposition or a reason to ‘buy.’
They realized their transportation was faster, better and they did not have to stable livestock. In other words, their transportation process and value proposition changed for the better.
If your Big Idea was the result of discussions with customer and identifies their ‘pain points,’ you are off to a good start. Follow up with trusted advisors and ‘flush out’ issues and finalize an approach to a product/solution.
If it is more of an (transformational) idea than an easily understandable solution, additional work will be necessary. Can you show clients the value with a demonstration? If it is too big for that, i.e. changing a manufacturing process, you will need to demonstrate and document HOW. What are the economics? What are their risks and the mitigation strategy?
One comment, if your customer segment is energy or those similar critical infrastructure sectors such as medical, stay away from terms such as Minimum Viable Product (MVP). This business model may work for software apps but not for life threating applications. Statements like this will not likely get approval by the energy firms’ CFO.
Homework
Your Big Idea may in fact change the world. Many have.
The late actor, Eddie Cantor is supposedly said, “It takes 20 years to make an overnight success.” Perhaps you have 20 or more years in the field. Bummer that the clock seems to start over when something new presents itself.
However, the ole adage about Internet Dog Years, remains true and maybe accelerating to insect years. Shrinking time to market for new ideas is the result of knowledgeable individuals doing the dreaded homework. Be Prepared as the Boy Scouts, the Lion King and others say.
Many times, entrepreneurs (sales people and others) gain the coveted appointment with a decision maker only to come away disappointed. In most occasions they have not been able to convince that individual that the solution matters—value to the firm. This does not need to be the case.
First of a Thousand Steps
Your Big Idea sets you on a voyage. Leaving the dock and sailing one mile at a time can lead to circling the world more than once. Serial entrepreneurs are continuingly launching new solutions and the opportunity for success has never been greater. These opportunities are available to all.
Seize the Moment and Go for It!
Next Time: How to Articulate Your Value.