Bridge the Gap from Business Idea to Startup
Bridge the Gap from Business Idea to Startup
First-time entrepreneurs think their innovative idea was the hard part. In reality, your challenge has just begun.
One thing I have learned the hard way in business is that implementing new ideas is usually much more difficult than conceiving the idea in the first place.
That’s why I caution my aspiring entrepreneur clients against proclaiming to investors that they are a great “idea” person. The bridge from thinking and talking, to doing, is a long and difficult one for many to get over.
For example, I have a friend with a Ph.D. in Physics who talks passionately about \ producing nuclear powered batteries. I have tried to convince him the general idea alone does not make a business. His challenge is to focus on one market, consumer or commercial, with a specific design, cost, and price. Then, he’ll need to patent it and create a plan to show opportunity, competition, and financial projections. Yes, there are a lot of bridges to cross.
In addition, creating a business requires leading and interacting with other people, including partners, investors, and customers. And you’re not done yet.
Finally, implementation requires a commitment of real money and other resources that can’t be written off so easily as an idea ahead of it’s time. Yet there are clearly some positive steps I can recommend for getting you (and him) across those bridges to build a business that has a shot at success.
1. Find a co-founder who has been there and done that.
At least the first time around, it pays big dividends for an idea person to find a partner with the business skills you haven’t tested yet. Don’t assume you can outsource the implementation decisions.
You need someone you can trust and learn from every day, with equal “skin in the game.”
For example, I often cite the relationship between Bill Gates and Steve Ballmer, who grew Microsoft together. Bill was initially the idea person and technologist, while Steve had the business and marketing experience from Proctor & Gamble to close the business equation.
