Research & planning
A scientist would do research to invent something new/unique in his lab. It could be a problem solver but may not be a commercial success because majority of their time and efforts invest in product invention not on the commercialization. However, a typical entrepreneur should first invest his time, efforts, and money to understand how commercially the product can get succeeded. Eventually, an entrepreneur should understand the market need and its demand.
Let us assume a vehicle is a startup and destiny is the vision.
A plan is deciding a suitable vehicle to travel, defining the speed to reach, deciding to travel alone or with a set of people, preparing to travel without the help of maps and internet connection, carrying the food to survive, making friends with in the travel to understand the reality, learning little mechanism to fix the vehicle break downs to reach the destination successfully.
Deciding a suitable vehicle: It is deciding the approach to follow to establish the startup — Please recall about approach from part-1.
Defining the speed: The duration, time, efforts and capacity to travel to reach the destination.
Travelling alone: Making a decision about traveling alone or with a right set of team makes the difference of the travel.
Internet & Maps: Not every road in the world is in maps, not every place you travel may have internet connectivity. Similarly, mentor or guide can help you up to some extend. You are the better driver for your own destiny.
Food to survive: How much fund is backed up to survive the startup and the team as well.
Making friends: Once the MVP (Minimum viable product) is ready, find some customers to demonstrate and understand the need, demand, and the direction from them.
Mechanism: Management, leadership, and other skills to fill someone in their absence to keep the travel going.
Yes, it is a plan. If it is documented, it can turn into a bible after few versions of upgradation. If it is not documented and maintained, it remains as set of ideas which takes far more time to implement than an idea with a documented plan.
In any case, the vehicle can come back to origin and start a fresh journey with a new version of plan. However, to start a new journey all the mistakes should have been documented in the plan as an upgraded version. Remember, changing the vehicle is changing the idea. However, the destination may remain the same.
Development
The team is ready, plan is ready, the approach is ready, market research report is ready, and MVP (minimum viable product) is ready. Nothing will stop the full length development of the product. Implement agile methodology to develop the product. Agile helps to find the errors at the early stage of the product building. Finding errors or any functionality gaps at the early stage of product building will certainly minimize the cost, saves time and efforts. So, get the first version of the product ready to launch.
Introduction
Creating a right market pitch is the key to introduce a product into market. Here is the detailed market pitch for any startup.
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