How do i start? "Ideas are sh*t, execution is the game" as Gary Vaynerchuk says. I have written/jot down many different ideas, ideas ranging from services which startups to technological products which can change the way we deal with storage and more advanced iron man/elon musk kinda ideas. But i just don't know how to get the ideas from the paper to execution? All i need is time,space, a well obsessed team with great enough skills and capitalism, but i just don't know how to get all that or what should be my next move?!!?
Ideas are sh*t only if they have no sense at all :). The humany advanced because of ideas (and execution), but execution without idea is similar to the proposal of Keynes - one part of the labor force to dig, and the other to cover the work of the previos team. Excellent exuction, no benefit (except creating demand).
The first thing probably is to make sure that your idea has any value. The easiest way is to see if there is a problem that it solves, or is add-up to something else (resudual value).
After you make sure you know what is the problem to solve, probably you have to see how people currently satisfy this need (what the competitors are doing). If you think there are no competitors, most probably you have to rethink your problem definition and value proposition.
Once you understand the palying field, the next step is to estimate the potential market for your prosuct / service. And if it attractive, how you will get to your clients, how much you will be able to charge, how much will cost you to deliver your promise, etc.
And if seems that your idea, if realized, will provide adequate return on the investment, is when implementations starts :).
Takes time and work, and probably you may hire an advisor to help you down the road.
The greatest skill is to get people together, know what you want done, and without barking orders, or giving explicit instruction, motivate the people to do what you want - all the while being absolutely honest and truthful. Without this skill you will be very frustrated as an entrepreneur, only able to accomplish what you yourself can do in a workday.
Some people are natural born leaders. Throw ten developers in a room, don't assign a lead, and watch what happens. If you're not a natural born leader, you can learn.
In other words, execution is really about inspiring people to work together for a common cause. This is not as easy as it sounds. Take a sales job - as the best sales people are extremely honest, personable, and understand how to do this - or a management job - either of these positions will help teach you the skills you need. Study the bad managers, and the good ones.
Ideas have their place, but it is usually at the point where you have validated a need that has intense demand and now need some ideas on exactly how to solve and serve that need.
If you start with an idea, you will most likely be doomed to failure, since most businesses/products based only on an idea fail.
So I suggest you forget ideas and look for unmet demand and start there.
Read 'The Lean startup' then break down into steps what you need to achieve. If you genuinely have no idea where to start then firstly you need to educate yourself..substantially. Learn about startup methodology, how other people approached their startup journey, learn about the sector that your solution sits in etc. Then you will have an idea of where to start - it may not be a perfect plan, but at least enough to start hustling and refine from there. There's no way you'll be able to attract others to the project without a strong understanding on execution (at least at the 'top level'). People won't follow someone who has no idea what they're doing, sorry that's harsh but just being honest.
Your capacity to generate so much ideas means that you are pretty creative, smart, and open-minded. That's great!
But what you need to develop now is Focus.
And without Focus, you will never build nothing because ideas helps you write your business but execution helps you build your business.
You need an advisor who can help you build this Focus capacity or a co-founder who already develloped the Focus capacity.
I can help you achieve this.
This Focus capacity requires being able to:
1) design with accuracy and without bias what success means to you, so that you can vet your ideas against success criteria you defined;
2) sort your ideas from the one that can quickly lead you to success to the one that can take ages before it gives you success, and anytime you have a new idea, you will be able to check it likeliness to quickly lead you to success compared to your other ideas.
With these skills in your pocket, you can easily check which one of your ideas aligns the best with your success criteria.
And definitely, you will be able to Focus without effort.
You also need an advisor or a co-founder who really knows how to build a start-up business from scratch, and that specifically has strong skills and start-up experience in:
1) lean customers interview hack,
2) lean marketing,
3) customers growth hack,
4) business idea vetting,
5) how to detect early that an idea will fail,
6) how and when to pivot,
7) climbing the mvp mountain,
8) b2b and b2c sales best practice (because you have no business if you can't sell)
9) psychology of selling
10) financial modelling for startup (because you will need to check the likeliness of your business model to generate enough value and money to be financially sustainable)
I can help you on that.
And definitely, you willneed to learn some specific skills related to business idea vetting.
Step 1 : sniff testing
This is the capacity to split your ideas into small parts and assess the likeliness of each part to be a contributor to the overall success of your future business without spending time and resources doing standard market research. It can help you identify winners and looser early and help you save precious time and resources.
Step 2 : customer development and market research
This is the capacity to identify the best people to talk to, the best places to find them, the best way to approach them, how to talk to them so that they are not getting bored, what to ask to get a comprehensive and useful insights for your business.
Step 3 : financial modelling for startup
This is the capacity to check whether or not your idea/customer/market align to generate enough value and money to build a sustainable business.
Other important skills :
- Capacity to generate back-up ideas or sub-ideas. As you move further and deeper in customer development, you will probably notice that the current version of your idea is a b*llsh*t. This can lead to panic if you don't have backups. You can be either disappointed and abandon (smart decision) or stubborn and continue (foolish decision).
- Capacity to identify early which part of your business idea is too weak to be pursed
Hope this helps.
Feel free to join me on LinkedIn or send me a private message here if you need further help.
Get customer data showing it's time has come, make that your pitch and use it to get cofounders. Only then will you have something.
There are good ideas and bad ideas, good execution and poor execution, and they both matter.
As for your next step, you just do whatever you can to move an idea forward: whether that's making a prototype, getting software written, providing some version of the service you want to offer. It depends on what your ideas are, but you need to test/get feedback/modify to refine and prove your idea.
Akhil - I recommend two books to help you get to a place where you can decide if/how to move ahead. I applaud your enthusiasm but I think you are underestimating what it takes. The books are Will it Fly? and Lean Customer Development. Good luck!
I think I can recommend you an article which addresses exactly your problem: “I have an idea for an app, but my budget is limited.” On this blog you can find advice for startups no software development, project management, funding, etc., so feel free to check other articles:)
Hope this helps,
Have a nice day!