Eric Ries and Steve Blank are one of the early adopters of instigating a minimum viable product (MVP) as part of the startup process. Blank defines a MVP “not always a smaller/cheaper version of your final product. Defining the goal for a MVP can save you tons of time, money and grief.” Blank is an advocate for executing Learn Startup approach for almost a business. One strategy behind building and utilizing a MVP is not to use too many resources (eg. time and money). Get your MVP built quickly so you can start testing your hypothesis using the new product.
If you are new at business start-up then you have found the perfect blog post for you. I am going to lie out in simple steps (given that order can vary from start-up to start-up). My goal is to get the wheels turning so you can develop your own protocol that works for your business. The most appealing attribute of being an entrepreneur is there is no single right way to start your new business venture. In fact, there are countless ways to get from point A to point B. The choice is yours in what path you take in starting your new business.
What does strategy have to do with diagonal thinking?
Strategy should be your mindset with every decision. Strategy is the plan of action you set in place to solve the problem. If you have a strategy, diagonal thinking is your vehicle to solve it successfully. Diagonal thinking comes into the picture when traditional approaches don’t work. What if you are challenged with a deeper rooted problem solving situation at work? What if the situation requires thinking in the box but not using rows and columns, rather a diagonal approach? Continue reading
Before you go and start soliciting your business for funding, make sure that your business plan is concise, to the point, and specific to your audience (investors). You don’t want your business plan to be similar to the Goldilocks and 3 Bears story by having a bowl of porridge that was too hot or too cold. You want that plan to be to that last bowl Goldilocks tried that was just right! The way your plan feels, written, and the audience it speaks to will be contingent on if you receive funding. Just like the porridge, if your business plan has just the right amount of content then it will be eaten alive by the sharks (aka investors).The long and drawn out legacy business plans are quickly becoming a way of the past. Investors, Banks, and whomever else who is going to read your business plan does not really want to read your 60 page plan or even something as simple as a business model canvas.