Entrepreneurship

Having an great idea is an excellent start. But then the questions emerge: are you sure customers are going to like it? If so, how are you going to make money out of it? Will you find people that help you making it happen: money, knowledge, ability?

In a high tech environment, the issue is often not to have an idea. Too often the question is to select the best idea. The process to pick the best opportunity requires insight in many factors. Frequently, the technology behind the idea is only a small part of the equation that you need to think through. How will the market respond to a novelty? What will the competition do? Can it be offered in a special service arrangement, so that the customer relationship can create value for a prolonged time?

Once you have made a selection for one or more ideas to invest in, the process of realization demands a high degree of focus and discipline. The hard part of making a choice in favor of one item is that you also choose against all others. And during the time when you prepare for launch, so many other opportunities that may be more promising, will pass by.

Think through your options: are your projects on track? Have we maximized the possible outcome? Is it worth while to abandon one investment to support another one? Is my organization ready to launch? Can we do more with what we already have available as assets? You are in this venture: how to make the best of it?

The hard part of making a choice in favor of one item is that you also choose against all others

Comments are closed.