Remove Competition Remove Ideas Remove Outsource Development Remove Writing
article thumbnail

10 Common Startup Mistakes That Are Rarely Admitted

Startup Professionals Musings

I believe the old adage that you don’t know what you don’t know until you try to write it down. The discipline of writing down your plan is the best way to make sure you understand how to transform your idea into a business, and how to communicate it. Not every great idea is a viable business.

Startup 124
article thumbnail

Reduce five risks: Increase your valuation

Berkonomics

This risk can be mitigated by finding a customer willing to purchase as soon as a proven model is completed, and willing to state this in writing. Email readers, continue here…] A great idea often fails from the inexperience or inability of management to bring the idea to market. And fifth: Competitive risk. .

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 Drivers For Aspiring Entrepreneurs To Finish School

Startup Professionals Musings

Most colleges have now added classes in entrepreneurship to include the necessary business focus to technical majors that usually drive innovative ideas. Every school recognizes the power of “hands-on” work to help you develop your own ideas into a business. Write a business plan and pitch deck for learning.

article thumbnail

10 Popular Business Strategies That Most Often Fail

Startup Professionals Musings

I believe the old adage that you don’t know what you don’t know until you try to write it down. The discipline of writing down your plan is the best way to make sure you understand how to transform your idea into a business, and how to communicate it. Not every great idea is a viable business.

Startup 174
article thumbnail

Can you overcome five risks and create wealth?

Berkonomics

This risk can be mitigated by finding a customer willing to purchase as soon as a proven model is completed, and willing to state this in writing. A great idea often fails from the inexperience or inability of management to bring the idea to market. And fifth: Competitive risk. . Third: Management risk. .

article thumbnail

Ten Rookie Startup Mistakes You Won’t Make

InfoChachkie

Thus, you must first create the playbook by which an independent sales rep can readily sell your product, including: identifying objections and developing strategies to overcome them, creating reference accounts and establishing meaningful customer adoption. 3) Attempt To License An Idea. 5) Allow Partners To Write Your Agreements.

Startup 242
article thumbnail

10 Key Business Plan Elements Not In A Product Spec

Startup Professionals Musings

As an advisor to new hardware entrepreneurs, I often hear the myth that a business plan is no longer required to find an investor, if your idea is good enough. To be clear, I define a product specification as the technical definition of your product, to be used for development and testing purposes, with a quick business summary for context.

Product 169