Innovate & Grow
Step 1. – An Idea
The entrenovational process flows from your “idea”: an innovative product or service. Questions that must be answered include:
- What is the product/service?
- Can the product/service be created?
- What is the timeline to fully develop?
- What resources will development employ?
- What will be the cost of development?
Step 2. – Validation and Justification
Complete the validation process and then write a Justification Statement – a succinct summarization of information gathered during the validation process. This is a significant undertaking that the founder(s) can complete with little cost and a lot of focused effort. Matters to be validated include, but are not limited to:
- The viability of the product or service that is the idea.
- Why will this product or service be important, or valuable, to a customer?
- The market: it’s nature, size and accessibility? Potential? Location(s)?
- Competition: nature of? Barriers to entry?
- Financial considerations: revenue potential, operating expense, profitability. Will the outcome represent desired value?
- Risks: identify and rank according to significance of threat.
If your founding group remains unshakeably convinced the idea is justified as the right opportunity, proceed to planning the project. Otherwise, re-visit the validation findings, or move on to the next idea.
Step 3. – Plan
I believe it is beneficial to think of the process not as a business but rather as a project. By definition a project is unique and has a finite existence.
- Develop and implement a budgetary control system that identifies needs at least twelve months in advance.
- Utilize a project management professional or tools to develop the plan.
- “Fail to plan … plan to fail” – trite but true.
Step 4. – Develop
- Use classic feed-back loops during execution of the plan to keep the plan on budget, focused, and aimed at the target market.
- If you are not aimed at the market, you will likely miss it!
Step 5. – Integrate
- The entrenoveur will either employ entrepreneurial skills and, at the appropriate time, develop a business plan, or engage an entrepreneur to assist in the generation of a business plan.
- Entrepreneurial skills will be required to execute the business plan, take the product or service to market. The entrepreneur may, or may not, be the entrenoveurial founder. If the project is internal to an existing business, the project will be integrated into the business.