Risk

Use these 3 Perspectives to Think about your Startup?

You can take an idea and turn it into a business in numerous ways. Most businesses, however, can be viewed from 3 separate perspectives...
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Posted on
March 23, 2020
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4
Minute Read

You can take an idea and turn it into a business in numerous ways. Most businesses, however, can be viewed from 3 separate perspectives:

  • What is the product or service you offer?
  • Who is your target market, and how do you sell your product/service to them?
  • Have you minimized risks to allow you “freedom to operate” your business?

This framework is essential when thinking about the first step of taking your idea to the startup stage–where you must test each of these perspectives before you can exit the startup stage and actually become a full-fledged business.

You might find this simple whiteboard session helpful as you consider these three parts of your startup and ultimate business.

It really doesn’t matter which perspective you start from. However, where you start will depend, in part, on the information you already have and the end objective you’re trying to achieve. For example, if you’ve invented the next billion-dollar invention, then you’ll likely want to start validating your technology first, and begin to validate your market and minimize risks along the way. In contrast, if you’re not sure what product or service to sell, but you have an anxious market segment with lots of urgent gaps to be filled, then start validating your market first in order to help you determine what type of technology you can offer to solve a pressing need.

Either way, you need to minimize risks along the way–the odds are against startups from the get-go, so don’t let little risks at the beginning turn into major obstacles that prevent you from ever becoming an actual business. Things like protecting your technology, establishing confidential relationships, forming your business entity, setting up your team and team culture, and establishing relationships with critical suppliers and customers can be relatively simple to do correctly up front, but these can turn into nightmares if you have to fix them after they become a real problem.

As you work feverishly to get your idea off the ground, be responsible and work on all three of these perspectives simultaneously, even if one of them drives your decisions with the other perspectives.

ARE YOU READY TO TAKE ACTION?

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Legal Disclaimer: This general information does not establish a legal relationship with any attorneys or law firm without a written and signed legal representation engagement agreement.

Jeff Holman
Jeff Holman draws from a broad background that spans law, engineering, and business. He is driven to deploy strategic business initiatives that create enterprise value and establish operational efficiencies.
Sky Blue Envelopes

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