Saturday, 20 November 2010

Diary of a Start-Up: Pushing the concept into reality

Having researched fairly extensively online, I couldn’t find a similar business that fused all of the elements that will potentially make this business a success. That is fantastic news and it’s a good feeling to know that the idea is progressing.

I’ve set out an action plan on paper – it includes dates that I need to meet and associated actions that need to be completed by those dates. Top of the list is a simple one:
  • Business Plan
I used to view business plans as a chore, a frustrating part of business that ‘just had to be done’. Not that I adhere to many traditional principles but this is one that remains important. If you view a business plan as an organic document, one that grows and evolves with each word you add, it is much more accurate than simply seeing it as a static document. Many business owners that I’ve met have said the same thing but having written my own, it’s true – it throws up more questions than it does answers.

Issues it has thrown up for me so far include: will we need to be regulated, how can we secure our customers’ funds, how will we generate the return, who will build the site, what do we call it?! Starting a company is a maelstrom of ideas that pool together to produce... not a lot! Keeping focused on the end goal is crucial I think – what am I trying to achieve in the long run and how will I get there? I have always been very much a ‘strategic thinker’ – read: inability to focus on the minutiae – but a business plan FORCES one to look at the detail and consider the business from all aspects.

This is certainly fun, but tiring! Hence, good night for now!

JW

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