Launch a new thing
Our upended world needs new, better solutions. Offer yours.
by Elena Bondareva
There is probably at least one big, world-changing idea nagging at you. How do you decide whether it’s worth all you got?
Given who you are, you absolutely can bring a transformational solution into the world; make it several. Whether through your current role or by going on your own, you can leverage substantial financial and social capital. However, that’s not to be squandered: you have worked your entire career for those.
So, the question isn’t whether there is an idea you can materialize to change the world. The question is: how do you determine if an idea is worthy of your effort, now?
Vetting your idea
How do you vet an idea? How do you latch onto its slippery form and scrutinize it enough to confidently move on it or take it off the table?
Good news: there is a proven way to objectively vet ideas. It’s called opportunity analysis. One day, it may be as common as a doctor’s physical exam, which also distills centuries of science and practice into distinct diagnostic steps.
Like a physical exam, opportunity analysis is pretty rigid for a reason: it forces one to address all the important questions, however uncomfortable. And like a physical exam, an opportunity analysis can be self-administered. Its key questions are below, and you will probably find them logical. You could master this diagnostic and apply it to your own ideas; I have. Just remember that like with a physical, sometimes we are too vested or too stressed to do it ourselves.
Opportunity analysis progressively considers, validating with market research wherever possible, the following questions:
What is the opportunity? What are the forces shaping it? What is its market size? Is it expanding or contracting?
Who is the customer? How can you segment the customers based on their need and purchasing preferences?
What is the solution? How exactly will you make the world better?
What is the competition doing – and how are they succeeding or failing?
What does the market suggest for your competitive advantage?
What would be the operational model, i.e., the key activities, resources, partnerships, cost structure and revenue model?
What would be the financial model, including the running break-even that would inform the amount of capital required?
What is the right mix of start-up capital (equity, debt, donations, grants, etc.)?
What “A team” would you need?
What should be the launch strategy?
What could be the growth strategy?
What is the risk profile–and how will key risks be managed?
Vital decisions are hard
Leaders are defined by their decisions. To expand, to course-correct, to transform, to cease unsuccessful initiatives? The cost of indecision: missed opportunities, redundant efforts, loss of trust, obsolescence, financial loss.
Opportunity analysis will progressively frame decisions for you; decisions on whether it makes sense to keep going. Both “no” and “not now” are valuable answers if they save you years of angst, millions of dollars, and life-long relationships. And don’t forget the opportunity cost (the value, monetary or not, that you forego by focusing on this) of an idea that is neither in nor out for months or years, clogging your powerhouse headspace. A client had spent $50k by the time he realized his idea was a no-go. His sentiment? “The best $50k I ever spent!”
We specialize in taking leaders through such decision points quickly and clearly.
Costs
Option 1: DIY. $n/a.
If you self-diagnose, there are only opportunity costs. With anything we are not expert at (from kitchen renovations to software development to wedding planning), opportunity cost may be too high unless you find yourself with more time than cash. While viable, this option tends to prove impractical while life’s responsibilities trump our wishes. Furthermore, check whether you can discipline yourself to cut no corners, as confirmation bias is a major risk here.
Option 2: Coaching. $ hourly.
You want to get your hands dirty and have the time but need somebody to check your blindside as you go. If you have perfectionist tendencies, this is a must, or you will likely doubt yourself into paralysis. Having a coach also helps maintain your preferred pace. Having coached countless entrepreneurs, we vouch for this option as the best of both worlds. I recommend hourly if you expect to do much of the heavy lifting yourself, using us only sparingly.
Option 3: Outsource. $ lump sum, output based.
For many of you, the problem isn’t expertise or the money. It’s time. Your day is packed as it is, and ideas rarely get more than 10 min at a clip. Before you know it, you feel like you’re treading water, and the idea seems less viable.
I recommend lumpsums if you need us to drive it for you; if you need results with no cost overruns.
If you already regret sitting on that idea and know that “more time” is unrealistic, then perhaps let us help. Count on us to take on the headwinds for a time, ensuring that your idea is advancing, or even have us drive the whole thing on your behalf. For a decade, our clients have walked into pitch meetings with heads held high even though they never spent more than 20 min per week. Our investment packs and execution plans have passed muster time and again, your acclaim only greater because you never missed a beat.
The bottom line
The world misses out when leaders stall. Imagine if we–seasoned changed agents in positions of material power–pursued every solution we believed in?
Grieving the better world that would have been is why my practice, Vivit, is dedicated to ushering transformational ideas into the world. Like the physician, we’re not the point; you are. We are just here for the moments when being your best in the world needs an assist.
If you have read this far, you have a great idea. Please, move on it, and get help as needed.
Case Study: Enabling Clients’ Exits
Please let me know whether you are finding this helpful and what you’d like to hear more of.