For Great Ventures Checking Viability
June 27th, 2010 Filed under: Small Home Based Business — Small Home Business Author
To create a potential great venture, you must nail passion, vision, opportunity, and uncommon offering. It sets the ceiling on your potential and greatness is certainly possible with these components in place. However, just because you have nailed them does not mean that greatness is inevitable. You must check the viability of your venture regardless of whether or not you have nailed passion, vision, opportunity, and uncommon offering.
Checking viability involves early prototyping along with active interaction with potential clients. The viability phase can also be a very important contributor to you nailing your vision, opportunity, and uncommon offering if you haven’t done so already. That is why you must develop a lean venture model from the start.
Your lean venture model is your model for delivering the most value from your customer’s perspective while consuming the fewest resources and tapping the creative talents of your people. It takes into account the three critical components of verifying viability – customers, resources, and the creative talents of your people.
Something is not viable just because it can be done. It is viable when:
- it serves a customer’s important needs enough to get them to exchange currency for it
- it delights customers and other shareholders so much that resources become more readily available
- it attracts talented and passionate people to the cause
- it changes the risk equation in your favor (the opportunities, rewards, possibilities far outweigh the contained risk)
Your lean venture model should allow you to build a great “thing” while also attracting interested customers, abundant resources, and enthusiastic contributors in a dynamic and iterative way. It will allow you to modify and adapt along the way and help you nail the vision, opportunity, and uncommon offering that makes great ventures possible.
So, simultaneously build your “thing” and talk to potential customers at the same time to check viability. It is the path to a great venture!
© Copyright 2010 Jon L. Iveson, Ph.D.
About the Author:
Jon L. Iveson, Ph.D., The Champion’s Coach, is a Gazelles Certified Coach who helps companies and individuals thrive at all times.
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