Build Business Models That Work
Turn Great Ideas into Operational Realities
- “Where do we get the money we need?”
- “How do we identify and hire the right people?”
- “What’s the best way to manufacture our product?”
- “Who will help us market and sell?”
- “How do I protect my ideas?”
As a startup founder, these concerns may sound familiar to you:
Your primary goal as a startup is either to introduce a completely new product or service or make improvements to one that already exists. As you know, startups are typically challenged to motivate others to invest their time and/or money to help them succeed. For each Innovation Goal, there are Innovation Barriers, standing in the way that can be overcome by identifying Potential Solutions and ensuring an acceptable return on investment prior to their selection and implementation.
For your startup to achieve its expected outcomes, specific goals must be defined and addressed. Proper goal-setting is a major key to success for any startup — meaning goals should be unambiguous and specifically focused on what’s immediately relevant; have realistic target completion dates; and have assigned, motivated owners. Goals can be prioritized in a phased approach to help avoid “overload” — investing too much time and money at once.
- What are the goals and expected outcomes for your startup?
- Do they follow a proper goal-setting approach?
- What’s standing in the way of achieving your goals and expected outcomes?
Once you’ve set goals that will allow you to meet your expected outcomes, the game is on. Challenges and innovation barriers — anything standing in the way of your success — are inevitable. Identifying your challenges and removing innovation barriers are key to moving forward. Your startup may benefit from this three-step process: separating symptoms from actual problems, examining the organization alignment components of your business and determining the potential monetary benefits of barrier removal.
- Have your challenges and innovation barriers been identified?
- What could happen if they’re not addressed?
- Are potential solutions being identified and planned?
Removing challenges and innovation barriers to achieve goals and expected outcomes can be achieved by your startup in many ways, ranging from simply reading a free online article to hiring a team of expensive professionals to do the work for you. Most solutions come at a cost — an investment that needs to be compared to their potential monetary benefit. If the expected benefit is greater than the initial and ongoing costs, it’s usually worth getting started.
- Which solutions are best for your startup right now?
- How will the best value and priority be determined?
- How can Inovayshin help you succeed?
Can you relate to the following examples of Innovation Goals and Innovation Barriers — and are you considering any of the Potential Solutions we’ve listed?