160405 Foundation

3 Fundamental Foundations for Successful Commercialisation

Lean Commercialisation is all about converting your idea to cash so that you have money to live off before you give up your current job or use up all your savings. But before you give up your current job there is a lot you can do to make sure that your idea is going to be successful and this short blog will give you three areas to review. These areas are goals, the journey, and having the right tools.

  • Goals. What is the ultimate place that you want to be? Are you someone who wants to be in a position where you can go and buy a boat and sail off the sunset? Or do you want to be advising the managers of your original business while you look out for new opportunities? Or then again maybe you want to sell your business and look at doing something completely new. Whatever your goal is, it is a good idea to have it written down. It will become something you will refer to in the future when things are not looking quite as good as they are today.
  • The journey. Being an entrepreneur is a journey and there are many phases. You need to be ready to take a journey from having idea to creating a company that generates ideas by the dozen and use them as make sense. Along the way you will meet hundreds of people. Many of these people will be keen to help you; maybe not today, maybe not tomorrow but maybe in a year’s time. It is important you keep them informed of your journey so that when the time is right you can work together effectively
  • Tools. I’m an Engineer and I did not realise just how important my tools are – I learned many during my Masters but these were in the engineering realm.  There are a lot of other tools that are required to run a business – broadly that are those that are personal tools and tools that help you manage a process. Tools you may find on the Internet include contact management (so you can manage all those people you meet), tools for building your profile, ways of arranging meetings, finding key people, etc. When it comes to personal tools there are effective task management capabilities, complex decision solutions, sales tools (such a Scotsman), the ability to work in and on the business, knowing how to code (it’s not that difficult if you really want to do it) and the ability to remain in a positive frame of mind when there are storms all around.

Once you have these in place you are in a very strong position start researching your idea and understanding how to take it forward. In the next blog I’ll start looking at the first of four: testing the problem. We can start using our tools to see if the problem really exists and work towards the next step: the potential income.

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