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4 ways to avoid "a field of dreams" launching your next business

4 ways to avoid "a field of dreams" launching your next business

4 ways to avoid "a field of dreams" launching your next business

HERE IS COMMON MISTAKE #4.  

“NO ONE WANTS TO BUT IT”.

A mistake many new entrepreneurs make is to create the product first, and then sell it.

The correct way is to do your customer research first. Who are your business idea's best customers?   

Are there enough of them out there to support the business?

 

 

Get your launch timing just right

Get your launch timing just right

When timing is everything!

We’ve all heard examples of poorly-timed product launches.

When we hear these stories it’s very easy to think: “why didn’t they plan this? Aren’t they billionaires? Didn’t they do their research?”

 

Why did Intel get right out of the left field with Will.i.Am?

 How to deal with ‘left of field’ disruptive innovation

In 2011, tech giant Intel announced Will.i.Am as their new Director of Creative Innovation. The announcement was suitably exciting but vague, and left a lot of tech-heads wondering why the world’s biggest maker of chips and microprocessors was interested in teaming up with the ‘Black Eyed Peas guy’.

7 costly mistakes to avoid when launching your next business

7 costly mistakes to avoid when launching your next business

Building a new idea is one of the most exhilarating, rewarding events in your career. With momentum comes new horizons and a promising future.

However, watch out for

New Business Nightmares - Losing all your money, fast!

7 costly mistakes to avoid when launching your next business

 

"Beware of the Shark's Fin" - 3 Lessons from Jaws about Business Disruption.

In the epic 1975 movie Jaws, the ominous presence of a shark’s fin cuts the ocean surface.

A young woman leaves an evening beach party on New England's Amity Island to go skinny dipping, only to be dragged back and forth and then pulled under the water by an unseen force. 

How a keep it simple idea with paper glue took over the world.

How a keep it simple idea with paper glue took over the world.

Try and imagine any trip to the stationery store when your fingers didn’t itch to grab a stack of yellow Post-its to help organise your thoughts on that 400-page report.

And yet … it’s just paper and glue. The Post-it is proof that the simplest ideas are often the most effective. This doesn’t mean that its genesis was a simple process, however.

Back in the late-1960s, Dr. Spencer Silver of 3M was working on an ultra-sticky glue, and instead came up with a glue that couldn’t bond with any surface permanently. He launched his product without much success, and kept tinkering.

Innovation Myths - 3 Eureka Moments of the Lone Wild Haired Inventor

There is a strong narrative in our culture about the lone, wild-haired inventor. 

The genius with the ‘lightbulb moment’ who elevates the ordinary into the extraordinary by leaping out of a bath or scribbling feverishly into the night. The one in a billion. 

That narrative drives a lot of ‘eureka moment” thinking around driving innovation

It’s probably time to put that narrative to bed. 

The deadly price of fast-tracked planning – Good Governance Lessons from the Home Insulation Program Royal Commission.

Q. What happens when planning goes wrong – on multiple levels?

 A. The Home Insulation Program and the deadly price of fast-tracked planning 

You may remember the ‘Pink Batts Disaster’ during the Global Financial Crisis. Over $20 million was wasted, it took out a minister, destroyed the industry, 94 house fires were reported, and most catastrophically of all, 4 young men died.

Damn them, or praise them, you'll never forget the dirty dozen - Who is protecting the value of your program investment?

For people who like their Hollywood casting ultra-manly, The Dirty Dozenhas the lot. Charles Bronson, Telly Savalas, John Cassavetes and many more make up a crack team of murderers brought together to assassinate opposition officers in World War II. 

The Dirty Dozen’s team-based plan to thwart Axis’s D-Day attack allows them to reach their goals – in the most unorthodox way.

What Australians can learn from Innovation Leaders Finland

Every aspect of Finnish society is embedded in innovation. From schools to technology and medicine, to start-ups and creativity, Finland is routinely listed amongst the most innovative economies in the world. 

And it’s always fascinating to see what they’ll come up with next. 

One original idea I love is Polar Bear Pitching, a competition where startups pitch to investors and media as quickly as they can from a freezing hole cut in the ice. It’s based in Oulu, a town ranked by Fortune as one of the best cities in the world for start-ups.

Collaboration Is The Engine Room of Innovation

In a time-poor, resource-poor environment, it’s tempting to think that that you can do everything yourself. Budgeting, marketing, finance, HR: all down to one tired entrepreneur clutching the reins.

One thing that could change the narrative of your survival is collaboration. 

Collaboration is crucial for innovation to succeed – a topic researched in Sarah Miller Caldicott’s Midnight Lunch: The 4 Phases of Team Collaboration Success from Thomas Edison's Lab. 

The Fatal Cost of Inaction In Business

Not so long ago, it was impossible to set up a business without a landline and a Telstra account. Which you’d wait 20 days to get connected.

Now you’d be mad not to set up your business without a mobile phone, internet access, computer, printer, assorted Apps, and a Fitbit to ensure you get your 10,000 steps every day. And you have to keep your ear to the ground to keep up-to-date with the next cloud-based technology.

Of course, Millenials are used to the idea of business acceleration. Growing up with a rapid cycle of technology has left them open to new ideas and highly adaptable to change.

Is your startup idea, a prosperous business or just a passionate hobby?

Messages on every Facebook wall about ‘following your passion’ make people feel warm and gooey – but do nothing to turn business ideas into reality. 

Consider how the fitness industry has boomed over the past decade, with a lot of fitness-lovers wanting to monetize their passion. At one end of the spectrum, a personal trainer sets up at the local park to service a handful of clients. At the other end, there is Michelle Bridges. Now listed on the BRW Rich Women list in 2015.

As a business consultant who helps turn amazing ideas into action, one of the very first questions I ask my clients is “is it a business… or a hobby?”