• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint

Conclusion

There are thousands of things that must be considered and mastered in launching new ventures.[1] The majority of them are not relevant until the resources and distribution have matured somewhat and the level of thinking and operations is far more sophisticated. The elements in the Scorecard are the matters that you can evaluate intuitively, up front. They are also excellent alignment tools for the enterprise at large, allowing you to position your idea for the optimum chance of success. Nearly all of the items survive the launch process quite well. However, while some of the more aggressive elements are particularly useful in lifting your venture off of the ground, they should be eliminated or greatly tempered when the company matures.

[1] Jeffry Timmons believes that the actual number is more like 50,000. See New Venture Creation, 5th edition, p. 46, Irwin-McGraw Hill, 1999.

Sooner or later you will need to begin sharing your idea with others. You cannot keep your idea under a teacup. This does not give you license to explain your idea to everyone you see willy nilly. Be careful. Use this tool, spot your weaknesses now, drive the score up, and inch your way into the marketplace. Your first job is to attract the resources necessary to elevate the score. Almost immediately you will need to find a lawyer who can help you protect your intellectual property, your idea. You will also need to address the roster on your management team—most investors place e-x-t-r-a-o-r-d-i-n-a-r-y weight on it. Now that you have aligned your idea for success, you need to follow through, a ripe subject for treatment in our next “conversation.”


PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint