Refine ... Iterate ... Pivot

Creating something new and better is seldom a smooth start to finish process. More often it's a start, test, iterate, refine, re-start, re-test, re-iterate, get frustrated and quit!!

It starts with an idea, it always does! 

The first question, "Who cares? Are there any customers for our idea?" If the answer is "Yes, we think so ...", then move on to the next stage of development: a] create a business model that will fit our target customers and our idea; and b] develop our product and/or service in steps that can be tested and refine (agile engineering, it's called). 

If our first customers are happy with the results, find more and more customers and build up our venture. If our first customers aren't all that thrilled, iterate either our business model or our product/service, or both!

[Thank you, Steve Blank.]

Tips for Developing a Venture Strategy

1. Develop the vision statement, the mission statement, and the business model
2. Describe the industry and context for the firm and its competitors
3. Determine the firm’s strengths and weaknesses in the context of the industry and environment
4. Describe the firm’s core competencies, its customers, and its competitive advantage
5. Describe the opportunities and threats for the venture
6. Identify the critical success factors
7. Formulate strategic options and select the appropriate strategy
8. Translate the strategy into action plans with suitable measures and controls

[Thank you, Tom Beyers]

Innovation Sweet Spot

Mission Statement ... The Critical Success Factor!

The world changes ... client needs, wants, desires; competitive offerings; economic environments; et alia.  

Every organization must proactively address change if it is to survive and thrive.  The four elements of the Critical Success Factor are excellent focal points for potential innovation in an organization.  

The Critical Success Factor statement is also an excellent Mission Statement template.

Use SCAMPER to Change Something