Problem-Solving for Good.

It starts with articulating the problem you’re here to solve.

If you’re not addressing a real pain point for someone (and preferably a lot of someones), it’ll be tough to break through — people sometimes buy vitamins, but they always buy medicine.

• What’s the problem?
• Who’s affected by it?
• How many people are we talking about?
• What do we know about them?
• Where are they found?
• Why do we think they want this (even if they don’t know they want this yet)?

Are you curing the cause, or addressing the symptoms? The cause may require more effort to crack but it leads to more permanent change, better retention, and a more defensible long-term position. If you’re just addressing the symptoms, someone else will go after the cause, and they’ll render you obsolete in the process (see “What’s your meteor” over here).

Learning the Cheap Way.

Research existing solutions. Adopt them, adapt them, and improve them as needed (don’t fall for innovation fetishism, we can’t all be visionaries).

If no solution exists yet, check again, then draw analogies from other fields and learn from those.

Somewhere in the world, someone doesn’t have this problem. Figure out why not, and what that can teach you.

Overlooking existing solutions, or potential competition (being any reason people might not adopt what you’re offering) is a dangerous corner to cut – staying informed, and synthesising ideas, helps keep your approach defined and distinct. Somebody’s going to figure out what’s already available, if it’s not you, it’ll be the market.

Making it Happen.

This is where the real work is done, and where success is built. Put the thought in at this stage to fast-track yourself through to launch. I could write a whole piece on each of these steps (and possibly will). Each layer builds on what precedes it:

1. Define your vision — “to fix the problem, and enjoy doing it” is as good a start as any.
2. Design your product — i.e. detail the solution… lots of detail — be collaborative here, seek input from a range of thoughtful people (I’ll help!).
3. Determine your positioning in the market landscape — figure out where you sit relative to others, particularly competitors, ‘complementors’, and channels to market.
4. Establish distribution that suits your customers’ preferences (and your positioning and ambition).
5. Lay out how you’ll deliver value… consistently — new ideas don’t get second chances.
6. Develop a well-thought-through go-to-market strategy — deep detail is crucial here, getting this wrong makes funding runways run out fast!
7. Plan what you’ll watch to govern the growth.
8. Define how you’ll deepen relationships while expanding networks over time.

Making it Sustainable.

• How can you generate revenue?
• What are your potential scaling curves?
• Which are your core revenues and where would stretch revenues come from?

Run scenarios and figure out where the risk and capacity boundaries lie, for the upsides as well as for the downsides.

Build Your Team.

• Can you find a co-founder who complements your strengths? (Don’t pick someone who complements your weaknesses — this may sound like it makes sense, but is a lesson learned the hard way!)
• Who knows what you don’t? Address knowledge gaps within the team — here you can look to your weaknesses.
• Build out resourcing as needed and informed by your scenarios.
• No dead weight. Not in the team and not among your advisers. It all absorbs precious bandwidth. Being honest is generally being kind.
• In recruiting your team, always be constructing the argument of why you’re the ones to solve this problem.

Paying for it All.

• Determine how much capital is necessary to launch and sustain you. Be realistic!
• Aim for lean operations but a long runway – under-raising funds could throttle progress.
• Put your funds to work where you’re distinctive.
• Plot your financial needs over time to manage risk and reduce cost of capital.
• Plan contingency scenarios if fundraising falls short of your targets (but keep them to yourself for now). Don’t cut runway until you’ve cut burn.
• Research suitable investors or financing partners specific to your niche. They’re part of your team too.
• Decide what you’re offering.  Not just equity, but governance.
• Plan your pitch.

Now BUILD and SHIP (again and again).

This is the fun bit. OK, it’s gruelling and it feels high stakes, but it absolutely has to be fun.  Most importantly, keep going.