I have a great idea, business sense, drive, talent and vision. I really need a Partner who has technical business skills to help with aspects such as building a business plan, financial aspects and business administration experience. Where do I go from here?
What you have is an idea, which doesn't really have any value. Value is all about executing on that idea. Often the difference between a good idea and a bad idea is execution.
So, go find a great partner first, or maybe two, who share your vision and have proven abilities to execute on ideas. People who have already successfully exited a startup are the best proof.
Get some real advisors who are respected in your industry and willing to actually advise you. Listen to them.
Investors invest in teams, not ideas. Get your team together, start executing on your idea, and then you can go to look for capital.
Do a SWOT analysis. Do the TAM/SAM/SOM analysis (look these up). If you do any financial projection they should be 2-3 years max. Forget 5-year projections, nobody believes them anymore. Don't bother with a long business plan, it's all about your exec summary and deck. Write a 1 page Executive Summary that lets investors know why they will make money and how and how much.
Create a kick ass pitch deck that's about 10-15 slides max. Practice it in front of a video camera. Get people to critique you. Go to startup pitch competitions first to hone your pitch. Then see if you can get any introductions to investors. Don't just cold call them. If you can't, try Angel's list.
Now you have a chance of succeeding... a small one, but at least a chance.
Get to work. Ideas and intent are everywhere. Go to the interwebs and download a biz plan to use as a template. Place an ad on craigslist to find a partner if you think you need it. If you are a sales superstar, you know enough about finances to put an initial story together. Take a stab at market size and what a reasonable market share or sales forecast would be for 3-5 years. Take a stab at the cost to build a product that is the absolute minimum feature set that is sellable. There are plenty of data points out there for just about any market. Build out your plan and story. Test it with 20 friends and family and polish it. Bring it to a few angels to get more pointed feedback. Try to make progress without money. Bootstrap a prototype or mock-up and then put it in front of potential customers to get real feedback and data to add to your story and plan. Being an entrepreneur is typically about doing as much as possible with little resources so this is a good exercise. When you get resources, you will need to do even more so that won't change.So you need to be creative, resourceful, and gritty and you need to get things done. If you have a good idea, count on at least 5 other people or teams working on the same idea. Execute faster and better and you will win - and that starts with the first steps.
I dispare when people ask this question especially when you've answered your own question in your question.
If you have business sense, use it, if you have drive, use it, talent vision? Use it... you also have Google.
So use your business sense to google 'business plan', use your drive to push through the pain of not knowing how. Use talent that you've learnt and gain the skill to do financials. Have the talent to describe your vision so that others may share and use your services. Yes and on this journey interview for potential partners, but if you plan to be CEO then it's your job to have the balls to write the business plan and do financials.
An idea is not a business. Write a business plan. Historically, people either went to family and friends for enough capital to start their business or the SBA. Without funds, you go nowhere.
I'm in the same exact position. I've been working on my business by myself for several months now. I finally feel like I have enough "stuff" to clearly explain my idea and start executing on it. I've found that you can learn most of the business admin stuff on your own. You just have to study and google your ass off to find the right information. You could always hire a consultant and have them help you with your Business plan, financials, Industry analysis, etc... I'm trying to figure out how to find a partner who's specifically tailored to making my business succeed. So..... back to the internet I go!
Awesome; you have an idea. How have you validated it? Have you been paid for your product or service? Do you have an execution plan, budget, SWOT analysis? Please advise.
Execution, Execution, Execution.
you will learn what you need to do once start your execution.
Hello Gene. I may be able to help with other aspects. Without a product or a built platform it may be difficult for you to pitch for funding. Ideas are not enough.
Go SELL your idea.
Who is going to pay for your idea? Use your 'business sense' and go try and get advance payment off them.
Have you put the idea into an elevator pitch? Into an investor pitch? Into a business plan? Without this nobody serious will ever speak with you about money. Without this very few will agree to even listen to what your idea is. There are too many ideas out there. But only very few of them are taken by people who could do something with them. If you turn it into a business plan and a presentation, you have made a first step. Then the hard work begins