Wednesday, December 30, 2015

My 7 step idea process | Entrepreneur

Read the danish version here: Min 7 trins idé proces

Getting from idea to results
Getting an awesome idea is just awesome but executing it and getting results, needs attention and work.
I'm differently better at getting ideas than executing them so it is important for me to go through a whole process so I know that I will be able to execute the idea as well as possible. In this post I will go through the seven step process I put together for myself.

1. Getting the idea

I usually get my ideas at strange moments and strange places but sometimes it also happens in a normal environment, like in the middle of a conversation or when I'm particularly trying to find an idea. Sometimes I will even dream them.

Ideas are different and they can be too early. They get categorized as: saving for later, execution right away, giving it away and in the trash.

2. Excitement

Getting a great idea is amazing and I get really excited. I work, walk, eat and sleep thinking about the idea. I will be forming it in my mind and as I find something unique about it I will write it down. This will probably take a week or so, depending on how complicated the idea is.

3. Testing

It's important to test all ideas otherwise you can loose a lot of valuable time and money. First I will start bouncing the idea off my family and friends. Then I will do some research and find out if it already exist or if it needs some modifications, then I will do it.
After I have the idea in place I will ask the potential customer about their thoughts and critic of it. It usually gives a new perspective and helps form the product.

4. Evaluating 

To evaluate I will use the Business model Canvas. See if it looks like it could be something.
If the idea passes I will try to make it as unique as possible and find the so called Blue Ocean, otherwise I will throw it in the trash. - Here it is very important to listen to your gut too. Learn to trust it because reaching your goals is not only hard work but your gut has to be with you too. May sound strange but if it doesn't feel right, you wont be able to give 100%.

5. Working on it

This is were I will work on getting all the necessary agreements in place, the different key partners involved and prepare everything necessary to launch the product. This process doesn't always go as planned. It can take extra time than expected and that is all right. Everything doesn't always go as you plan.

6. Execution

Just let i go. Even if it isn't perfect. Even if it's not all done yet. Don't wait for perfecting the product because when it hits the water you might have to change some things about it. If you keep waiting for the product to be ready, you will never be ready.

Don't put all your energy in one blow. Test the water little by little and then when you have done the necessary modification you can let the ship go. Normally I will go through step four, five and six a couple of times to get the best result.

7. Getting results

When the product is done and ready you can for example use Google Analytics to get an overview of your results. If you have launched similar products before, you can compare the results and see what you did better or worse. By doing that you can better your next product launch.

- Hafsa

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Sunday, December 20, 2015

The nine step business plan | Entrepreneur

Læs den danske version her: Forretningsplanen med de ni blokke.

I have myself been in the situation where I had to write a 20 page business plan otherwise my bank wouldn't open a business account for me. So I had to use my vacation from school on writing a 20 pages long business plan.

I got my bank account but the thing is, as soon as the bank account was opened there were already changes in my business plan. So it went straight into the trash. - I didn't want to waste my time on writing a new one thinking I knew exactly what I was going to do with my company, so I left it alone and focused on getting my online store ready for sales.

Using the Business model Canvas
Business Model Canvas
I don't remember exactly when but I guess it was the next semester, one of my professors told me to check out a model called Business model Canvas. At first I was very hesitant because he is my economics professor and for me economics is an important subject but it's differently not my strong suit. So I kind of though that the model would be like economics.

It is not. Trust me.

The model Business Canvas is a great tool to get a good picture of how the company's different processes work together. It can be used as a goal, as the company is now and for the different ideas that the company chooses to evaluate or carry out.

It is divided up in nine different blocks and is easy for the different departments to understand the whole picture and so to say, speak the same language.

Down under you can watch the short two minutes video about how to use the model.

The Business model Canvas is developed by Alexander Osterwalder, who has managed to simplify a very complicated process. He has also lead authored the best sellers: Business model Canvas and Value proposition Design. Both books gives you the opportunity to take your business to the next level. 

Using it
As explained in the video it is quite simple but using it and understanding it, has been a great progress in understanding and developing my own business. When you really get into it, you will be amazed how much you can actually learn from it.

Check it out before it's too late.

- Hafsa

P.S. If you don't want daily updates from my entrepreneurial journey, then don't follow me on my new Faceebook-page Entrepreneur: Hafsa Farooq.