5: Execute

Execute

When you have a "winner" EXECUTE!

When you have a succesful prototype and ONLY is you have a successful prototype, you can think about the execution phase. The execution phase starts with figuring out what you need to start your business end how you are going to get that. It requires a lot of financial and business insights.

When you have a winner, you need to know what you need in terms of:

• People

  • personnel

  • partners

  • supplier

  • distributors

• Knowledge

  • licenses

  • know-how

  • advise

• Resources

  • machines and raw materials

  • facilities and transport

  • computers and software

  • office

  • website/apps

• Money

  • income

  • sweat equity

  • investors

  • loans and credit

This information would traditionally end up in a business plan, which is used to "plan" the start of you business. But in real life its very hard to "plan" the start of a business, because as soon as you get started, you will experience that nothing will go according to plan. Assumptions and even facts will not pan out as expected and you need to adjust your plan. However, if you don't plan at all you won't learn from the fact that things are not always what you expected. So don't make your plans to detailed or elaborate. It will take you too much effort to adjust them and you will just chuck them in the bin.

Once you know how you want to get started, you just get started. One step at the time.

GOOD LUCK!

ndw 2014