- Form an initial core entrepreneurial team ... as a start, identify who will be the team leader, who will be focused on the financial aspects of the venture, who will be focused on product/service development and the delivery process, and who will be focused on marketing and sales.
- Identify problems or opportunities of interest to the team, and for which the team has inherent experience and expertise.
- Screen the problems or opportunities, identifying and prioritizing those that have the best potential for success.
- Generate potential solutions for the most significant problem or opportunity.
- Define the value proposition your venture will focus on developing.
- Create a business venture hypothesis identifying how your venture will solve customer problems, develop a sustainable competitive advantage, and earn a profit.
- Test, validate, and refine the venture hypothesis.
- Develop a business venture plan providing key information for prospective investors and stakeholders.
- Acquire the resources needed to launch your venture.
- Launch the venture.
How can I start a new business venture?
Here's a ten-step process ...