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Category Archives: Coming Up with an Idea

Successful B2B Startups Always Ask These Two Questions

By | Business By The Book, Coming Up with an Idea, Planning, Starting Up | No Comments
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During a mentoring session with some interns, one of them brought up an idea he was working on based on informal market research he had conducted by striking up conversations with prospective customers in his target industry. He was zeroing in on a particular process that was the most frustrating part of the life of his prospects in the daily life of running their business – his target customer’s “pain.” If there is sufficient “pain” in the life of a business owner, they will usually seek a solution to that pain and if there are enough such prospective customers with the…

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Teaching Adam to Be an Entrepreneur

By | Business By The Book, Coming Up with an Idea, Creating a Financial Model, Education, Leadership, Ownership & Purpose, Starting a Part Time Business, Starting Up | No Comments
Adam's Card

When my son Adam was nine years old, he decided he needed to make money to buy a little scooter (although I hoped by the time he worked hard for the money, that the lesson about investing vs. spending will have sunk in deeper). So, given the combination of his interest, his age and maturity — and having just finished his first year of competitive speech and debate — I decided it was time for him to spread his wings. He sorted through several ideas on his own and he approached me to “sell” me on the idea of washing my…

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Venture Academy Video Excerpt: Service Distinctiveness

By | Advertising, Branding, Business By The Book, Business Communications, Coming Up with an Idea, Customer Relationship Management, Growing a Business, Marketing, Organization & Strategy, Sales | No Comments

This video provides insight into the necessity of having a distinctive service relative to competitors:     This video is just 1 of nearly 200 videos available with a Venture Academy subscription and is excerpted from the Sales and Marketing section.

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Looking for Sponsor Company to Develop a Product Idea

By | Channels and Alliances, Coming Up with an Idea, Financing a Startup, Intellectual Property, Organization & Strategy, Selling Your Idea or Invention | No Comments
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Q: I have an idea for a product that doesn’t exist yet based upon my internet research. It has been on my mind for some time and I keep shrugging it off but feel that God may be putting it on my mind for a reason. I would like to know of a Christian company that will work with me to create this product and possible help market it. I am very skeptical about being taken advantage of by the wrong people/company. Can you recommend someone that will help me with this? A: It is possible to get the type of sponsorship you sketch out, but…

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Transitioning from a Job to a Startup

By | Business By The Book, Coming Up with an Idea, Planning, Self Evaluation, Starting a Family Business, Starting a Part Time Business, Starting Up | No Comments

Q: This question is related to transitioning. My husband has a job with great benefits and is making more than he ever has in his line of work, which he has been doing for 20 years. In the beginning of his career, he always wanted his own business but it just never worked out. As our oldest children are entering the teen years, going out on his own could serve many purposes: to earn income, teach the children about entrepreneurship, and develop a family business. How should we prepare for the big leap so to speak? It just seems like we should…

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Starting Your Business – Part 5

By | Business By The Book, Buying a Business, Buying a Franchise, Coming Up with an Idea, Planning | No Comments

In the initial post of this series, I suggested a step-by-step process for launching a business. This post will be a continuation of Step 4 – Launch, where we explore the benefits and challenges of various methods of achieving a startup launch. (See Part 2, Part 3, and Part 4 for other posts on the process). Launching the Best Opportunity As mentioned in our previous installment, this is the phase in which you are prepared to launch the best opportunity that was fully vetted in the earlier steps of Define, Generate, and Evaluate. In the last article, we discussed the four core requirements for a launch and in this…

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Starting Your Business – Part 3

By | Business By The Book, Buying a Business, Buying a Franchise, Coming Up with an Idea, Planning, Self Evaluation, Starting a Family Business, Starting a Part Time Business | No Comments

In my initial post in this series I suggested a step-by-step process for launching a business. This article will focus on Step 3 – Evaluate, where you evaluate the opportunities you’ve identified. (See Part 2 of this series if you missed my explanation of Step 2 – Generate). Evaluating Opportunities – In this phase, the ideas generated in Step 2 are evaluated using the criteria established in Step 1. By using this methodical process of starting a business – and with God’s guidance – you will hopefully develop a high-quality business idea that can be pursued with confidence and enthusiasm. In this phase you want to eliminate bad…

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Starting Your Business – Part 2

By | Business By The Book, Coming Up with an Idea, Planning, Self Evaluation, Starting Up | No Comments

In the first post in this series, I suggested a step-by-step process for launching a business. Since we’ve already established a detailed process for Step 1– Define, where you define the evaluation criteria for a business idea, this post will focus on Step 2 – Generate, where you generate ideas. Generating Ideas – Your goal is to identify unmet needs, identify products and services to serve those unmet needs, and then identify various product and service platforms that are able to deliver the necessary products or services to serve those unmet needs. Always start and finish with customers. For example, the best Smartphone applications (“apps”)…

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