New Venture Creation 101 – Man, you are lucky…

…because you are getting an opportunity to read this amazing piece of document, which is a result of my (some 0.33 or so) years of hard work at numerous (some 2 or 3, depending how you define) startups.

Jokes apart, the reason I am writing this step-by-step guide to new venture creation is because in the past I have made a major mistake of getting-things-done at impulse. I am sure many suffer from this ailment of getting far too many ideas; more ideas than a sole head can accommodate. If you loose your sleep over an idea, start implementing it the next morning and find yourself loosing passion after a week or so, this document is for you.

So, below is a step-by-step proper method for new venture creation. I am assuming that you already get ideas or spot (so-assumed) opportunities on a regular basis. If you do not belong to this breed, start reading newspaper, browsing internet and just looking around the present world, you stone-age moron. Please excuse my use of strong words. It is just that I cannot really imagine anybody not getting any idea, if s/he tries hard enough.

Okay, so now back to step-by-step thingy:

1. When you get an idea or spot an opportunity, spend at least one hour of fully concentrated effort in doing research on the internet. Remember, DO NOT get impulsive to implement an idea. As a wise man has said, the last thing world needs is yet another cool idea.
2. After researching, if the idea or opportunity still appeals to you, do a full-blown research for 2-3 days. Prepare a basic business and financial plan.
3. If you are still interested in the idea, I can assure you that either it surely has got some mettle or you are on drugs. Okay, once you have prepared the document, send over the basic business and financial plan to at least 5 of your close friends. Ask them about their feedback and if they like ideas whether they would like to join you.
4. Once you get the feedback, you will get to know the realities. I say realities because mostly when an idea pops into your mind, you completely forget to look at the practicalities. The idea looks so beautiful and the next-big-thing-type that you get into a trance like state, don’t you. This could be risky. That is why it is helpful when your friends bring you back to earth. Consider yourself really lucky if your friends show confidence in your plan. If that is the case, you should really be devoting rest of your life in implementing that idea, until, of course, success arrives.
5. Okay, so now either your friends have joined you or you have gathered a small team (which can be just you). With your team, sit down to set a GOAL and a time frame in which that goal should be achieved. The goal tells you how to recognize success and the time frame gives you a proper idea of what it would take to achieve the goal. Supplement the goal with framing milestones and benchmarks. These milestones will keep you in track and won’t let you loose passion. For example, imagine your goal is to sell 10,000 pieces of product X in next two years. You could set your monthly milestones which would tell if you are doing what you should be doing in order to achieve the goal.
6. After setting up GOAL and milestones, prepare a detailed plan of how would go about achieving the GOAL within the specific time period. In fact, try to work backward: plan from the day you achieve the GOAL to the present day. You will discover that plans automatically fall into place.
7. Work like crazy.

Remember, no matter what they say, proper planning and execution is the key to success.