Being A Great Founder Series: Getting from Idea to Product/Company

Being A Great Founder Series: Getting from Idea to Product/Company 💡

Now you have your idea for a company, and it’s in a field where you have domain knowledge AND the network to help you excel. In Part 2 of the Being a Great Founder series, I continue to break down how to turn your great idea into a real business and product by using Process.

All great founders use Process, aka a systematic series of steps, to help them get from their great idea to an actual product. There’s a number of different processes you can use to help you build, but perhaps the best and most widely used is the Business Model Canvas (BMC).

Source: https://www.strategyzer.com/library/the-business-model-canvas

The BMC is a strategic tool that helps you create and pivot your business model. With the BMC, you ask yourself questions about the main aspects of your business. The BMC lets you determine your value proposition (your solution to your customer’s problem), key partners (the people you need on your side), key activities (how you fulfill your business proposition), key resources (the important inputs you need to create and expand your company), customer segments (the customers you are trying to target), customer relationships (the type of relationship you will have with each of your customer segments), channels (how you’ll communicate with your customers), cost structure (the costs associated with your business), and revenue stream (how much money you will make and how you will make it).

For more wisdom on building your business, be sure to check out my bestselling book, Build the Damn Thing, on Amazon.

Let’s take a business we all know, Uber, to illustrate the BMC in action. Uber’s initial value proposition was simple: transportation (and later logistics in general) at your fingertips. Their key activities were picking up and dropping off customers (and later other things) at their desired location. Key partners included independent drivers to get those customers where they need to go, car companies that supply the vehicles, local governments, and even insurance companies. Their key resources included engineers to build and maintain their app and cell access. Uber’s customer segments included people without cars, those who wanted to have a fun night out without worrying about driving, and tourists who wanted to get around a city without using public transportation or a rental car.

The BMC is a pivotal part of the process from initial idea to successful company. By answering questions about the key aspects of your business, you will gain a deeper understanding of what your business is trying to and a better sense of how to make that business succeed. Now, go Build the Damn Thing!

Build the Damn Thing Podcast: Get Season 3 in Your Ears Now! 🎧

Season 3 of the Build The Damn Thing podcast, based on my bestselling book, is on Apple Podcasts, Audible, and Spotify! In Episode 5, Dating as an Entrepreneur, I’m joined by celebrity hairstylist and designer AJ Johnson to explore the unique challenges, triumphs, and insights that come with balancing the entrepreneurial journey and romantic relationships. We discuss how to navigate the intricacies of dating while also pursuing our business ambitions. 

In Episode 6, Adapting to Change, I speak with special guest author Denise Hamilton, founder of WatchHerWork and author of the recent book Indivisible: How to Forge Our Differences into a Stronger Future, about change as a perpetual force that influences not only our professional endeavors but also our personal lives. This episode provides valuable insights into cultivating a mindset navigating change in business and life. Listeners will discover ways to embrace change as an opportunity for growth, manage both personal and professional transitions, foster flexibility, and effectively handle stress and uncertainty during periods of change.

In next month’s newsletter, we’ll be talking about performance, or how well your company executes your big idea.

Keep Building the Damn Thing!

Kathryn