Ask Better Questions

Here’s a revisit of an article I wrote a few years ago while teaching at WHU in Germany.  I’ve updated it a bit…

All companies seek growth. Below is a plan of attack for identifying new venture opportunities within the framework of your current business. The key is to start with problems of your customers, suppliers and other stakeholders. If you can solve these problems, you’re bound to make money.

Problem

• Research problems of all stake holders – on both sides of the network
• Define the scope of the problem – dig for “pain points” and causes
• Segment into problem groups – shared problems across stakeholder

Idea

• Brain Storm – With each problem comes the solution brainstorm – think big, think
  wild, record everything
• Crystallize – Start to talk it out, dig deep, apply a little bit of real world
• Return to beginning – go through the list, record new ideas, dig into each idea little more
  

Opportunity

• Can we do it?
• Is it true to our brand?
• If we don’t do it, can someone else do it? Can we do it with a partner?
• What is its potential? – profitability, barrier to entry, stabilizing force, etc.
  

Plan

• Real business planning process – not just writing a business plan
• Weave a MAT – Milestones, Assumptions and Tasks*Assign Actions & Responsibilities – Senior management must not abdicate execution knowledge!

Execute

• Invite to succeed – Identify leaders & opinion makers and sell within first
• Re-examine against original goals
• Learn from failure – is it still a good idea? Can someone else do it better and still benefit our stakeholders? Explore cultural aspects of failure, and distinguish from technology, systems and HR factors.

*Thanks to Guy Kawasaki – The Art of the Start – a must read