How many of you have a goal of starting a business and have a detailed business plan ready for it?
If you ask this question to people, who dream of starting their own company, the answer almost every time will be YES. However, when you ask them whether they have executed the plan and started the business, many will say NO.
Why is that? Why most people are stuck preparing business plans but won’t execute it?
The reasons you might get will include that they are waiting for resources, they are waiting for investors, but they don’t have a proof of concept ready.
Some of the ideas that I hear from people I know are just amazing, and I can’t stop wondering what is preventing them from starting their business.
This is a growing issue that most budding entrepreneurs face and believe it or not there is a solution for this and its called the BARE MINIMUM EXECUTION strategy.
What is the Bare Minimum Execution strategy?
It is simple, and it means that you start with what you have and prepare a stripped down version of your idea. Once you do this, you will have an actual proof of concept that you can show to the investors you approach.
This is how most businesses get started, and it works as you don’t wait for the right time or resources, you start with your idea and then later arrange resources needed to build it as you want.
Some businesses even had the full working prototype that got them the attention and funds needed to grow it even bigger.
What should you do?
It would help if you focused on creating the product that you want and should not wait for the right opportunity. Once you have the working prototype, then you can concentrate on getting the funds required to complete and grow the product.
Start with the bare minimum and with the resources you have available at the time, create your product, and if it has potential, you will get funded faster than you know.
So, now that you know that bare essentials is what you need, what will you build? Let me know in the comments below.