So you’ve come up with a great new business idea. Your (insert: widget, website, app) has never been done before, everyone will be using it, your market is the whole world blah blah blah. WRONG.
It’s so easy to get excited about a business idea – many people have them all the time, and being spontaneous and creative and headstrong and excited are great – but this won’t get you a successful business. Sure, every good entrepreneur needs a solid dolip of all those attributes and more, and many good tech businesses started on a whim, without any real direction of where they were heading and how they were going to be profitable.
Spending years formulating business plans, putting together financial forecasts and spending all your free time planning every phase of the business is equally unlikely to bring you business success. I think you need to combine the two, where you can couple enthusiasm and zest with foresight and planning. There are always lots of considerations, such as taxation and legal implications (what kind of company structure is best not just for now, but for years down the line when looking to exit? Is your (insert amazing idea) infringing on anyone else’s copyright or IP?) Then again, if you don’t take the Nike approach – Just Do it – how can you ever expect to succeed? You might spend so much time planning every facet of the new venture that by the time you are ready to launch, you are irrelevant!
So, like most successful start ups, make sure you have some strategy that you are following and have covered some of your administrative bases. If you can do that whilst actively working to build and launch, you should be good as gold.