I used to have (and still have to some extent) a phobia for MBA jargonic terms.
Of course who can make out anything of “Paradigm shift in the market cap as per the prototype studies shown by the co-branded channels is going to drive incremental time-phased growth in the emerging alignment of resources.”
(More of such BS can be found at Gobbledygook generator)
Driven by the instincts, accompanied by the jargon-phobia and assumptions on how people and businesses behave, I started the business while ignoring the usual adages of doing market research, validating ideas, having some business plan etc.
It appeared that everything should be driven by common sense*.
Just like you would expect volume to go high when you turn the knob, one would expect to make business on doing good work.
It seemed that MBA jargons would only lead to analysis-paralysis and prevent us from taking the plunge.
That was not best of the decisions I made.
Having been there and done that, I now understand how those jargons and doctrines have been arrived at and why they are important.
There are guidelines like Don’t think too much. Just do it.
Those are in general suitable for people who tend to over analyse or are too cautious to take plunge. But not for people who are ready to take plunge into anything if their instincts tell them to do so.
I think a new entrepreneur should definitely look at following in the beginning:
- Do the market research and competition analysis. See what are the unmet needs and how strong are the needs.
- Don’t just check if people would like the service/product you are offering. Also check whether they would be ready to pay for that, and if yes, how much.
- Do think of how and how much money can be created this way. (Business plan)
- Do talk to lot of people of the industry (if existing) or the relevant industries with open mind. Just let them speak about their experiences and learnings. Best if they are entrepreneurs too.
- Do listen to all these people. But then do what your instincts and mind tell you after ingesting what they shared.
- Try quick prototyping and iterative validations with your potential clients/users and focus groups.
- Do read up a lot on stories of other businesses and do not shy away from business jargons (Of course the trick lies in finding the right balance)