Value additives at the very start.We are going to take some of the advice we give others, and build value layer by layer and brick by brick in this section of the Founder Series, The Resourceful Founder.
So lets talk about how to add value at the very start to your proposed business that will gas the engine (that may very well drive the world).
To state the very obvious profit derives from the ability to weigh risk and reward (something we will talk about in our Strategic Founder posts). But to be frank, why don't we dangle a bit of reward out there just to get you thinking?
Starting (very) simply ... defining opportunity in other ways.Before you raise capital, pick people to help, understand the product or service, or pay out a single red cent, you are going to define the opportunity and where is the value to the buyer.
Don't miss a trick so simple that most businesses think of it too late.
Initial Intellectual Property Rights - the simple process at the right time (before starting).
- See if your idea already has the rights to your opportunity;
- Ask your attorney if your idea can be protected under the law, by contract, or another means, and if the means matters;
- Look at the value of reputation, also known as branding; and
- Realize that your idea is actually a bundle of ideas and repeat this process for each distinct and separate idea.
- Learn to love it.
Love & Yeggy