Do you have a big idea for a new business? Big ideas are fabulous, and they can provide you with a big payoff. On the other hand, they are often also riskier, more time consuming, and require a larger investment. So what can you do?
One way to manage a big business idea, is to dream big, but to think small. Consider your idea (a new restaurant, perhaps?) and think about whether there are mini or even micro versions of that idea. Using our restaurant example, you might think about a much smaller bistro space, and figure out whether you can make a decent margin using that business model. Or for an even smaller investment, a small catering operation with a rented kitchen might get you on your way, or even a #foodtruck or #foodcart. If you can start with one of those tinier businesses and have a plan to scale, you can reduce your risk at the outset, and build as you go.
Do you have any other big ideas you'd like to shrink down to a more manageable size (or have you used this approach successfully)? We'd love to hear your story.
"We've seen our customers do this a thousand times".
So what? You've assembled a thousand observations. Although it is valuable evidence, this doesn't make it an insight. Let's dig deeper.
This article was updated on January 16, 2020
"I'm buried in data. How can I make sense of it all?"
"When should I do research?"
"What's the right way to answer these questions?"
Does any of this sound familiar? Over and over, we hear product managers, marketers, even CEOs, asking these questions. Over the past 19-plus years, we've helped hundreds of them get clarity by working backward from their end goal. This is the question we ask, to get started:
"What decision do you want to make?" or "What action can't you take now, that you'll be able to take if you have more clarity?"
Most often, if you can answer one (or both) of these, you'll be in a much better position to map out the research you need. When you've answered them, you'll know:
You'll be able to decide whether you can sort this out yourself, or if you need help. You'll know if the answer needs to be quantified, with numbers (such as for a forecast), or if it needs a qualitative approach (getting your engineering team to see customers' frustration as they try to use feature X). And you'll waste less money, time, and effort getting something that's useful, practical, helpful, and actionable.
Whatever your questions, we're happy to work with you until you see everything you need.
I'm Megann Willson, and I'm the CEO and one of the Partners here at PANOPTIKA. Our company name means "see everything", because we work with our clients to help them see everything they need to know to make better decisions that will help them find, know, and keep customers. You can also find us on LinkedIn, Twitter, and Facebook. For weekly insights to help you make better decisions, subscribe with the orange button, below.
Megann and Steve, Partners in PANOPTIKA, are working for our clients every day to help them see everything they need to know to make better decisions in their complex business environment.
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