This is topic that is near and dear to my heart as well. I'm not sure there is a well worn path especially if you're looking to start a business (i.e. something that puts cash in your pocket vs. "starting a startup").
From my experience the trickest and most difficult areas are around customer acquisition and monetization. Both are sort of black arts and are tricky (at least for me) to learn. As best as I can tell these each take a lot of practice. Anyone can list out tactics from the "big list" but knowing which ones to use when and how to taylor them to a particular business isn't easy. Typically you can't know which will work in a given scenario until you've tried them in the individual business in question. It appears that this is an area where deep business experience (at a P&L level) really pays off.
You talk about build, learn and then acquire but the devil is the details and your perspective on how to approach these things is of critical importance.
I think there is huge benefit (especially for technical folks) in spending some time upfront during the idea stage (i.e. BEFORE coding) really thinking through who will pay you, why they will pay you and a rough sketch on how that scales up into some meaningful cashflow. Do the back of the envelop arithmetic and prove it makes some basic sense. This sort of backwards thinking on how you will actually make money from your efforts is the difference between coding software and starting a software business regardless of how small or large it will be. This business level thinking should be a key part of your everyday idea validation process. Something that you are doing all the time as you have ideas for businesses to start. It helps you develop some instincts on what might make money and what actually won't.
Obviously you'll be wrong in a million different ways that you'll never know until you actually plough forward with an idea but you'll be less wrong than you would have been if you just pick the first cool idea and start coding. You'll also develop useful assumptions that you can check. Learn to share these thoughts with other people (and potential customers) to deepen your understanding.
You're likely already in good position on the technical side so I'd suggest focusing on sales, marketing and general business side.
Books are great. They will give you useful background and food for thought but at the end of the day you need to JFDI. If you're like me that will be a bit scary but there really isn't another option if this is path you want to pursue.
It also helps if you make some connections with other folks who have some experience to get ideas, perspective etc.
If you're interested in discussing in more depth my contact info is in my profile.
Comments
This is topic that is near and dear to my heart as well. I'm not sure there is a well worn path especially if you're looking to start a business (i.e. something that puts cash in your pocket vs. "starting a startup").
From my experience the trickest and most difficult areas are around customer acquisition and monetization. Both are sort of black arts and are tricky (at least for me) to learn. As best as I can tell these each take a lot of practice. Anyone can list out tactics from the "big list" but knowing which ones to use when and how to taylor them to a particular business isn't easy. Typically you can't know which will work in a given scenario until you've tried them in the individual business in question. It appears that this is an area where deep business experience (at a P&L level) really pays off.
You talk about build, learn and then acquire but the devil is the details and your perspective on how to approach these things is of critical importance.
I think there is huge benefit (especially for technical folks) in spending some time upfront during the idea stage (i.e. BEFORE coding) really thinking through who will pay you, why they will pay you and a rough sketch on how that scales up into some meaningful cashflow. Do the back of the envelop arithmetic and prove it makes some basic sense. This sort of backwards thinking on how you will actually make money from your efforts is the difference between coding software and starting a software business regardless of how small or large it will be. This business level thinking should be a key part of your everyday idea validation process. Something that you are doing all the time as you have ideas for businesses to start. It helps you develop some instincts on what might make money and what actually won't.
Obviously you'll be wrong in a million different ways that you'll never know until you actually plough forward with an idea but you'll be less wrong than you would have been if you just pick the first cool idea and start coding. You'll also develop useful assumptions that you can check. Learn to share these thoughts with other people (and potential customers) to deepen your understanding.
You're likely already in good position on the technical side so I'd suggest focusing on sales, marketing and general business side.
For books you'll likely find a lot of value on http://personalmba.com/best-business-books/ and on http://www.joelonsoftware.com/articles/FogCreekMBACurriculum.... Some also mentioned Four Steps to the Epiphany which I think is required (if not totally pleasant) reading.
Books are great. They will give you useful background and food for thought but at the end of the day you need to JFDI. If you're like me that will be a bit scary but there really isn't another option if this is path you want to pursue.
It also helps if you make some connections with other folks who have some experience to get ideas, perspective etc.
If you're interested in discussing in more depth my contact info is in my profile.