This week I have decided to do a "mini-course" on the lifecycle of an idea. Undoubtedly there are those for whom the lifecycle might look a little different but generally this should provide you with a framework for what the process really looks like. Each day we'll do a deep dive into one of the following sections to better understand the process, pitfalls, activities and outcomes.

The sections are as follows:

1. Discovery : This is the fun part we all do. Throw it on the wall, see what sticks, brainstorming... Unfortunately with most people, ideas also die here.
2. Define: This is where the work begins and we really start to understand our idea. This is also be the first decision point where we decide to "go forward" or "kill it."
3. The Market: Based on what we know to this point, is there even a market for our idea? If so we'll gain a better understanding that market. Is it narrow or too broad? Viable? Transient?
4. Build: This includes design and prototyping and is the first point at which your idea will really be challenged. The Market step is tough but here you'll find the kinks that make or break your idea. All the "obvious" things you didn't think of will start to come out.
5. Test: We've done our homework and now have to find out if it'll fly. Perhaps the most nerve racking part of the whole lifecycle because we've put in a lot of work and even if our market analysis looked positive we might find out it doesn't sell. But keep in mind, it might also just be our approach to selling.
6. Monetize: We've built it, tested it and are ready to go full boar and make money. This is where it gets fun again!
7. Road Mapping, Improvement and Sustainability: Some would call this exit strategy but by default I don't like to assume you are going to build your idea then try to "get away from it." For the right price you might but that is really a different discussion.

This is going to be a fun week and as a part of this week we're going to fill out the matrix below (click on it to make it bigger) as we go along to help clarify the process and let us know when to keep an idea or leave it, without the emotional confusion that is often a part of making those tough decisions.

Labels: execution, frameworks, ideas