Our guest speaker at the Davis ELP, Oct 20, was Brent Meikle, Director of the Kaysville Small Business Development Center and successful entrepreneur.
Asking the Right Question
Brent introduced us to a new program called TechLaunch that supports technicians in understanding how to grow a technology company. This also includes any business that has developed a new way of doing something. In TechLaunch, we are told that every business needs to go through the feasibility process using the key question, “Should it be built?” not “Can it be built?” This question always needs to be asked and answered before moving forward with the business. If at any point in the feasibility process, where the question needs to be asked, the answer is “No,” then you need to go back to the previous position and determine if you need to pivot (revise) the product or service before moving forward.
The 4 Step Feasibility Process
The first step in the process is to determine if the product or service addresses a real problem. If it does, or if it doesn’t, remember to ask the key question before moving to the next step.
The second step is to ask, “Is this solution the best solution in providing value to the customer?” Answer this question honestly by exploring options and then ask the key question.
The third step is to conduct an analysis of the Market potential. The results will help you answer the key question.
The fourth and final step is to ask the question, “Is the service or product financially feasible? Whether the answer, after a detailed analysis is yes or no, be consistent and finish with your key question.
If the product or service has been determined to be feasible by answering the key question “Yes” at the conclusion of each step, you can then begin designing the Venture Plan and get ready to launch.
Brent noted that this feasibility process, used to launch a technology company, can be applied to successfully determine whether any new business should be launched. Taking the time to make sure your new idea or proposed business venture is viable will not only same you a lot of headaches, it will save your capital for a venture that is truly workable in today’s market.
Brent was one of three founders of a successful internet based software company that evolved to where it was the provider of an online risk management service for large corporations and government entities. Brent loves to help small business owners succeed. Brent is the owner of Meikle Associates Consulting, Inc., a company that specializes in changing management and turnaround consulting for small to medium size businesses. Contact Brent brent.meikle@datc.edu, 801-593-2202or Andrew Willis andrew.willis@datc.edu for more information on TechLaunch or other SBDC programs.