TES 004 - How to Bring Your Product or Business to Life

In this session we talk about the three phases of business life which is the process I go through when I have to launch a new business or service. They are required to build a business but even before the three phases, get the concept of customer promise. Know how the life of customers will shift and change because of your work, products and services.

Before your customers you must be truly, emotionally and passionately behind your products and services, and only then you will be able to create emotions in your customers, team and vendors.

Now comes the three phases of business life which are:

1. The Think Up Phase: You choose a design in this phase.
2. The Get Up Phase: You literally move forward and start the business in this phase.
3. The Reach Up Phase: The final phase that deals with scaling, growing and building.

Each of these individual phases has three stages to them. If you are able to journal them and follow them as a check list you will be able to raise the probability and level of business success.

1. Three Stages of the Think Up Phase

• Decide: Make a decision to be an entrepreneur and sell products or services. Know the reason behind it and decide on the things that you are going to do. Be informed about the timeline and obstacles as well.
• Concept of Ideation: We all have plenty of ideas but we don't know whether they are good or not. If we start on multiple ideas, we never finish them. You can't do it all at once. In this stage we evaluate multiple ideas and think them through.
• Modelling Process: This is the phase where we begin to create our model. It is about how you will create, capture, package, campaign and deliver value at a holistic level. It shouldn't just be customer centric but it should be modeled around your team, staff, employees, contractors, business owners, investors and yourself as well. Know how to create value for them that is beyond the paychecks.

2. Three Stages of the Get Up Phase

• Plan: Look at what the markets are, analyze where the sales might come from, the people we need and the financial aspects of what we do. We need to figure out whether the idea is commercially viable.
• Structure: This is where we think about how to structure the business. Decide on matters like entity selection, risk exposures, asset classification while eliminating or reducing risk e