You've got a great idea. Now what?

Ready. Fire. Aim. That is too often the way of new entrepreneurs.

Plan, plan, paralysis is another trap many new business owners fall into.

There is a middle ground.

As a strong believer in the power of learning by doing, I fall into the ready-fire-aim camp. That doesn’t make it right.

However, over planning can become an exercise in listing reasons why one should not pursue their dreams. This route is unproductive at best, disempowering at worst.

Here is what I propose:

Take a look at what you want to build and be ready to iterate on the idea for at least two years. Ideas evolve tremendously over that time.
And let them evolve.

Nobody wakes up and says, “I know exactly how something is going to work from end to end.”

You have a sparkle in your eye and you start to move towards it. You ask people for advice, you hear plenty of reasons why not, and then you build out a prototype of the concept in whatever way you can.

Prototyping is the fun part. You get to create a concept that people can feel or touch. It doesn’t have to be perfect. it just has to provide others with a clear sense of what you are working on so you can get focused, high-quality feedback. Ultimately, customer feedback will need to be built into your new business so you can always meet your customer where they are.

Raising funds without a prototype (or minimum viable product) that people can test, touch and see is pretty difficult. This is why so many entrepreneurs put their own money in early on. You have to get something going. If you can find a co-founder that can share the financial burden, that can make all the difference.

Once you are building the first version of your idea, you can get a sense of what others think. Doing that requires a lot of meetings over coffee. Take copious notes. There is no end to the learning, tweaking, improving that can come from hearing what others have to say about your product, even in the concept stage.

The key is to take their feedback, put it in the hopper, mix it around, and see what gems rise to the top. I recommend keeping a journal that you can review each week to write a running list of notes from people’s feedback. What’s good, bad and ugly? Keep a list. Grow the list. Review it and update it weekly. With a prototype and feedback, you will begin to identify if you really have something.

Now is where the planning part kicks in. Set aside time to NOT think about your product. Think about your business. Who is your target market? What does it cost to develop your product? What does your team need to look like in the beginning to deliver on the sales promises? This is where you determine what the elements are for your organization. Every company needs to make promises to customers (sales and marketing), deliver on the promises made (product) and receive feedback (customer support).

In the early days of a startup, it’s helpful to approach things with “design thinking” in mind. That is the chaotic, rapid and rough process of testing new ideas, iterating on them, adjusting and moving forward with improvements. If you are able to iterate and take feedback, you are likely more “coachable” as well, which will appeal to possible angel investors. Angels are the investors that provide the first $500,000 for an idea. They are found through active networking, pitching, and just raw persistence. Attend pitch events and conferences where early-stage investors convene. They exist and they often gather by industry.

When you are pitching investors, be realistic about your expectations for the first two years. We all believe that our companies will spread like wildfire. Usually, it takes longer. Set a plan in place that is marked by smart goals that you can achieve. You don’t want to set aspirational goals because they sound better and under deliver. You also want to hire carefully and ensure that your hires are helping you reach your goals and not just adding to the early financial bleed of a startup.

Be discerning about who you work with and their roles. Be clear about what everyone is expected to do. Be persistent about making your dream come alive. And it will.