Stress Test Your New Idea For Success – The Checklist

 
by jurek d.

The best way to reduce the risks associated with new product is putting it in target operating environment, or better off under much higher stress than it suppose to carry. Carmakers do it, aircraft makers do it. I do it – I am software performance engineer. It proves time and again – software failure guaranteed without stress testing it beforehand.

How can I stress test a product before it’s even created? How can I test my new business idea without significantly investing efforts? In software we call it threat modeling and performance modeling – it is based on straightforward checklists and guidelines. In business they have business models to test it. Got something lighter?

Richard Koch provides interesting quick “stress” test for success of new idea in his book - The 80/20 Individual: How to Build on the 20% of What You do Best. Koch writes:

The chances of success for your new business, product, or service are dramatically higher of all of the following are true:…

The Idea Has Already Been Proven

Koch writes:

The idea is a version of one that has already proved to be successful.

Internet search has been around for ages – only few made it shine… Now Twitter threatens search engines with its instant-ness. Journalism is pretty old profession. Bloggers completely redefined it. Television was major mass media, not anymore – YouTube channels and others take its cut from the pie. The new ideas are not really new, they are a new versions of the old good ideas.

For me as a consultant the “innovation” seems to hide behind packaging service offerings. Today’s common approach for selling and delivering services is Time & Materials model. The customer pays for hours invested by the consultant. The other model is Fixed-Fee. Fixed-Fee services is easier to market, easier to buy, easier to sell, and easier to deliver. It is more risky model but it’s much more scalable and more profitable one, at least this is what my personal experience proves.

The Idea Is Superior To Other Proven Ones

Koch writes:

The version you decide to pursue has a very large number of variations and has survived process of business selection, by proving itself superior to the other variations.

The best way to offer superiority to your competitors is offering fast service or product. Time is in demand as never was before. If my product can save time to my customers I’d be in a better position. Think of fast cars, fast electronics, fast search engines, fast software. Now think about the opposite… What would you choose?

For me as a consultant, time is critical. Surveying my customers it shows time and again – customers value time a lot. Customers value consultant’s availability. Customers value time taken to solve the problem at hand. Customers value solutions that require less time to implement. Time, Time, Time. Be fast.

The Idea Is Unique

Koch writes:

The idea, although a variant of another successful idea, is unique – nobody else is pursuing it.

This one seems to be essential. But hey – do not let it fool you. It does not have to be ground breaking revelation in any way. Have you read the first checklist item - “The Idea Has Already Been Proven”? Add a new twist to an old idea. This is where the uniqueness lies.

For me as a consultant, offering packaged service fast is quite unique. Imagine McDonald’s for software performance. Imagine Pizza Hut for personal development. The expectations already set before the service even started. The customer knows how much he pays, he knows what he pays for. He can even smell it. He can watch it getting out off the oven. Fast. Yummy!

Show Me The Money

Koch writes:

The idea is more economical than the original idea: a better product or service at the same cost, or a similar product or service at a lower cost. Superior economics always translate into higher returns on capital.

It sounds like a huge fun. How I can make it? Or a better question is “How can I make money out of it?”

For me as a consultant it all spins around time savings. Here are few that help me:

• Invest time in getting prepared for specific service. Acquire unprecedented depth of knowledge related to the service. Do not waist your time for un-related stuff.
• Save time on logistics – more online collaboration, less in person meetings.
• Have a good folders structure and a good desktop search engine. Do not rely on online search.
• Save time on writing documents – have ready to use templates with inline guidelines.
• Prioritize big rocks over less impactful stuff.
• Package and re-use. Everything can be recycled – document it, then re-use it in your next gig.

Passion Is In The Center

Koch writes:

The idea compliments and takes advantages of the 20 percent spikes of you and your partners – it reflects, and can be reinforced by, your idiosyncrasies..

Geez, it seems like it is the longest post I have ever written… It only proves I just love consulting and personal development stuff. I am passionate consultant.

20 percent spikes that Koch mentions is about focusing on stuff you love doing. Successful idea is about bunch of people that love doing different things. One likes creating, the other likes selling, and another guy loves delivering, etc. Each one has his little narrow spike of passion. Together they bring the idea to life. Boom!

For me as consultant… uhm… Although I think of myself as a lonely warrior thrown in the field I’d never succeed alone. Fortunately, I am surrounded with plenty of passionate brilliant people.

Practice This - Get Results

• Use what works – reduce chances for failure.
• Add a twist, give a second life to what works – make it work better/faster/cheaper.
• Make it unique – create your category and be the first, better off the only one. Ask Seth, he knows.
• Test for $$ – if it does not get you $$ revise and improve.
• Form alliance with like minded that have different skills – outsource your other 80% of what you are not good at.
• Read The 80/20 Individual: How to Build on the 20% of What You do Best - for fun, it really is.