What DO you have in your wallet? The answer to that question is obviously pretty much the key (or not) to many things. Money can obviously buy just about anything. Nevertheless, you are going to need more than the contents of your wallet to conduct a successful product development campaign.
The question is more philosophical than literal, and designed to provoke thought about a realistic evaluation on where you currently stand with regard to available project resources. Remember, money is only one “resource.” What about available time for pursuit, people skills and the ability to communicate, and many other potential influences. Can you “sell” your idea, and do you possess the documentation and promotional material to support your sales efforts?
You may literally have a transformational idea or product concept; something that every human, corporation and government entity on the planet would want and gladly pay vast sums for, but without adequate resources, it will likely never see the light of day.
Without a doubt, the most valuable resource is knowledge. However, it isn’t necessary for you to possess proficiency in every aspect and category for product development and launch. In fact, it is highly unlikely you or anyone will ever possess sufficient capabilities to self generate everything you will need for the triumphant pursuit of securing a place in the market.
However, it is, at the least, wise to know and understand each factor along the chain of development and launch. It is at least as important to be aware of your weaknesses, as it is to know your strengths.
Being able to identify available resources is critical to arriving at a desired and successful outcome. Normally, resources tend to multiply and become more available as a project (and life in general) moves forward. However, if a project is initiated prior to establishing the existence of and access to adequate resources, failure is a realistic, if not probable result.
It is a given fact the number one reason new businesses fail, is due to inadequate capitalization. In a very real sense, inadequate resources, of which capital is certainly a major element, is the opposite side of the same coin.
It is also important to recognize all forms of capital, and their subsequent importance to your life and your projects. Money/Investors & credit are the two most obvious, but by no means the only forms of capital. Non-monetary assets, relationships, favorable or convenient access to resources, etc. are not uncommonly the most important to an endeavor, but if you are not aware of their existence, or how to use them, it is the same as opportunity lost and money out of pocket.
Evaluate all components of your project(s). Begin with the end in mind, based on an established, sound and solid plan. Remember, almost anything can be monetized in the right circumstances and/or application. Look for it. Constantly.
The list of resources and components that will/may be required to move forward and ultimately to a successful launch are nearly inexhaustible. However, those required for an efficient and intelligent startup are listed below:
Primary resource categories:
- Core competency
- Available Time for Project
- Known & Identified Reliable & Consistent Resources
- Available Project Finances
- Availability of Development Facilities
- Brand Worthiness
What do you strive for? If you want good results; strive for excellence. If you seek excellence, you must pursue perfection. It always comes down to choices and subsequent actions. We strongly recommend you take a realistic inventory of your available resources before beginning the process of product development.
So, perhaps a more appropriate question would be: “what’s not in your wallet?”