How to Build a Great Business

Micheal Copeland and Om Malik are two very bright minds who contribute to the world of business growth and entrepreneurship. Last year they provided a very thorough game plan for anyone looking to start a company. This ran in the June, 2006 edition of Business 2.0. Here are some useful highlights from their article:

Got a great idea? There's never been a better time to turn it into a great company. There are no guarantees in the world of entrepreneurship. But there is a right way to go about it, and we've mapped the process out for you here. As for the rest-well, that's entirely up to you. You can thank us later.

1. Stress-Test your big idea. Objective: Debug and perfect your business brainstorm. ..Make sure it has legs. The only way to do that is by bouncing your idea off as many people as possible. Family and friends probably can't provide the critical insight you need. Track down at least a dozen people with expertise in the market you intend to enter. You want candor and honest, not diplomacy.
2. Build your founding team. Objective: Join forces with other execs to navigate the challenges ahead. Starting a company isn't just a full-time job; in many cases, it's three full time jobs.It's tempting to partner with good friends, but that's not necessarily a pathway to success
3. Draft a business plan. Objective: Map out the market and explain how you fit in it.
4. Play the name game. Objective: Give your startup a handle that works. It will make a first impression, carry brand equity, and provide a foundation.
5. Incorporate Thyself. Objective. Adopt the corporate form that's best for your growth plans.
6. Stake out intellectual property. Objective: Avoid infringing on others' patents and secure some of your own.
7. Create an advisory board. Objective: Formalize the network of people who can help you most.
8. Build your prototype. Objective: Take your product out for it's first test-drive.
9. Start staffing up. Objective: Build the core team that will carry you into the future.
10. Launch your beta test. Objective: Solicit Solicit the comments you need to perfect the product.
11. Revisit the business plan. Objective: Translate all that you've learned into a more realistic blueprint.
12. Develop the sales and marketing plan. Objective: Establish a team to implement a targeted strategy.
13. Open an office. Objective: Bring everyone under one roof as cheaply as possible
14. Hit the market. Objective: Stop fiddling and start selling!

Yes, that's right, we're giving away this vast amount of information for free through our business scholarship. No catch, no gimmicks. For real.