Please visit my new website – www.tiffanysunday.com

http://www.dallasnews.com/business/small-business/20110713-why-did-this-dallas-entrepreneur-turn-down-a-bank-loan.ece

Have a idea and need feedback?

Not sure how to launch your new idea?  Recently launched a startup and are unsure of the next step?

Chris and I are available on Tuesday to visit with you and answer your startup questions.

http://bootstrapdallas.com/2011/04/open-office-hours-with-dillon-5s-tiffany-sunday/

Have an Idea?

Considering Launching a Tech Startup?

Check out Startup Weekend!

http://dallas.startupweekend.org/

Why were these ideas sent to the black hole of my mind?  Why were some projects completed quickly; while two manila folders sat on my desk for weeks?  In my mind; I could not find the motivation to spend time and money to convert the idea to an actionable project.  There was no call to action, no interest on my part – but there was peer pressure to move the idea forward from others.

Over the weekend I finished “The Monk and The Riddle” by Randy Komisar.  I highly recommend the book if you have not read it; Randy tells a story to explain why successful ideas must have passion.  At a gut level, we know that our idea must be aligned with our belief system and that our motivation must have a purpose.  When the motivation behind the idea is not genuine it shows; especially when the motivation is greed.

In the book, Randy discusses passion and drive; which on the surface seem to have the same meaning; yet, the two words are different.  Randy states “passion pulls you toward something you cannot resist.  Drive pushes you toward something you feel compelled or obligated to do”.

This morning, I tabled the ideas with much relief that lacked my passion and fit my purpose.   You cannot fake interest in ideas or projects – in the end the passion behind the “why” must be authentic.

Many individuals start businesses to escape the Deferred Life Plan, seeking to find any idea that will generate enough money to grant their escape.   Just like Lenny, a character in book, focusing on the escape without the passion will lead you nowhere.   Investors seek big ideas with a soul – an idea that can grow.

Startups must be careful not to succumb to peer pressure to appease potential investors or advisors; ask yourself is rejecting the passion behind the “why” worth the funding?

Passion keeps the motivation of the big idea alive.

Incubators and Accelerators are great resources; however, they are limited on how many new startups they can accept each session.

Startup Minute evolved from our concept last year that we started developing – Startup Brain.

Twice a month, I will post office hours for startups to reserve a time slot.

For more information about Startup Minute –http://dillon5.com/our-services/startup-minute/

Ideas need passion.  Think of Steve Jobs, he is passionate about Apple and the products the company creates.  His energy and determination are evident in the company’s actions and in his speeches.   Is your company passionate about the new product idea?  Can you rally the team around the idea and generate enough excitement to develop and launch the product?

Is the team willing to make the commitment to develop the product?  Or is this idea an afterthought or a reaction to competitive activity in the marketplace? Creating new products based on ideas that are reactive rather than ideas that solve a problem can potentially cost the company more time and money in the long run.  Be mindful of herd mentally when developing new products.

Developing products takes time and energy.  Without a strong internal drive from employees, the end product will mostly likely be substandard; thus generating less revenue.   When a company is passionate about its products these feelings can influence consumer buying decisions.  Think of Apple, the products and their loyal customer base.  Now, think about companies that are not passionate and do not care about the “why” behind the idea. Ask yourself which product or service would you rather buy?

Passion matters when developing new products for the marketplace, lack of interest always comes through in product design and development.

I believe it is important to spend time thinking about the roots of your idea.  Why are you considering developing the idea into a product or service?  What is the real driving force behind the idea?

Like a tree, an idea must grow and develop a strong root system to survive the elements; without a strong base the idea much like a tree cannot survive.   Define and write down the specific features that make your idea strong.  These features are much like the roots of a tree.  Think about the product’s features and the benefits they provide consumers.   Are these benefits strong enough to entice consumers to purchase your product instead of the competition?

Be honest with yourself and your business partners.  Does your idea really fill a need, solve a problem or fill a gap?  We’ve all been watching the news about BP and the inability to cap the well.  I know that BP would spend a very large sum of money to quickly solve their problem.

After examining the roots of your idea, if you believe the roots are not strong enough to survive the marketplace, consider other opportunities for the idea or a different market segments to ensure your idea is successful.

Ms. Sunday’s speech will include: how to develop new products on a lean budget without sacrificing quality, how to make innovation and risk taking work for you and how new technology will continue to impact your business and ways you can benefit from it.

http://www.ewomennetwork.com/chapterHomePage/chapterEvent.php?chapterCode=TX105