The goal of growth is at the forefront of most founders’ minds, but securing a public offering requires dedication and perseverance on a par with no other endeavour. Naturally, there are many obstacles along the way; no company can reach success without going through difficult times.

Here are some key takeaways for entrepreneurs aspiring to scale from zero to IPO.

You must try out your business idea in order to be successful. The market must be tested. It is necessary to seek the advice of others. To determine whether the product will be useful to potential customers, it must be placed in their hands. It is not enough to sit in an ivory tower and attempt to envision the future; you must speak with your potential customers and prospects about what they want and need, and how you will build it and deliver it.

There is a tendency for people to resist new ideas, whether they are experts in your industry who believe they understand how your idea works or someone who has seen something similar fail in the past. As an example, when Google first launched, many technology experts wrote off the company because previous search engines had struggled to find a viable business model. However, Google came up with a revolutionary revenue model that others had not considered.

To determine whether your idea has merit, you should use good judgment when seeking advice from others. It is important to compare your assumptions about how the industry works with those of others. It is important to note that the more distant these assumptions are, the less useful their response is for you. It is also possible to compare your assumptions with those of the objector. As they become closer, it becomes more likely that the objectors are correct. The greater the distance between them, the less relevant their objections will be.

For your business to succeed you have to try your idea out. You have to go test the market. You have to ask other people. You have to put it in the hands of potential customers and see how to use it. You can’t sit in an ivory tower and try to design the future; you have to talk to potential prospects and customers about what they want, what they need, and how you’re going to build it and get it to them.

People tend to resist new ideas, whether it’s an expert in your industry who thinks they understand how your idea works or someone might have seen something like your idea fail before. For example, tech experts wrote off Google when it first launched because previous search engines had struggled to find viable business models. Google, however, figured out a revolutionary revenue model that others hadn’t considered.

The key to determining whether your idea is any good is to use good judgment when asking others for advice or input. You should probe people’s assumptions about how the industry works and compare them to yours. The farther apart those assumptions are, the less useful their response is for you. You can also compare the objector’s assumptions with yours. The closer they are, the more likely the objector’s are right. The further apart they are, the less relevant their objections.

A new idea is often dismissed by people by saying that it must have been thought of previously by someone else. What steps should someone take in order to determine whether or not their idea has already been developed?

Consider this question: How different is your idea from those already in existence? If the improvement is only 10% over the incumbent, it is not a good idea. It is likely that you will experience one of two outcomes when you come up with a new idea that is only incrementally better:

1. The additional 10% won’t be enough to persuade your potential customers to drop whatever they already use in order to purchase your product. Especially when it comes to business systems, this is true. However, it can also be applied to consumer goods.

2. It is likely that a larger competitor with more resources and bandwidth will be able to get your new product to market and sell it more cheaply than you will, even if customers do appear willing to swap their old thing for a modestly improved new thing. An improvement of 10% is something that is obvious. If it is obvious, then the big, established players are probably already working on it.

A better approach would be to look for ideas that are 100 percent better than what is already available. There is usually some kind of leap involved in these types of projects. The introduction of Airbnb was a significant development in the hospitality industry. It was not enough for them to build a hotel that was 10 percent cooler than any other hotel. It was a complete re-imagining of what hospitality could be, as well as who could provide it.

We would appreciate it if you could describe the steps that one must go through from the time a concept is conceived until the product reaches the hands of the customer? Specifically, we would like to know how to file a patent, how to source a good manufacturer, and where to find a retailer to distribute your product.

The process involves three steps.

Create a Mutual Action Plan (MAP). It would be best if you made two of them: one for closing the deal and the other for implementing the system and getting the customer up and running. A MAP is essentially a joint project plan between you and your customer. It is the goal of the first MAP to close the deal. This does not occur when the customer says “yes.” It occurs after the contract is signed and a purchase order is issued. In order to obtain approval, you must determine which departments need to sign off and in what order. Signatories: who are they? Can you describe the customer’s contract review process? Is there anything you need to provide them with? Consult colleagues who have previously done business with the company to find out how the process usually goes and where hiccups may occur. In the second MAP, the prospect is guided through the process of getting set up on the system. It might seem that this would be a straightforward task, but customers are easily distracted. If there is no written roadmap and there is no explicit buy-in from both parties, the implementation may veer off course.

A better approach would be to look for ideas that are 100 percent better than what is already available. There is usually some kind of leap involved in these types of projects. The introduction of Airbnb was a significant development in the hospitality industry. It was not enough for them to build a hotel that was 10 percent cooler than any other hotel. It was a complete re-imagining of what hospitality could be, as well as who could provide it.

We would appreciate it if you could describe the steps that one must go through from the time a concept is conceived until the product reaches the hands of the customer? Specifically, we would like to know how to file a patent, how to source a good manufacturer, and where to find a retailer to distribute your product.

The process involves three steps.

1. Prepare “Show Backs.” These are presentations where you show the customer how the value you promised is being delivered. Plan to hold these meetings every six to twelve months, and set up systems and processes for tracking that value. At VMware, Carl Eschenbach enjoyed performing these tasks. “They strengthen the relationship and trust” he says. Additionally, you have positioned yourself to make the next sale.
2. Ensure that Early Customers Commit to “Must Haves”: Every contract with an early customer should include at least one of the following items:

• Case study participation or video testimonial participation: The customer may allow you to produce a case study about them or a video testimonial regarding the effectiveness of the system.
• The customer will receive 3 to 5 calls from other organizations considering your product or service.
• 3 to 5 media or investor calls: The customer will accept calls from media outlets or from investors who are considering investing in the company in the future. It is obvious that you will benefit from this: satisfied customers will confirm the great qualities of your product or service. You will more than compensate for any discounts you give to early customers by gaining traction with ever-larger customers. These requests will be familiar to many customers. It is likely that other enterprise companies have requested the same service. Additionally, it is in their interest to assist you. In the event that your customers love what you do, they will want you to remain in business. As you increase your customer base, you will become more solvent. Others may be hesitant. In the event that they do not like the product, what should they do? You should assure them that you will not hold them responsible for their commitments if they do not feel they can endorse them.