Ground truth in a new venture within a company is different from ground truth within an unaffiliated startup. These corporate centric issues can be much more political than factual. The more the new revenue stream is likely to be a new division; the more complex are these issues.
What You Need To Know
BeforeYou Launch a New Revenue Stream
So, before you launch a new revenue stream within a company; you need to understand most of those issues relevant to startups and also:
- How does your boss describe the company’s commitment to you and your new venture? And your commitment to the company?
- Who are the stakeholders from your boss’s perspective? At this point you may not yet have a real Board of Directors. But, you likely have at least a committee of advisors. How does this committee/Board see it differently? Why does each stakeholder support this new venture’s concept?
- What does each stakeholder say to you about how he/she will measure success; and what they expect you to accomplish in the first 3-6 months?
- What do trustworthy experts say to you about how to achieve market traction for this offering in this sector
- What resources you will have available to you for year 1
- Who will decide; and how will they decide; if you were successful? How will you be rewarded?
- Why and how are you committed to this new venture?
Do not forget to consider; what level of disruption is your parent company used to creating with their new revenue streams/new products?
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