It should be noted that this module, “The Market Approach” module and “The People” module have a bearing on each other.
The resources you require will be specific to your idea but will usually include a broad spectrum these categories:
As you can see you need much more than just money. In order to turn your idea into a business you need a wide spectrum of resources. Being aware of what exactly you need and when you need it will allow you to plan ahead.
For each stage in the commercialisation process, think about the specific requirements you have in order to turn your idea into reality. What do you need in terms of financial resources - how much money do you need? What skills do you need - sales, marketing, accounting, technical skills? Do you require specifc premises such as an industrial kitchen or warehouse, or a particular tool which will allow you to sell online? How much money do you have access to for investing in your business?
Use the template provided to draw up a list of requirements. Once you have done this, put the requirements in an order or importance, identifying what you need right now and what you will need later on.
Revisit the list you drew up in Exercise 1 and identify the resources you already have or have access to.
Having an understanding of what resources you lack will help you plan and put together a realistic action plan or roadmap to get you to where you need to be, whether this involves getting training yourself, bringing onboard other people, buying machinery or raising external funding.
Different types of resource gaps can be resolved in different ways.
For example: materials, machinery and premises
Solution: buying, renting, leasing, licensing, borrowing
For example: specialist knowledge, skils, intellectual property
Solution: training and learning skills/ spealist knowledge yourself, hiring staff with relevant knowledge and skills, licensing intellectual property, outsourcing to third party with relevant skills and knowledge, working with speacilst mentors and advisors
Based on Exercises 1 and 2 it should be clear where the gaps are. In Exercise 1 you listed all the requirements, while in Exercise 2 you identified those resources you have or have access to.
What you need to do now is focus on the gaps, where there is a requirement which you can't currently meet, and think about how best to solve them. Using the template provided, draw up a list of your resource gaps and decide how you will solve them.