I frequently use a metaphor of a chair when I advise entrepreneurs. I compare the viability of a company with a four-legged chair. If any of the four legs is missing, perhaps you can keep sitting on the chair for a while, but when you lose balance you fall. When two legs of the chair are broken, then a fall is sure!
What are the four legs of the viability of a company?
THE FIRST LEG OF THE CHAIR: TECHNICAL VIABILITY
This is about entrepreneurs or their teams who dominate the production process. The means of production and the appropriate technology should be available, and entrepreneurs should be able to own it. As a conclusion the company should be able to produce something that works.
The technical viability leg is usually the first thing that entrepreneurs achieve, because entrepreneurs normally start a business on something that they control and that they have knowledge in. However, this is not the case for some entrepreneurs and their business projects start limping from lack of technical viability.
An entrepreneur wanted to develop and to sell an innovative tool for household recycling. Continue Reading…