A good business idea doesn’t necessarily lead to success. Many startups, even if they have a great idea, fail. While there are times where these young companies fail because of complications in executing the idea, or because of missed opportunities, or even just because of bad timing, in many of these situations, startups simply fail because they lack a structured and organized plan to actually execute their idea.
This is what Glen Wakeman saw during his long career. A veteran of the industry, with many years of successful management at GE Capital, Glen Wakeman decided to try to reduce the high failure percentage of new businesses by creating Launchpad Holdings, which Mr. Wakeman has called “something of a synthesis of my career”. The entire premise of Launchpad Holdings is to help early stage businesses get started, and it does this by providing a structured way of thinking about and creating a plan that is fast and easy to use. A plan, and a structure to perceive opportunity and obstacles, greatly increases the chance for a new company to not only survive in their industry, but successfully navigate it (https://gazetteday.com/2018/02/glen-wakeman-can-help-rescue-failing-business/).
The Launchpad Toolkit is one of the tools that Glen Wakeman’s Launchpad offers, and it walks entrepreneurs through the process of establishing their business. An accessible tool, one that is online, the Toolkit presents questions, to make the user think about their company, and answers, to explain concepts and ideas, that will make the entrepreneur more ready for not only starting their business, but making their idea a reality.
An important part of both Launchpad Holdings and Glen Wakeman’s perspective on becoming a successful business is the five elements. These five elements form the foundation of a good business plan. They are leadership, human capital, execution, risk management, and governance based on Glen Wakeman. Leadership refers to building up a leader’s skills and making the leaders of a company comfortable with their leadership role. Human capital refers to understanding a company’s employees, and using their strengths. The third element, execution, is all about using that leadership to bring about positive changes that lead to success. Then, risk management, is the opposite of execution, and refers to preparing for any negative outcomes brought by these changes, and making sure they don’t disrupt the business process. Finally, there is governance, which is creating a comfortable and positive business environment where employees can express themselves without fear or discomfort.