An embryo seems to miraculously mature through layers of development. Cellular differentiation, a forming spinal column, organ development, and more, are all necessary for a healthy, vital birth. Just as the developing fetus goes through a myriad of maturation steps, your innovation and your company must proceed methodically through multiple tasks. But this business procession is no miracle—it’s plain old work. I would say the adage, “plan your work, and work your plan” is invaluable advice—provided that your plan is well constructed.

Hardly a week goes by that I don’t hear about an entrepreneur’s new service or product. If you’re one of those innovators toying with such a technology right now, then you must deal with some very critical realities. In fact, I would boil those realities down to five basic elements.