Describing your initial idea
You have gone through the process of listing ideas and selecting one. This was done fairly quickly including a rating of the problem being solved. We now want to consolidate that thinking by defining it in a little more detail – and capturing this definition. This may feel a little repetitive, but the process of developing a tested business model works in this way … you continue to build on previous steps.
So for now, via the assignment below, simply describe the problem and idea succinctly.
At Mashauri, we are big proponents of visual thinking, that is using drawing, sketching and even models (like LEGO) to help you address problems, communicate clearly and clarify your thinking. On this basis, it is a good idea to try and sketch out the problem and/or solution in some format – the classic example is Rollin King (the owner of SW Airlines) drew a diagram of how South West Airlines would work on the back of a napkin and initiated the advent of low cost airlines around the world
We have provided a downloadable template in the assignment that asks you to answer a few basic questions (see below).
- Product or service – what is it what does it do?
- Who is it for?
- Why is it such a great idea?
- Is it unique?
- Is there competition?
- Why should you (and co-founders) specifically be starting it.