After you have completed the following exercises and questions designed to assess your business idea, register for our no-cost The Right Foot workshop. This intensive three-hour workshop will assess the feasibility of your business idea and provide you with the tools and tips needed to plan for entrepreneurship. Get started with a self-assessment by reading below.
Questions to Assess Your Big Idea
What is your primary aim in life and will your business help you fulfil that vision?
What core competencies will you bring to the business?
Are you missing any unique skills or resources that are vital to success?
What product/service are you proposing to offer?
What is the problem – what is the burning need that needs to be relieved?
Questions to assess your Customers:
Customer segments are the group or groups of people and/or organizations that a business owner aims to reach and create value for with a defined value proposition.
Who are your customers?
Can you qualify the pain that your customers feel?
How will you make your customers’ lives better?
How is your product/service different than your competitors?
Video Exercise: Value Proposition Canvas
You need to tactfully match your value proposition with your customers’ needs to attract their attention. Watch this four minute video and work out the defined concepts.
Now that you’ve watched the video, let’s think about your team and what technology you have or will need to sustain your business. The “team” can be defined broadly but it’s those people who will help you. They could include business partners, employees, suppliers, family members and others. At this point, getting feedback from some of these folks could be helpful.
You’ve done a lot of work up to this point. You may want to join one of our upcoming workshops with our expert counselors to sort through the findings. OR, move onto the more advanced Business Model Canvas below. The Canvas addresses several important elements needed to plan your business.
Exercise: Business Model Canvas
Watch this two minute explaining the Business Model Canvas. While watching the video keep in mind the following notes:
- Customer Segment: You’ve already worked on this element above
- Value Proposition: You’ve already worked on this element above
- Key Partners: Partners must be reliable, but always have a backup plan.
- Channels: Customers will tell you which distribution methods are most convenient
- Customer Relationships: Talk with the customers to ascertain their expectations.
- Revenue Streams: Be proactive to determine what customers’ value.
- Key Resources: What assets in the business are indispensable for creating value
- Key Activities: Unique activities distinguish you from the competition.
- Cost Structure: Be judicious with relationships while shopping for value.
The results of this Start-Up Process will lead to one of two conclusions. Either you will recognize the need to further develop the idea or it will strengthen your confidence about starting the business. If you want to move ahead, register for one of our upcoming no-cost workshops here.