You’re just getting started, you have the beginnings of an idea, but you need to develop your idea further.
Key questions to answer at this stage:
- Why do you want to start this business? What is your mission?
- What is the customer problem you are solving?
- Who has the problem you are solving?
- How many of those people or organizations are out there (what is the size of the market)?
- What is your solution to the problem?
- How can you reach customers?
- How will you make money with this business?
- What product, service, or app development do you need to do?
Key activities at this stage may include:
- Look for co-founders
- Develop a Value Proposition for your business
- Validate your Value Proposition with potential customers
- Research your intended market
- Create an initial business model or business plan
- Plan your exit strategy
- Create your business and brand identity: company name, brand name, logo
- Develop your business “pitch”
- Create a set of milestones for getting to the Launch stage