So, you have a business idea that’s been lingering in your mind… What should you do next?! Simply take a few minutes and answer these simple question-statements:
1. Convey your idea in a paragraph. It should so be clear that both a high school student and a venture capitalist may understand it. This is the conceptualization/idea-building phase. Draw or doodle if you prefer that instead.
2. Why do you care, and why should people care about your idea? If your idea will affect people in certain ways, list it. If you have an idea to solve problems for yourself and find that it can help others also, detail it and explain why.
3. Who would be your first group of customers? What would make them pay attention to you? How do your competitors market to them? Research both the competition and their tactics, as well as your potential customers/users. Find out the process customers go about finding your competitor. If a competitor doesn’t exist, try to get some feedback. Don’t be afraid to reach-out to people; get out of your comfort zone! Networking is key, but don’t divulge too much information, especially if you haven’t any intellectual property yet.
4. How are you different in a way that’s important to customers? This is going to be your competitive advantage, so fascinate the customer as best you can in the shortest amount possible! People have a short attention span after all; stick with the assumption that you have just 10-20 seconds to fascinate people.