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When you are through your ideation process and have a great idea, it's time to prove, that it is actually good business...
When you are through your ideation process and have a great idea, it's time to prove, that it is actually good business...
Develop the business concept
Develop the business concept
Especially project owners and investors will need to understand not just the idea, but how it will become a business or how it will affect the existing business or organisation.
Divide your potential users and customers into segments and identify the most promising.
See your solution from the user's or customer's perspective and identify how you create value.
Your solution may not be able to stand alone.
Business Model
Business Model
Define your overall business model: What do you offer? How do you provide it? How do you sell it? How do you make money?
Main tools
The Business Model Canvas - how is the business going to work?
Market and industry research
Market and industry research
Learn about customers, competitors and the overall context of your idea and business concept. Is it actually still a great idea in real life - or do we need to adapt or improve.
A great source for general market information and company information are the databases available through the SDU Library...
Generate your own primary data
Generate your own primary data
General research is always more credible if you can support them with more specific date that you go out and get from end users, customers or for example experts.
A few tools for that are listed below.
Understand the problem from the user/customer's perspective - and find out what is the actual problem...
(Actually it's better to do that in Step 1: Empathize)
Keep track of what you want to test, and what you learned from your testing...
Overall evaluation
Overall evaluation
Analyze if it actually look possible to do your project.
Based on you research - primary and secondary data - you will be able to identify the risks that could be hazardous to your project.
Make sure that you have thought about how you can mitigate the critical risks.
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