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This is an individual assignment in which you present your very own idea for a product or service business. You will describe a niche of
This is an individual assignment in which you present your very own idea for a product or service business. You will describe a niche of potential buyers of your product or service (i.e. "Customer Segments"), and a clearly articulated problem, that is an unmet or underserved niche, and how you will fill it with your business solution (i.e. "Value Proposition").
There are three major questions to ask:
1. Is the idea new?
- Doo a Google search.
- If it exists, then it's NOT new as the problem has been solved
- Or, if something similar exists, could it be that you are approaching the problem in a much better way?
2. Is the idea viable?
- Remember the three circles:
- Is there a market need - what pain are you solving or benefit are you creating?
- Is this something for which people are willing to pay?
- Are you able to make a profit?
3. Is this a big idea?
- Are you solving a meaningful problem?
- Is it new to the world? Is the eventual market huge? Or is it new to a suitably sized market where you can be "the only game in town'?
- Customer Segments: Be focused on the niche of customers you are targeting
- Value Proposition: Describe the problem the customers segment are experiencing, and then describe how you solve the problem
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