Idea
💡

Idea

Where it all started - Starting with WHY?


Start with Why

Video preview
Golden Circle by Simon Sinek
💡
Why→ How---> What
Why= “purpose, passion, inspiration, vision, reason, values”
How= manner of implementation
What= product/idea/business
Communicate from inside out
How do you align your/product's values with your customers
 
Recommended read

I have a startup idea! What do I do next?

Initial Research and Brainstorming

 

How to get startup ideas?

Video preview
 

How to Evaluate startup ideas?

Video preview
 
Also, please read this great article on how to evaluate startup ideas from "The Path Forward"
Key takeaways:
 
1. Staying objective.
2. Using the Lean Canvas to identify your assumptions.
3. Identifying assumptions to test your hypothesis
4. Test your assumptions around the problem, customers, and existing solutions.
5. Testing your unique value proposition and solution
6. Testing marketing channels
7.
7a Test value and revenue in an unscaleable way through a concierge service
7b Test value using prototypes
8. Keep learning more about your customers at all times
 

A four-step guide to evaluating startup and new venture ideas

 
Summary:
Early-stage investors and venture capitalists — way before they see a working product — need to see solid evidence that the new business idea has the potentials to grow quickly. Four factors need to be analyzed when assessing the potentials of a startup:
 
  • The demand side — the problem, or initial conditions
  • The supply side — the solution and offering
  • The connectors — drivers, insights, or reasoning as to why the ‘assumed’ company, will successfully connect the supply and demand sides and create economic value
  • The beliefs — the positive emotions, the excitement around the company and its people
 
Source:
 
notion image
 

Startup Ideation Process

 

Additional resources

Why Your Idea is Worth Nothing by Vlad Kachur
Video preview
 
Elon Musk on Millennials and How To Start A Business
Video preview
 

How to validate startup ideas?

💡
For templates and canvases, see base
notion image

Idea Validation: Steps and Tools for Testing Your Idea

 
 

Lean Market Validation: 10 Ways to Rapidly Test Your Startup Idea

 
 

Define your value proposition

 

What is the value proposition?

 
"A value proposition tells prospects why they should do business with you rather than your competitors, and makes the benefits of your products or services crystal clear from the outset" - Dan Shewan
 
Video preview

How to define your Value prop and customer segments?

 
Video preview
 
Use your value proposition to convey the strong message of why your product matters and explain in terms of "features vs benefits".
 
notion image
 

Other resources

 
How To Get A Startup Idea?
 
Why you should use the ideation process when building your startup?
 
Startup Idea: Ideation Guide for To-Be Entrepreneurs