From the raw understanding of a business idea, this is the process for structuring your idea into a well explained business idea that has enough information for you to decide whether it has commercial potential and whether or not you should pursue it any further.
- Ideation is the process for clearly stating an idea by answering the following questions in writing:
- What is the opportunity (premise)?
- What are you offering (solution)?
- Who will buy it (market)?
- Why will I win (Advantage)?
- How do I make money (Business)?
- You will have the opportunity to present your idea to your peers and to seasoned businesses mentors.
- The feedback as well as the mentors summary will be geared towards helping the entrepreneur achieving the following:
- Clearly defining the idea so it is understandable and soundly rooted in a great opportunity
- Shaping the idea so that there is a good chance it will have significant commercial value
- Judging were the idea fits well into the implied industry
- Determining if the idea has commercial merit
- After the idea has been refined, the entrepreneur has a discussion with the mentor, and answers certain business and personal questions pertaining to the viability of the idea and the entrepreneurs readiness to pursue it.
- Based on the answers, the entrepreneurs decides whether or not to proceed to Conceptualization.
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