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Write Down Your Business Idea
Clarifying Your Idea
Once you have a great idea, it’s important to take the time to formalize it and clarify the details in your mind. This process is crucial because it helps you as an entrepreneur to go deeper into the details and define your value proposition.
The process of clarification begins by taking a step back and looking at your idea from all angles. This means taking the time to evaluate the feasibility of your idea, identifying your target market, and understanding what sets your idea apart from others. It’s important to be as objective as possible during this process and consider both the positive and negative aspects of your idea.
Once you have a clear understanding of your idea, it’s time to start defining your value proposition
Entrepreneur's Toolkit: Turn Your Idea into a Successful Product
Prior to commencing the initial lesson of this course, it is of paramount importance that, as entrepreneurs, we initiate the process by downloading your toolkit.
For this course, the fundamental versions of the compelling apps are available at no cost.
These applications are exceptionally beneficial, as they will be employed to concentrate on developing your business idea throughout the entire duration of the course.
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Business Model Canvas
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SWOT PRO
What is a Value Proposition
A value proposition is basically a promise to your customers that your product or service will solve a particular problem or fulfill a specific need better than anyone else. It’s like a tagline, but more detailed and specific.
When it comes to mobile apps or digital products, a clear value proposition is crucial. In today’s digital world, there’s an app for just about everything, so standing out in the crowded app store can be tough. A strong value proposition can help you do just that.
Let’s take the example of a fitness app. A typical value proposition for a fitness app might be something like “Get in shape and reach your fitness goals with our personalized workout plans and progress tracking.” This value proposition clearly communicates that the app will help users reach their fitness goals by providing personalized workout plans and progress tracking.
Another example, could be a language learning app, the value proposition could be: “Learn a new language quickly and easily with our interactive and engaging lessons and real-life conversation practice.” This value proposition communicates that the app is an effective and convenient way to learn a new language, with interactive and engaging lessons and real-life conversation practice.
On the other hand, a weak value proposition might be something like “Our fitness app helps you stay healthy.” This value proposition doesn’t really say much about how the app is different or better than other fitness apps.
A value proposition is a statement that explains how your product or service will meet the needs and wants of your target market better than your competitors. It’s a key element of your marketing strategy and it’s essential for mobile apps and digital products. A strong value proposition can help you stand out in a crowded app store and convince potential customers to download and use your app.
During this initial phase, simply open our app and jot down your thoughts on what you would like to offer to your customers. As we delve into understanding your target audience, their pain points, goals, and the unique characteristics of your application, we’ll be able to refine your positioning relative to your competitors in the upcoming chapters. The more we learn about your audience, the better we can utilize ChatGPT to develop an outstanding value proposition.
Take the first step towards financial independence by using the BMC app to craft your value proposition.
Alrighty, now that you’ve got your value proposition on lock, it’s time to find out if the field you’re diving into is a growing one or not. And don’t worry, we’ve got your back! In the next chapter, we’ll show you some super cool tools that’ll help you gather real data from the outside world and make sure you’re not swimming upstream.
Take the first step in your journey 🛣️
Define your first Value Proposition 🚀
Get the BMC app right here; it’s compatible with both iOS and Android devices, and it’s completely free to download.
🚀 Click on the Value Proposition section and start describing the main products you want to sell.
🧑🏻💼 For each one, come up with a value proposition that really speaks to what the customer needs and how it can solve their problems.
🤩 As you do this, you might even stumble upon more ideas, making your service plan even clearer in your mind.
✍️ The more details you can jot down, the easier it’ll be to figure out what to do next.
On the left-hand side, you’ll find three different sections:
Customer Relationships
Channels
Customer Segments
Begin by working on the Customer Segments and define your ideal customers based on your value proposition.
Be specific when it comes to their goals and pain points; we’ll dive into more details in the upcoming lessons, so no need to stress 😊.
If your value proposition is closely tied to the delivery channel for your product, make a note of it 🌟.
Lastly, if your value proposition revolves around customer support, assistance, or assurance, make sure to take notes in the Customer Relationship section 🚀.
Finding Inspiration for Your Next Business Idea
As an entrepreneur, it’s natural to want to innovate and come up with new ideas that can help you stand out in the marketplace. However, the process of finding the right idea can be challenging, especially when you’re feeling stuck or uninspired. The good news is that there are many ways to find inspiration and generate new ideas.
Here are some methods and resources that can help entrepreneurs discover new business ideas:
😅🤔➡️💡Solving a personal problem: One of the best ways to come up with a new business idea is to solve a problem that you have personally experienced. Think about a problem or frustration that you have encountered in your daily life, and brainstorm ways to solve it. For example, if you are a busy parent and find it difficult to find healthy meal options for your family, you could come up with an idea for a meal delivery service that focuses on healthy and organic options.
🕵️♂️📊📈➡️🛍️Identifying a gap in the market: Another approach is to identify a gap in the market and create a product or service to fill it. This can be done by researching industry trends, analyzing competitors, and speaking with potential customers to understand their needs and wants. Tools such as Google Trends, SEMrush can help you identify trends and analyze your competition.
🤝👥💼➡️💼💡Networking and collaborating: Networking with other entrepreneurs and industry experts can be a great way to generate new ideas. Joining entrepreneur groups, attending industry events, and collaborating with other business owners can lead to new ideas and opportunities.
💼🧠➡️🚀Leveraging existing skills and knowledge: Utilizing your existing skills and knowledge can be a great way to come up with new business ideas. Think about the skills and expertise you have developed through your career or personal life and how they can be applied to a new business venture. For example, if you are a graphic designer, you could start a business offering design services to other businesses.
🏢💼🚀Incubators and accelerators: Incubators and accelerators are organizations that help entrepreneurs develop and launch new business ideas. They provide resources such as mentorship, funding, and office space to help entrepreneurs validate and launch their ideas.
🌐🖥️🤝➡️💡Online resources: There are also online resources such as websites, forums, and social media groups that provide inspiration and support for entrepreneurs looking for new ideas. For example, websites like Kickstarter, Indiegogo, and ProductHunt are great platforms for entrepreneurs to showcase their ideas and gather feedback from potential customers. Additionally, forums like Quora and Reddit provide a space for entrepreneurs to ask questions and share ideas with a community of like-minded individuals.
📋📊🗣️➡️💬Customer feedback: One of the most valuable resources for entrepreneurs is customer feedback. By gathering feedback from potential customers, entrepreneurs can validate their ideas, identify pain points and improve their products or services. Tools such as survey monkey, Google forms and Typeform can help you create surveys and gather feedback.
👀🌍➡️🤯Get inspiration from other industries: Sometimes, the best ideas come from looking outside of your own industry. By studying other industries and identifying successful business models or innovative ideas, entrepreneurs can adapt those concepts to their own field.
📚🔍📈➡️💼💡Researching industry reports: Industry reports can provide insight into the current market trends, growth opportunities and challenges in an industry. Entrepreneurs can use this information to identify opportunities for new business ideas and understand the competitive landscape.
Finding a new business idea is a process that requires research, creativity, and the ability to think outside the box. By using the methods and tools outlined above, entrepreneurs can generate new business ideas that have the potential to be successful. It’s important to remember that the process of finding a new idea is not a one-time event, but rather an ongoing process that requires continuous validation and improvement.
Tools to evaluate if your idea is a great idea📊
As an entrepreneur, one of the most important things you can do is to make sure there’s a real demand for your business idea. You don’t want to waste time and money developing something that nobody wants, right? So, how do you find out if there’s an interesting trend around your business idea?
Well, first things first, it’s important to understand that trends aren’t always obvious. Just because you think something is a good idea, doesn’t mean there’s a market for it. That’s why it’s important to do your research and gather as much information as possible before diving in.
One way to get a sense of whether there’s an interesting trend around your business idea is to start talking to people. Ask friends, family, and other entrepreneurs what they think of your idea. See if they know anyone who might be interested in your product or service. This can give you a sense of whether there’s a real demand for what you’re proposing.
Another way to find out if there’s an interesting trend around your business idea is to look at data. Google Trends is a great tool for this. It allows you to see how often a particular term or phrase is being searched for on Google. You can use this information to see if there’s been an uptick in interest around your business idea recently.
Lear how to use google trend
You can use it to understand the volume of interest in a particular topic or industry and identify trends in search behavior.
Here are a few ways to use Google Trends to understand if there is volume potential in a topic or industry:
Search for a specific term: Enter a search term related to your startup idea or industry and see how it has trended over time. You can compare it to other related terms to get a sense of how it compares in terms of search volume.
Use the “Related topics” feature: Google Trends will also show you related topics that are searched for in conjunction with your main search term. This can give you ideas for related products or services to offer.
Use the “Related queries” feature: Google Trends will also show you related queries that are searched for in conjunction with your main search term. This can give you insights on the things people are looking for when searching for your main search term.
Check the “Regional interest” feature: You can use this feature to see where in the world people are searching for your term the most. This can give you an idea of where your target market is located.
Use the “Interest over time” feature: This feature allows you to see how the search volume for your term has changed over time. It can give you an idea of the seasonality of the interest.
By using these features, you can gain insights into the search volume and interest in a particular topic or industry and make more informed decisions about your startup idea.
Gathering this data holds immense importance for your business. If you come across a specific trend or keyword during your research, make sure to incorporate it into your value proposition.
Envision how this trend will impact your audience and the services you provide. Identify the problem you aim to solve and the benefits you will bring to your audience’s lives. Utilize our BMC (Business Model Canvas) application to document these findings, and include them in your initial SWOT analysis.
Time for the second step 🛣️ 😎
Include the trend information in your SWOT Analysis 🚀
Remember, a trend can present either an opportunity or a threat, and it is essential to document this information in your SWOT analysis.
Get the SWOT app right here; it’s compatible with both iOS and Android devices, and it’s completely free to download.
🚀 Tap on the Opportunity square to trace your consideration related to the trends that you verified.
⚠️Tap on the Threat square to trace your consideration related to the trends that you thinks can affect your product.
In the next lessons we will define a great competitor landscape, so don’t worry if so far you are not 100% a clear vision.
