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I have an IDEA.... now what?
Firstly understand that what you have is just that – an Idea! We are all prone to having good or sometimes disruptive ideas. However, the key is the strategic orientation of that idea, where you see more to it - a vision and the ability of driving it toward executing the opportunity stream. Taking you one step closer to developing it into a viable business.
Key pressure questions that serve as an Entrepreneurial Guide:
This framework developed by Amar Bhidé is a great high-level analysis for any entrepreneurial venture. It follows a sequential process that allows for the entrepreneur to clarify their goals, evaluate their strategies and then assess their capacity to execute those effectively.
In addition, you also need to ask yourself why you have embarked on this journey! As an entrepreneur you will know that there are calculated risks and sacrifices that come with the arduous journey. Prior to defining the goals for the Startup, spend the time to define your personal goals, as they are pivotal to this undertaking, and will assist in baselining your approach.
What is my Value Proposition?
Parallel to the Bhidé framework, it is important to create and define a compelling Value Proposition. Current approaches aim to satisfy Consumer and Industry, where the Startup role is in determining a relative cost position and differentiation within the market.
However, whilst building for the future, I believe there is a new social imperative for Startups in this day and age, where the power of value and the sustainable advantage is based on delivering a positive impact across the board.
This conscious inquiry, utilising the above methods, aims to assist you in constructing a strategic canvas of what you are about to embark on, and the high-level processes that are to be taken in architecting your Startup.
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