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This is the initial stage of a startup. There are plenty of ideas and excitement. It is often unclear which of these ideas has the best chances of becoming a great product and a successful business. There is minimal data to support assumptions. Capital is usually limited or nonexistent. The company wants to raise money but convincing investors is difficult due to the high risk. What does the Lean Startup Methodology suggest in this case?
The priority in this stage is to build a business case. This means validating an idea, collecting supporting data from the market, and demonstrating that the trade-off between risk and (potential) reward makes this a worthy investment.
You are off to a wild adventure through the unknown land of entrepreneurship. You need a compass that points to your destination. That compass is your Product Vision!
Once you have your Product Vision Statement, your destination becomes much clearer.
You are ready to take on the world and leave a mark with your product. What will your product do and how will it solve the problem you aim to tackle? The answer to these questions is your Product Definition!
This step of the process is a challenge for brainstorming and solution-finding skills. You start by defining Personas to represent your target audience, then for each one you create a Value Proposition Canvas. If all that goes well you end up with a Product Vision Board, the invaluable companion to all your subsequent product activities.
You are confident that your product will bring real value to your customers. You see this becoming a huge success and you having a thriving business. Not so fast! For an idea to turn into a real business you need a large enough market of buyers for your product. You also need to make sure that after paying for cost of goods, marketing, customer acquisition, operations, etc, you will still make a profit. Enter Market and Business Analysis!
These questions require research for the competitive analysis and number-crunching for the finances. They can be cumbersome but they are very important. The outcome is a comprehensive Lean Canvas that will provide a quick snapshot of your startup business!
You have made it out of the weeds. Your product idea is solid, the market for it is sufficiently large, and you can monetize it to make some serious profit. All you need now is... no, it is not funding. First you need a plan!
Your Startup Plan is what makes your idea feel tangible. It includes strategic goals, action items, milestones, and operational & HR consideration. It serves as blueprint for implementation and gives you a shot to success
You are finally ready to get started. If you have the resources necessary, you can take the first step. If not, you probably need to raise money. Fortunately, you have done all your homework. You simply have to package everything into a nice pitch!
Your product vision, value proposition, competitive advantage, monetization options, go-to-market strategy, business model, and financial projections, become part of your Pitch Deck one of the most important documents for a startup!
At Emerging Humanity we believe that a good methodology is useful in general and invaluable when problems arise. To get out of trouble, it helps to know how you got there in the first place. Following a process allows you to learn from other people's mistakes; to trace your steps, backtrack, and try something different. You are still fumbling around to some extent (it IS a startup after all), but in a systematic and intentional way that guarantees you take your best shot possible!
Emerging Humanity's approach follows a step-by-step process that aligns Lean Startup Methodology and industry standard tools with your startup's needs. It creates a clear execution path. All you have to do is to walk it!
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