Prove It
STEP THREE
What makes your idea successful? How do you communicate that?
Study your marketplace, know your competition and learn the balance between trusting your instincts and implementing outside feedback.
PACE: Slow and Steady: 3 weeks | Moderate: 2 weeks | Accelerated: 1 week
SPARK
You have defined your business, its mission and purpose, you have done some research, you have outlined a plan to build, and now you need to make the real case for your plan.
TARGET
You will have hit your target when you can successfully communicate the power of your business: its purpose, and what it does, and why it is worth it, and how it scales in 30 seconds or less: what is generally called an Elevator Pitch.
ACTION
Test your market again and collect data: Do primary and secondary research.
Determine if this business can be viable: Get feedback from experts.
Run at failure: make sure you have conducted all the research you can, and that you can, with confidence, answer any questions that could come up.
Synthesize the market research, the expert feedback, the unanswered questions*
Determine whether you need to tweak your plan in any way.
REACTION
Are you ready to prove your business’ viability? Can you communicate what it is and what it does, and why it is worth it in 30 seconds to anyone, anywhere? How do you feel about it now? What are your concerns? Where are the plan’s strengths and weaknesses? What is your gut reaction right now based on feedback you have received? Start to think on a name for your business…
TAKEAWAY
Pitch your business to your network, to strangers, to friends. It lives or dies in this moment as a result of all you have learned, processed, and organized. Or, you pivot!
STEP THREE ROLE MODELS
TOOLS
Research: The Internet, advisors, mentors, friends, market research tools (surveys, etc).
Organizational: Market Analysis Spreadsheet from Plan It
Graphs to indicate growth and scale: see resources
STARTER SPEAK:
Elevator Pitch: Your vision, its mission and purpose, articulated in 30 seconds or less
Market Research: Research you conduct to support your business’ value
Feedback Loop: The exchange of feedback and how it affects the business you are building.
Primary Research: The obvious, direct impact research that tells you key things about your business and the market you are entering.
Secondary Research: The next level of research which helps you answer less obvious, but important questions for your business’ growth.
Data Analysis: How you understand the research you have conducted as it applies to your business.
Synthesis: How you connect that understanding of the research you have conducted to the actual build of your business.
Scale: The potential for your business’ growth.
Pivot: A change in direction for your business.