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R & D
Assumptions
As new entrepreneurs we have assumptions about our customer, their problems, how to solve the problems, how to reach the customer, how they buy, when they buy, etc. We often assume that once we create something people will just gravitate to it and exchange money. This is a major flaw of our thinking, but it can be fixed with a technique. A way to understand your assumptions is to brainstorm as many things as you can about your customer, their problems and how they'll use your solution. Sometimes it helps to brainstorm with a partner and in several sessions. You might think of an assumption while out for a walk, or in the car, or washing dishes. Uncovering what you are assuming to be true vs. what you KNOW to be true based on fact and data is critical. You might have 10 or 20 or 73 assumptions. There is no right amount, and you will discover more as you get better.Write them on a sticky note. Keep them short. Example: Customer will use an app, customer will pay with credit card, customer doesn't need post-sale support, etc.Once you've brainstormed take all your assumptions organize according the dimensions of 100% known -> 0% know on the X axis. On the Y axis organize them to 100% . It is critical to understand vs. not critical at all. See the graph in the resource guide so help you better visualize this. The end result should be assumptions all over the board but organized in a way that identifies the riskiest assumptions. These are where you need to put time and focus in order to make your business viable. See the video for a deeper explanation.
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TASKS CARDS
Do First
You should complete the following tasks before proceeding to the current one.
Problem Statement
As you narrow down to creating a thing called your Value Proposition, you need to spend time understanding the problem you are solving. Too often entrepreneurs want to rush straight to the thing they are creating. They are interested in the solution, however, deeply understanding a problem makes the solution much more powerful and lasting. No matter what you are proposing to create or do, you are solving a problem that isn't currently solved. Create a problem statementA problem statement should describe an undesirable gap between the current-state level of performance and the desired future-state level of performance. A problem statement should include absolute or relative measures of the problem that quantify that gap, but should not include possible causes or solutions. You might describe symptoms, size and scope, the consequences of not addressing it, supporting data that the problem is real.To learn more about your problem and adjacent problems you should be out talking with as many people as you can in order to test if this problem really matters to anyone else other than you.Focusing on the problem can be uncomfortable so you'll be tempted to move quickly to solutions. You will revisit this statement often as you learn more about your potential customer and you start to develop a solution.
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Customer Definition
Knowing who your target customer is goes beyond just typical demographics such as age, income, location, etc. The most powerful products, services and brands attract early customers who have a 'hair on fire' problem that your solution solves. These ideal customers are moved by passion and an emotional connection to what you are doing. They believe in it and they believe in your mission. They will be evangelists and champions of your product or service and help you grow. Great! But how do you know who they are and how do you find them? In the resource links there are some examples of templates to help you understand the traits of your customer so you can create ways to make them aware you exist and attract them to your product or service - aka marketing. The great thing about ideal customers is they are ready to buy or purchase from you, so often you only need to make them aware.
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Small Business Marketing 101: Using Email, Social, Video and More
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Don't stop now! Just pick the very next stage-card that resonates with your business and continue working on the correspondent tasks.
