Enterpreneureship 101

Idea matrix.

That’s where the idea matrix comes in handy. The three most critical questions are:
 How big is your idea (market)?
 Do you have enough expertise (founder/market fit)?
 Is it a big enough problem (are people willing to pay for it)?

explores the different components of a company that contribute to a strong

value proposition. Thomson model

the value proposition “a crunch point between business strategy and brand
strategy,” There are seven areas to explore, each of which takes up a section
in the map:
Source: Peter Thomson
When you explore each section of the canvas, do so from the perspective of
the customer. While writing out the benefits of your product, imagine how it
increases pleasure or decreases pain for the person using it. Approach
the features and the experience that way, too: How do the features make the
customer’s life better? How does the product experience make a customer
feel?

Next, you’ll dive into the customer’s wants (emotional drivers), needs (rational

motivators), and fears (undesired outcomes). Remember that even when
consumers are making purchases or investments on behalf of a company, they
can still be guided by emotions.

In particular, try to understand whether a product or service affects a buyer’s

perceived likelihood of failure, their anxiety, or their reputation at work.
  Target market: A specific group of consumers who would be interested
in the product.
A target market is the segment of consumers most likely to want or need a
business's products or services. This group of people is a subset of the
business's total market. ... For example, a children's toy may have boys ages
9–11 as the target market and the boys' parents as the target audience.

 Competitive advantage: A unique feature of your product or service

that can’t easily be copied by competitors.

Competitive advantage is the favorable position an organization seeks in order to

be more profitable than its rivals. ... For example, if a company advertises a
product for a price that's lower than a similar product from a competitor,
that company is likely to have a competitive advantage.

Examples of Competitive Advantage

 Access to natural resources that are restricted from competitors.
 Highly skilled labor.
 A unique geographic location.
 Access to new or proprietary technology. Like all assets, intangible assets.
 Ability to manufacture products at the lowest cost.
 Brand image recognition.

 B2C – Business to consumer. B2C businesses sell to their end-user. ...

 B2B – Business to business. In a B2B business model, a business sells its
product or service to another business. ...
 C2B – Consumer to business. ...
 C2C – Consumer to consumer.