Start! magazine Issue 6 - Disruptors Edition

Page 29

f i w o n uk o y o a d e d i d How o go a e v a you h siness? u b a r o f

ss l busine e forma rself these h t p i k s u an, g yo Think le begin by askin d n a plan s... lving? question I am so e more m le b o th pr blems – t is the 1. Wha esses solve pro r problem, the t you Busin w abou l be! you kno ur solution wil o better y ? stomer rget cu they? Where a t y m is e re 2. Who ecific. Who ar they do, whe o d w t o a Be sp n h k live, w re you do they hop? The mo will be to s it do they em, the easier nd to market h s t d t nee a abou d their n a t s r e und . to them eed to ions I n if my t p m u s e as know t are th mer to 3. Wha with my custo ea test in the id viable? idea is ur business is ing several o While y u will be assum ue in order o y , e l. to be tr stag at need to be successfu ide h t s g in u s g th s o e t in s help r bu for you sumptions can alk to as s These a ket research. T rs as you can r a m r u ustome an yo tential c s, we don’t me iple o p y n a r lt e m u custom d get m (and by nd family!) an a friends view. f o s t in o p nd why? sucks a le who a e id r op ou from pe . thinks y 4. Who ering feedback ve is invaluable h o t r , a p le G im mfortab ou can think y ht sound unco l pitfalls that ig This m tifying potentia et is very y n e id t t how ught of bu en’t tho you figure ou v a h u o d y elp sues an It can h useful. address these is e as you b l you wil r answers will u o y t . a s s h e w ur busin m build yo e proble he sam t g in lv o else is s that 5. Who e? st those ju t m o n s a r e oduct o titors ar Compe g a similar pr ne that is o rin are offe they are every problem – e e m a ic s v r e se th is o solve ho else trying t et to know w ! G as you. in your space g in t a r e op osition? lue prop r a v e u ou uniq rstand y t is my 6. Wha that you unde d to be able to ld u nee Now itors, yo customer shou t e p m o c a r y u h o y w

6. What is my un ique valu Now that you unde e proposition? rst competitors, you ne and your ed to be able to articulate why a cu stomer should choose you over th em solution quicker, ch . Is your eaper, better designed or more user-friendly? Tell me: why you? 7. What is my minimum viable product (MVP)? Once you’ve valid ated your idea, you’re ready to bu ild your first version to test. Th is should be the simplest version of yo service that you ca ur product or n test in order to get feedback; espe ciall how you can test yo y consider ur ideas without using technology. In conclusion: start small, gather lots of data, and get ou t and talk to your customers. Once you’ve got th e answers to these questions, w e recommend you book a drop-in sessi on with one of our team to talk th rough your next steps. You could als o complete a Lean C search for and anvas template and use this as a w orking document as you develop yo ur idea further.

@InnovateKings

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29


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Articles inside

Black milq: Running a vegan venture

4min
pages 32-33

Aysha: my year since Idea Factory

2min
pages 16-17

Recipe boxes: Recipe boxes: the ‘new normal’ the ‘new for at-home dining? for at-home

3min
pages 12-13

Start! magazine Issue 6 - Disruptors Edition

1min
page 42

Stepping up to the sustainability challenge

4min
pages 30-31

About the Entrepreneurship Institute community

2min
pages 40-41

Inspiration station

4min
pages 38-39

The femtech boom

4min
pages 36-37

Be resilient: how to build your bouncebackability

4min
pages 34-35

King’s disruptors

12min
pages 22-28

How do you know if you have a good idea for a business?

2min
page 29

Think like an entrepreneur

5min
pages 18-20

Decoding the D word

4min
pages 14-15

Innovation at King’s

1min
page 21

This year at the Entrepreneurship Institute

2min
pages 6-7

Disruption calls

4min
pages 10-11

Imagine an entrepreneurial version of you

4min
pages 8-9

Start! welcome notes

3min
pages 4-5

Start! Issue six 2020-21

2min
pages 2-3
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