Idea Napkin No. 1

Piecing It All Together

With a better idea of the opportunity you have identified and with some appreciation of what customers want, the next step is to start fleshing out the "bigger picture" of your concept. In this exercise, you will describe five important elements of your business concept, in detail. It's important that you draw on the information you have acquired in your interviews and on your other experiences thus far in this course. 

In this blog post, you'll be sketching out your business concept "on the back of a napkin," so to speak. Although you need to provide detail regarding different aspects of your business, you're still in the earliest learning phases. More than likely, the concept you describe here won't be the same concept you end up with at the end of the course. That's OK! In fact, that usually happens.

So, please describe the following:

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

2) What are you offering to customers? Describe the product or service (in other words, how you'll solve customers' unmet needs). 

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

4) Why do they care? Your solution is only valuable insofar as customers believe its valuable to them. Here, explain why customers will actually pay you money to use your product or service. 

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has? 

In addition to these five elements, please spend a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others. 

With this post, you need to include the phrase "Idea Napkin No. 1" in the title and a "Week 6" label. Once you have published this post, be sure to Share the post URL and make the appropriate Declaration. 

Text for declaration:

PLEASE READ CAREFULLY:

I have published a post with my first idea napkin, outlining my business concept.

In this post, I describe:

• Who I am
• What I am offering to customers
• Who my customers are
• Why my customers will spend money to use my product/service
• What my core competencies are.

I have included the phrase "Idea Napkin No. 1" in the post title, and I have labeled it "Week 6." 

I have proofread my post.