Solution Validation
Be absolutely specific, clearly identify your target market, define the size of the market and specific problem, define the current undesireable solution, remove all instances of "we" or "I"
Things to think about when writing a problem statement
The 5-15 most important "metrics that matter" for our business.
What are Key Performance Indicators (KPI's)
Find a customer experiencing the problem that you have the solution for, conduct a stream of consciousness (SOC) usability test, determine if your potential customer is ready to "progress" towards your problem solution.
What is solution interviewing.
Matters a ton
When you start receiving payments from customers, when you may incur considerable personal liability, when you start paying employees, when you start incurring considerable expenses
Things that occur when it is time to think about formalizing the start of your .
The number that determines whether an experiment confirms a particular hypothesis.
What is a success metric
Is the "juice" worth the "squeeze"?
What Unit Contribution Margin can help us to understand.
What you should test about your business model once you've tested for customer/solution fit.
Riskiest assumptions
Being confident, conversational and using "powerful" words.
What is important when pitching your business.
DOUBLE POINT BONUS!
Being faster, local, responsive, or otherwise unique.
What are characteristics of having a differentiated value proposition.
DOUBLE POINT BONUS!
A "sea" of Business Model Canvasses as they relate to our own.
What is our competition
"Top Down" and "Bottom Up"
What are ways of determining a venture's Total Addressable Market (TAM)
An experience where the value proposition is delivered almost, if not entirely, manually by one on the company’s founders.
What is a concierge MVP.
DOUBLE POINT BONUS!
Graphical visual representations of information, data or knowledge intended to present complex information quickly and clearly.
What are infographics
By far, the most important part of building any great venture.
What is having a great team.
Google key words, trade organizations and publications, surveying the target market.
What are ways that competitors might be discovered.
DOUBLE POINT BONUS!
Rental, usage-based, data reselling.
What are various types of revenue models.
The fastest path to document success or determine failure and “next steps”
Experimentation
10 slides, 20 Minutes, 30 pt (minimum) font
What is Guy Kawasaki's 10 20 30 rule.
A place to get funding, mentoring and connections.
What is a startup accelerator.
Infinite money solutions, illegal or impossible solutions, built by geniuses solutions.
The best way to establish "traction"
Start with a small sliver of the market and "own it".
A type of MVP that is handy for prototyping the early stages of digital products.
Paper interfaces
The event that typically occurs immediately before or immediately after a live pitch presentation.
Poster session.
Create a legal entity for your company, apply for an EIN from the IRS, open a business checking account, create a QuickBooks accounting system and find a mentor or trusted advisor who can help you with IP, HR, Tax and Licensing Regulations.
5 Steps to Business Formation