How Do I Develop a Viable Business Idea

Zuva Accelerator are experts at helping entrepreneurs start and shape new businesses. Today, I want to take you through the process of developing your business idea.

Have you ever struggled with deciding on a great idea for a business? Or, you know that you have a great idea, but you are not sure how to start turning it into a viable business?

One of the tools most used across all businesses is the Business Model Canvas. It is a method you can use to develop the different aspects of your business idea.

It can help bring clarity to some of your thoughts, so that you begin to build step by step until it starts to come together. To use the Business Model Canvas, you need to complete each of the boxes. There are questions to help you figure out how to fill each box.

Defining the problem

The best part to start is by defining the “Problem” that you are solving or need that you are filling. The best businesses are the ones that are either solving a problem or filling a need. It is easy to sell a product or service in such a business with minimal effort.

What solutions will you offer

Once you have defined the problem, the next step is to write down how you will solve the problem. What does the solution look like? Is it a tangible product or service? How do you provide the solution? How will the solution be made? How will you know that the solution is working? Is it easy to use?

Are there many other or some other similar products in the market? All these and many other questions need to be answered before you can be sure that you are indeed on the right track.

Unique Value Proposition

Your “Unique Value Proposition” talks about that which makes your products or services unique. What makes you stand out from the competition? As you complete each box, take time to “wear” each of the 6 thinking hats. This is a technique that was developed by Edward De Bono. This is how it works.

Six thinking hats

White Hat – the white hat is all about facts. Use facts to identify the problem that you are solving. Do not be in love with the business idea..

Red Hat – this is about emotions. What emotions does the problem create in you? What emotions do you think the problem evokes in potential customers and what do you think will be the emotions induced by the solution?

Black Hat – This looks at risks. Are there any risks that you see associated with the products or services?

Yellow Hat – what makes you feel optimistic or happy about your products?

Green Hat – green is associated with growth and multiplication. Write down as many possible solutions as you can come up with to solve the problems of your customers and these will be your income streams.

Blue Hat –Blue is all about systems. You wear the blue hat when you think about the systems for your product.

Zuva Accelerator Entrepreneurship Programme

If you are reading this article or watching the video because you have a business dream, and you want to realise that dream, then you have come to the right place. Zuva Accelerator has a programme designed to transform your vague business idea into something that investors will want to put money into.

We will equip you with tools on how to be a successful leader and manager of your business by building systems and processes. If you do this, you can lay the foundation of a business that can quickly grow beyond your dreams. You can learn more about it here: https://accelerator.org.za.www21.jnb1.host-h.net/service/entrepreneurship-program/

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