During this very beginning phase of the startup life-cycle assess the viability of your business idea. Seek out advice and opinions from as many friends, family members, colleagues, business associates and industry experts as possible. Create a chart with pain points to help explore these new ideas. Consider your entrepreneurial ambition, product knowledge and if there is a large enough target market.
Key Concepts of this phase:
- Discovery & Ideation
- Share idea widely
- Customer interviews
- Assess market size
- Begin to develop a compelling value proposition
- Consider personal goals, financing and risk tolerance
Typical resources needed at this phase:
- Executive Advisers
- Incubators and Accelerators
- Business Assistance
- Educational Programs
- Mentoring
- Self-funding
