First Steps to Map Out Your Value Proposition

First Steps to Map Out Your Value Proposition

Very few businesses are one of a kind. Someone, somewhere, has already thought of your concept and implemented it to some extent. The good news is that this has never stopped entrepreneurs! You created your new business around a smart innovation or a unique take on an existing concept. You started your entrepreneurial journey by noticing a problem and set out to solve it. This problem can take many forms, from a task to physical or emotional need. It can be crucial or trivial. Your product or service thus can have a functional, social, or emotional purpose. The lean startup concepts provide you with a framework to refine your product fit by experimenting, measuring and adjusting your MVP, based on customers’ feedback, in an effort to make your endeavor less risky. But at the end of the day, you cannot make the decisions for your customers. They ultimately will be the one choosing to buy your solution or not. The following is an excerpt from a class we teach at one of accelerator programs (API2X). We have accelerated hundreds of companies over the past seventeen years so these teachings are not theoretical. By now, we are pretty sure a lot of the advice we give is pretty good. All our programs are geared towards the most promising entrepreneurs who will create jobs today given access to capital, expertise, skills and talent. How do we make decisions? No amount of data or analytics can tell you why decisions are made. We can only try to better understand how people make them to provide them with a better overall experience i.e. value, which...