1.4 (How Business Ideas Originate)

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Description and Tags

Unit 1

6 Terms

1
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Entrepreneur

Bears risk of bringing new Products/Service to market.

2
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Motivations

Profit, Problem solving, passion.

3
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Idea Generation

Observing, Interviewing, Surveying.

4
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Design Thinking

Validation - (Test → Feedback → Iterate) → Solution Development → Minimum Viable Product (MVP)

5
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Minimum Viable Product (MVP) Hierarchy (Order Of Requirement)

  • Functional = Works, Solves Core Problem


  • Reliable = Consistent User Experience


  • Usable = Intuitive to Navigate


  • Engaging = Unique Value Keeps User Engaged


6
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Solution Development Principles

  • Keep it Simple = Unpolished Prototypes get Honest Feedback.


  • Embrace Friction = Early Failures, Save Time/Money at scale.


  • User Centricity = Center on User’s Actual Needs.