How can you determine if your business idea is competitive and addresses a real customer need? Additionally, what is the societal and environmental impact of your idea? In a rapidly changing market, it’s crucial to clearly define and understand the fundamental purpose of your idea.
We’ve gathered some of our most effective tools and models to assist you in strategically, efficiently, and sustainably defining and developing your business idea. These tools have proven successful in our daily business development efforts.
The NABC model is an effective tool when you’re in the early stages of your entrepreneurial journey and want to concretize your idea. It helps you define the need (N – Need), approach (A – Approach), benefits (B – Benefits), and competition (C – Competition) behind your idea. The NABC model is also perfect support to ensure you cover the essentials when you create your first pitch.
Define your idea with the NABC Model
The Business Model Canvas (BMC) is a framework that helps you get an overview of your business model. Instead of a long-term plan, it provides a quick snapshot of what you know today and what’s important to focus on right now.
With the BMC model, you can visualize and be creative with your business model. It’s also a perfect tool to understand how changes affect different areas of your business.
Business Model Canvas – develop your business model
The MVP model (Minimum Viable Product) centers around rapidly launching and testing a simplified version of your product or service before it is complete. Creating and testing an MVP provides valuable early feedback, pinpointing strengths and areas for improvement. Early testing allows you to make adjustments without undergoing significant setbacks in development.
And in accordance with our philosophy at Science Park: If your idea appears flawless upon its initial launch, you might have invested too much time refining it.
See our MVP guide here
You’ve probably heard before that you should never turn to your mom for honest feedback on your new business idea? “The Mom Test” is a method for asking questions that get your potential customers – and even your mom – to say what they really think about your idea. Developed by entrepreneur and author Rob Fitzpatrick, this method revolves around asking open-ended questions about your customers’ lives without disclosing anything about your solution.
How to get honest feedback on your idéa
The Golden Circle is used to engage and inspire by clarifying the purpose of your company. Devised by entrepreneur Simon Sinek, the model comprises three layers:
1. Why – the driving force and reason behind why you do what you do.
2. How – your distinctive approach or strategy.
3. What – your particular services and products.
By always starting with ‘why’ when you communicate, you can create a deeper emotional connection between the customer and your brand.
Crash course- The Golden CircleWe’re enthusiasts about ideas, and we’re particularly eager to learn more about yours. More importantly, we’re here to assist you in nurturing and evolving it. Our business developers engage with the previously mentioned models regularly, and they’re excited to guide you in optimizing these tools at the specific stage of your developmental journey.
Book a coaching session with a business developer here.
We look forward to meeting you!
