“That’s a good idea!” What next……
Well, giving a structure to your idea is the first step towards launching your business/ company. Many a time entrepreneurs have good or even great ideas, but the message doesn’t come across correctly and the investors don’t understand it right.
Defining your business idea is very important to open your gateway to a new business. Whether it is for profit or not for profit, all ideas have to state “why are you doing it” and “what is unique about it”.
Imagine that you are in an elevator with the best investor. You have maximum 60 seconds to sell your idea before you reach the ground floor and your opportunity is over. You just have this one chance. What will you say? How will you summarize your idea in less than 150 characters?
Alternatively, are you ready to tell your idea to the world in your first tweet (80 characters): Try Out!
The story does not end here….
You have to get him/her thinking on your idea to get that appointment to explain your idea in detail. Therefore apart from being ready with your idea definition, it is also needed to describe your idea in order to make him understand it and get on board.
On successfully completing this exercise, you will be able to:
- Get a first cut draft of your idea definition and description
- Announce your idea to the world using your “first tweet”
- Get a name for your idea/ product or even a tagline, logo, etc.
The case examples are mentioned in the formats attached in the below section.
Announce your idea to the world. Make your first tweet. Keep the below points in mind:
- Who are the people you will be addressing.
- Define needs that are currently lacking.
- Keep it short and simple.
Make a copy using Google Docs-> File->Make a copy option. Prepare drafts announcing your idea to the world in your first tweet.
Keep it short. Your explanation should not be longer than a few sentences. Describe your idea by answering the following questions:
- What is the problem you want to solve
- Who experiences that problem
- How you want to solve that problem
- Why is this a better solution
Make a copy using Google Docs-> File->Make a copy option. Prepare rough draft on paper and a refined copy on computer.
- Note down the ideas that you come up with and then structure the sentences
- Explain your idea to someone and see if they can guess what you’re talking about
- Find someone who knows nothing about your business and someone who knows something about it