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Identify the problem (Step 1):

Identify
the problem (current or emerging) that you are going to solve, or
opportunity you are going to exploit. You may have a product or service
defined, but this phase is important to redefine what the root of the
issue that you wish to solve. Take a fresh view from the perspective of
a potential customer; try to feel their pain, and how it affects their
business or life. Your customers only care about the end product, their
experience with purchasing and using it, everything else is

Key Questions to ask yourself:

• What is the problem in the marketplace?
• What is a solution to the problem worth?
• What are the current or potential products or services that solve the problem?
• What is your proposed product or service to solve the problem?
• Why your product or service is superior compared to the competition?

Key Questions from the buyer’s perspective:

• Do I have a problem that needs to be solved?
• Is solving the problem a high priority?
• Is the product or service the best solution to my problem?
• How much will I have to spend on the product or service to solve my problem and is it worth it?
• Should I buy the product or service from your company?

Task 1:

Business Concept Statement

Converting your business idea into a concept requires an expanded more complete exploration of the idea.

Writing a business concept is a critical task. You should be able to summarize your business concept in less than 150 words.

The business concept statement answers the following questions:

What does the product or service do?

How is it different from other products or services?

Who will buy it?

Why will they buy it?

• Price
• Convenience?
• Provides sense of safety/security/well being?
• Better than what is currently available?
• Pleasurable experience?
• Uses new technology?

Where will it be sold?

• Geographic location of business and customers

When will it be ready to be sold?

• Concept, start-up, initial operations phase

How will it be promoted and sold?

Task 2:

Test the business concept for feasibility prior to preparing a business planii.

NOTE:

Positive Attributes of Technology and Life Sciences business Concepts

(You will want to make sure that your product or service features as many of these attributes as possible)

• Involves significant savings
• Solves a serious problem
• Offers convenience
• Fits into the existing scheme of things
• Attracts media attention
• Identifies a market
• Joins a rapidly expanding market
• Promises a big upside and low downside

Fatal Flaws of Technology and Life Sciences Business Concepts