How to start your business planning for your new startup | The Entrepreneurship Journey Episode 4

Hi this is Jodie and I'm here to talk toyou again about the Entrepreneurship journey and really what's the nextstep in this process.

So in the last video we were talking about theimportance of writing down all the ideas that you're coming up with so as you'restarting to think about what is your product or service that you aredeveloping and that you want to go to market with.

Capture all of thoseideas and then the next thing is to really start putting some rigor aroundwhether there is going to be a market for that.

So the place that we generallystart with and I certainly use this as a tool when I was developing outRe/Digital and we use it with our clients as well as we're helping them goto market and plan out what their approach should be to go to marketfor their product or service.

There's a tool called the business model canvas.

So youcan actually just google business model canvas it might even be businessmodelcanvas.

Com but just google it.

Basically all this tool is, is one pagerthat helps you to define what your value proposition is.

So it actually talksthrough a number of different steps so it ask you to look at who isyour potential customer segment.

So you know what is your target audience looklike, who are they, what are their pain points, what is your product or serviceand how is it going to be solving those pain points for those customers.

So juston this one page it can ask you to really succinctly start to think aboutexactly what it is that you're solving for your clients.

So check it out it's apretty simple tool to use it's quite self-explanatory but I will talk aboutwhat each of these different areas mean in in some later videos but I think themost important thing is you know and I got a lot of tech conferences I see alot of tech startups around the place and you know we work with the number as well and I think that the one thing that shocks me particularly as I'm walkingaround the floor of the tech conferences is that there are so many ideas, people arecoming up with all of these different ideas and some of them are b2b some of them are b2c so they're selling to consumers aswell and people think that that they have created something super interesting but actuallysometimes I look at it and think you know what you haven't thought aboutwhether there's actually a business here.

So that's the important thing aboutdeveloping the business model canvas is that actually it asks you to think aboutokay is this actually something that one people are going to pay for and to thatthere's actually you know there's a market for this so definitely that isthe place to start before you even start thinking about anything else in regardsto developing out your brand or your website or your product or anything likethat to start doing thinking first.

Source: Youtube