Business Concept Design– Design is the activity of turning vague ideas, market insights, and evidence into concrete value propositions and solid business models. Good design involves the use of strong business model patterns to maximize returns and compete beyond product, price, and technology. The risk is that a business can’t get access to key resources (technology, IP, brand, etc.), can’t develop capabilities to perform key activities, or can’t find key partners to build and scale the value proposition.
Testing and reducing risk– To test a big business idea you break it down into smaller chunks of testable hypotheses. These hypotheses cover three types of risk. First, that customers aren’t interested in your idea (desirability). Second, that you can’t build and deliver your idea (feasibility). Third, that you can’t earn enough money from your idea (viability). You test your most important hypotheses with appropriate experiments. Each experiment generates evidence and insights that allow you to learn and decide. Based on the evidence and your insights you either adapt your idea, if you learn you were on the wrong path, or continue testing other aspects of your idea, if the evidence supports your direction.
Team Design What kind of team do we need to create our business? Having worked with teams all around the world, we have learned that behind every successful new venture is a great team. If you are at a startup, the founding team is the glue that holds it all together. If you are in a corporation, you’ll still need a solid team to create a new business venture. If you are a solopreneur, the team you eventually bring in will make or break your business.