Most venture ideas aim to address one or multiple problems. Here you make both the problem and your proposed solution explicit while being as succinct as you can.
2. Target users
The problem(s) you have described at the first element may affect one or several user groups. It may well be that different users within your concept have different problems and therefore require different solutions. Here you identify each user group. This element therefore potentially adds several layers of depth to the venture design: one layer for each user group/ problem combination.
3. Value Proposition
In the value proposition you outline how you intend to deliver value to your users; these can be functional benefits, but can also be about the level of service or experience connected to the product. A value proposition also should take potential thresholds, such as costs into consideration; a concept has an attractive value proposition when the benefits for adopting the solution outweigh the costs by a disproportionate margin. The value proposition is often based on several assumptions about what users value most in a service or a product. The degree to which you can test this quickly and adapt to it is a serious predictor of success in the long run.
4. Delivery Model
The delivery model outlines your intended approach to reach your various target user groups. Through which channels both in the virtual and physical world. Be as specific and precise in your logistics as possible.
5. Income streams
The income streams element requires you to list expected sources of revenue, per group of target users. Income streams are closely related to the value proposition, as ventures that offer a lot of value to their target users are much more likely to convert interest into hard currency.
6. Cost Advantage
Any initiative, particularly innovative endeavors will require cash investment. During an early investment phase, keeping costs on a tight leash is one of the most difficult and the most essential challenges a creative leader will have to face. So apart from creating transparency in your costs, the question how you will keep your costs down without sacrificing on quality is as diabolical as it is important.
7. Assets, Skills and Partnerships
By answering the question which key assets, skills and partnerships you have or need to have in order to succeed, you create clarity in your organizations current USP’s and effectively help you create a to-do list that helps you prioritize.
8. Leadership Team
Ask any investor about the key success factor for any early stage venture, and they are likely to point towards the entrepreneur or the entrepreneurial team standing at the helm. Creating the right creative leadership team for any venture in terms of skill set, motivation and experience is more often than not the make or break factor.
9. Pivot Points
A pivot point is generally the moment when creative leadership finds out “that the horse they are riding, is dead.” Although difficult and confronting, there is merit in looking ahead and being able to shift your bets, before it’s too late.
10. Learning Loop
The success of any venture depends on its agility based on its ability to learn fast and learn often. This means adapting swiftly and habitually to changing market circumstances and insights. Most early stage organizations do not have the habit of measuring their success on a daily basis, nor have they spent enough time thinking about the key indicators that define their success. They therefore miss out on a big learning opportunity every day.