For those of you who read instructions we have created this step by steop slide show, overview video and written manual.
Step 1 | Your Idea: In this box write a few sentences overving your idea in a way which hormonal high schooler would understand. Fouses on the problem you are solving and the way your a sloving it. Bouses points if you explain how you are better than the compitort
Step 2 | Market Overview: Jot down what you know about your current market. How are your competitors, what do you know about your target market, what does current and future demand look like?
Step 3 | Assumptions: You are going to write down your top 10 riskiest assumptions in three different categories for a total of 30 assumptions.
- Idea Assumptions: Would be assumptions that are based around the core idea of your businesses. Normaly related to what your customers are thinking or fealing. You might need to think esotartic like the market demand, relation tone, chanels you are delivering the services ext.
- Operational Assumptions: These are assumptions about how you are going to operate. Think about staffing, physicality of creation, shipping times, tooling, maner of rendering the services
- Financial Assumptions: Are any assumption that revolves mainly around money. IE. Salces prices, taxes, cost of goods, overhead costs ect.
Once you have your assumptions written out number them from riskiest to least risky. By riskiness we mean how critical is this assumtion to your idea and how confident are you in the answer.
Step 4: Move your top 3 riskiest assumptions into the three boxes to the right of your assumption list. One assumption goes in each box.
- "What Text" is the assumption that you are making. IE I will make an average of 18 sales a day.
- "What Questions" is the question you need to ask to test the assumption. IE would I be able to make 18 sales a day?
- '"Who/How" Is your method for find the answer to this question. IE. Research the traffic to similar sandwich shops in similar conditions. Take into account an average conversion rate and then project avg sales.
- Answer: Write down the answer you found as you asked your question. Does this answer meet your original assumption?
Step 5 | Version: If you answers do not match your original assumption you might need to version your idea to create a slightly different version. Once you have this updated version run it back through the validation canvas.
Keep this process up going until you have validate all of your major assumptions and most of your minor assumptions.