Problem Identification

This week is focused on understanding the steps necessary to move from a startup to a functioning business. You will learn how to use the Lean Canvas to brainstorm ideas and map out the assumptions underlying your venture.

Homework:

• Identify 3 Problems In The World
• Talk To People Who Are Experiencing These Problems
• How Many People Are Experiencing These Problems
• Come With List Of Problems
• The Number Of People You Talked To That Experience These Problems

You will learn how to better identify and understand a problem and the people experiencing it through Customer Development and Discovery. We will show you how important it is for founders to learn and practice interviewing skills outside of the building. You will also learn about Minimal Viable Products and Pivots.

Homework:

• Fill Out – Value Prop – Customer Side
• Fill Out – “A Day In The Life”  
• Validate Assumptions – Talk To 10 Customers
• Track Interviews using the Customer Interview Tracking Sheet
• Come Next Week With Your Interview Tracker Filled In 

Solution & Pitch Introduction

You will explore how to articulate what your product or service is and why people want it. We will also introduce you to Product Market Fit and Customer Segments and review Minimum Viable Products. In addition, you will learn about how to pitch your business to potential investors and customers. 

Homework:

• Fill Out Value Proposition Canvas
• Create Simple, Clear 1 Sentence Description Why Your Business Is Different And Worth Buying
• Fill Out Lean Canvas Unique Value Proposition And Solution
• Create Rough Draft Of Pitch Deck

This week you will explore potential competitive advantages that you have over competition. In addition, you will explore innovative ways to size markets that are new and growing. Understanding market dynamics is an important aspect of pitching to investors, who are generally not as knowledgeable as you are in your specific market.

Homework:

• Define your unfair advantages
• Be as specific as possible
• Refine your market size
• Do top down sizing
• Do bottom up sizing
• Record all your sources

This week you will explore the legalities and hurdles of setting up a business from a lawyer. In addition, you will learn the basics of trademarks, copyrights, and other intellectual property protections you should explore in your business. 

Homework:

• Collect necessary legal documents to incorporate in Nepal
• Begin looking at trademarks, copyrights, and other intellectual property rights

This week you will learn about making money from each customer segment. You need to understand what value the customer is paying for and what strategies, streams, and tactics you will use. 

Homework:

• Determine Your Revenue Model
• Hone Bottom Up Market Sizing
• Market Research 
• Fill Out Lean Canvas Revenue Model

This week you will explore the resources you need. You need financial, physical, intellectual and human resources in order to be successful. Ultimately, how much will your venture cost to start? In addition, you will learn about key metrics that are important to track and evaluate the health of your venture.

Homework:

• Write Down All Your Costs
  • Variable
  • Fixed
• Determine The Most Important Metrics For The Success Of Your Company
• Fill Out The Lean Canvas

This week you will take the knowledge you have developed from your revenue model and the cost structure and combine them into financial projections. To be a successful entrepreneur, it is imperative that you understand the financials of your business. 

Homework:

• Create an excel spreadsheet detailing your financial projections on a monthly basis
  • Detail revenue generation
  • Detail expenses
  • Create a list of all assumptions
• Create simple slides for revenue and costs

You will learn about the four types of startup markets and distinguish which market your venture should enter. Market type influences marketing, sales, finance, target customers, and more. You will then identify the best way to get your product to customers by classifying both your product and your first distribution channel. 

Homework:

• Determine The Channels You Will Initially Focus On
• Fill Out Lean Canvas

This week you will learn about the opportunities to finance your business from equity, debt, and other sources. You should understand the options that are available to you as an early stage venture and how you can succeed. 

Homework:

• Identify the most likely form of investments
• How will you pursue your venture if you do not receive an investment?

This week you will review your Lean Canvas and contemplate how it has changed with customer interviews. You will have the opportunity to review your pitch deck and practice. 

Homework:

• Complete your final pitch deck
• Practice, practice, practice your pitch!

This week you will pitch your business idea! This is a great opportunity to gain valuable feedback and consider the next steps.