Phase 1: Lean Startup for Beginners

I am sure many if not all of us have toyed with the idea of starting our own company, this usually comes with good ideas that we have for products of services. For me personally, when I see something I will try and decide how I can make it better.

Most people do not pursue their ideas, whether it is too difficult or you just do not know where to start. My goal is to give you a little bit of direction at the beginning of the 'idea phase' this will help you to know if your idea is a good one and worth pursuing.

It is pretty easy to convince yourself that your idea is good, it is much harder to convince others.


Quarter 1: The Idea

1. Identify what others are already creating, and what they bring to the table.
1. Google other products/services that do similar things.
2. Check out Google.com/patents to see what others may be building that is not on the market yet.
3. Always be aware of substitutions, even products that offer different features than yours can be part of your competition.
2. Identify the holes and gaps in the market
3. Connect with the Value Proposition, (list the features of your product)
1. Differentiation
2. Iteration
3. Innovation
4. Break apart your Value Proposition into 3 parts
1. Features: Plain and simple. 
2. Advantages: How is your product better than the competition.
3. Benefits: How do these features and advantages benefit the consumer. Examples could be on price efficiency, aesthetics, function, or easiness of use etc. 

One way to think about it is:  Because our product has this feature, you will be able to.. advantage and this means to you.. benefit.

Example

Feature: Memory foam mattress

Advantage: Softer than Springs

Benefit: Better night's sleep

You can flip this around to focus on the benefit to the customer: If you want to get a better night's sleep on a mattress that is softer than springs, purchase a memory foam mattress.

Most products will require more than one feature to be successful, break your ideas down into several parts and from there determine the Features, Advantages and Benefits of your product idea.

Summary:

• Have an awesome idea that solves a customer pain/problem.
• See what is out there that solves this pain already
• Figure out what sets your idea apart
• Break down your product's features so anyone could understand them
• Make millions on your idea (hopefully)