1-5 Core Idea Overview
THE CORE IDEA OF EVERY ENTREPRENEURIAL MISSION
An understanding of your environment and the right approach to entrepreneurship are critical to the success of your mission. Of course, if you don’t know what to actually apply that information to, then it was all a very nice study but you didn’t use it to actually do anything. And doing things is the point.
In this section of the course we will walk you through building the core idea around which an entrepreneurial mission is focused and on which every other element of your entrepreneurial mission is built. Many entrepreneurs in the early phases of mission building make one of two mistakes:
1. Building Too Far on a Shaky Foundation: These entrepreneurs waste time and resources building out elements of an idea they will later realize must be modified. While there will always be some modification needed as an idea matures, these entrepreneurs waste excessive amounts of resources building elements of their idea they could have easily avoided wasting time building if they had done a proper initial evaluation.
2. Evaluating Their Idea Without Enough Information: These entrepreneurs improperly deem the idea as a high or low potential idea for them to pursue because rather than evaluating the complete foundation for an entrepreneurial mission, they only evaluated part of it.
To be able to accurately evaluate whether an idea is worth more of your resources as it stands, you must evaluate five components of the entrepreneurial mission:
1. Purpose: Are you passionate enough about this mission to take it on?
2. Problem: What is the problem customers have that your mission solves?
3. Solution: What is the solution your mission will provide?
4. Value Model: How will your mission create, distribute, and capture value?
5. Market: What is the potential impact your mission can generate?
We will walk you through each element in this section.
Lesson Summary
An entrepreneurial mission's success hinges on understanding the environment and adopting the right entrepreneurial approach. To achieve success in your mission, it is essential to focus on a core idea. In the early stages, entrepreneurs commonly make two mistakes:
- Building Too Far on a Shaky Foundation: Wasting time and resources by developing elements of an idea that may later need modifications.
- Evaluating Their Idea Without Enough Information: Deeming an idea high or low potential without evaluating the complete foundation.
To accurately assess the worthiness of an idea, entrepreneurs should evaluate five key components of the entrepreneurial mission:
- Purpose: Assess your passion for the mission.
- Problem: Identify the customer problem your mission addresses.
- Solution: Define the solution your mission provides.
- Value Model: Determine how your mission will create, distribute, and capture value.
- Market: Evaluate the potential impact your mission can have.
Understanding and building upon these components are crucial for the success of your entrepreneurial mission. This course section will guide you through each element to help you develop a strong foundation for your entrepreneurial endeavor.
Lesson Summary
An entrepreneurial mission's success hinges on understanding the environment and adopting the right entrepreneurial approach. To achieve success in your mission, it is essential to focus on a core idea. In the early stages, entrepreneurs commonly make two mistakes:
- Building Too Far on a Shaky Foundation: Wasting time and resources by developing elements of an idea that may later need modifications.
- Evaluating Their Idea Without Enough Information: Deeming an idea high or low potential without evaluating the complete foundation.
To accurately assess the worthiness of an idea, entrepreneurs should evaluate five key components of the entrepreneurial mission:
- Purpose: Assess your passion for the mission.
- Problem: Identify the customer problem your mission addresses.
- Solution: Define the solution your mission provides.
- Value Model: Determine how your mission will create, distribute, and capture value.
- Market: Evaluate the potential impact your mission can have.
Understanding and building upon these components are crucial for the success of your entrepreneurial mission. This course section will guide you through each element to help you develop a strong foundation for your entrepreneurial endeavor.