5 q's framework
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This document discusses screening ideas to identify opportunities and discusses 5 key questions to ask when screening opportunities. The 5 questions are: 1) What important customer problem can you solve? 2) How are you going to do it? 3) How many customers are there that are willing to buy from you? 4) Why can only you provide the solution? 5) How can you defend against others? It emphasizes the importance of screening ideas before others do to identify the best opportunities.
5 q's framework
- 1. Turning Ideas Into Opportunities
- 2. Opportunity Recognition For me : the defining act of entrepreneurship. Need to create an environment where people are encouraged to generate ideas... ...then, the challenge becomes how to “ screen ” ideas to find the best opportunities.
- 3. Screening Ideas: Are they Opportunities? 5 Questions What important customer problem can you solve? How are you going to do it? How many customers are there that are willing to buy from you? Why can only you provide the solution? How can you defend against others? Ask these questions BEFORE somebody else does!
- 4. Screening an Opportunity: 5 Questions What important customer problem can you solve? How valuable? How painful? Remember, you need to change somebody ’ s behavior to buy your product.
- 5. Screening an Opportunity: 5 Questions How are you going to do it? Business model: Product Distribution Location Technology/Innovation Service Brand
- 6. Screening an Opportunity: 5 Questions How many customers are there that are willing to buy from you? How many customers are there? (Market size) How many will buy from you? (Market share) Who will be your first customer (besides your Mom)? Who will be your 100 th ?
- 7. Screening an Opportunity: 5 Questions Why can only you provide the solution? How are you unique? What do you provide that nobody else can?
- 8. Screening an Opportunity: 5 Questions How can you defend against others? Location, brand, patent (or other IP), great service, great taste, great fashion sense … .