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The New Business Road Test, Using The 7 Domains - Coggle Diagram

- - - - List what you think you know about the product 2. List what you know that you don't know
        
        Intro & Biography
        
        Ask them to think about the situations where they'd use your product and anything they think about the concept.
        
        Use Persuasion tactics to make them expand on interesting things they've just said - Will uncover Unknown Unknowns
        
        You touch up your lists of known unknowns & knowns, if they had not been addressed earlier.
        
        Use "What About", "What if?", Use Contrast Prompts e.g "What if it's not?", Exceptional Incident Prompts - "What about... not at all?"
    - - Demographic, Geographical, Behavioral & Lifestyle Terms.
  - - - Is the market big enough for multiple competitors and allows them not to get in each others way? Short Term Growth Rate? Long Term Growth Rate?
- - - - A Cash Flowing Business Model
        
        Revenue, CTA & Retention, CMs, How quickly do you get paid and how slowly do you pay?
      - Better, Cheaper, Faster? - Can't be duplicated due to IPs, Patents, Processes, etc.
        
        Where do you fall short? - Evidence Backed
  - - - Define Industry Clearly, Entry Hard or Easy? Suppliers powerful or not? Buyers Powerful or Not? Easy to substitute/steal market?, Intense Rivalry or not? Based on these how attractive is it? Are there reasons why you'll fare differently? How are the macro-industry risks looking?
- - - - Aspirations - Work for self? Build something small/big, Create/Do/Manage/Lead? Change the world in some way?
        
        Risk Propensity - Salary? Control? Money and how much? Family & Home? Do your loved ones accept the risk as well?
  - - - Which few things if done wrong have severely negative effects on the company performance? - Even when other things are done well.
      - Which things done right will deliver great results, even if others are done poorly?
      - Ask 15 or 20 Other Entrepreneurs in your industry and see what converges.
      - You have to identify them and assemble a team that can execute them and prove it with past deeds.
        
        Look yourself in the mirror and ask what you bring to the party.
      - Which ones can you not execute? Do you need help?
- - - - Matchmaker Model
        
        Connecting Buyer & Seller
      - Pay-In-Advance Model
        
        Via.com
      - Subscription Models
      - Scarcity-Based Models
      - Service-To-Product Models
      - Little or No External Capital to Get Started, Raise Capital Once the Concept is Proven.