Back of the envelope -Have you ever had a great idea for a new App, business, product, service, software etc. ???
Have you ever been in a Starbucks and scribbled your thoughts on a on a napkin, noted on your cell, been in a bar and scribbled on the back of an envelope ??? CONGRATULATION !! You have initiated your FIRST Creative STEP and created your most important document for this venture !!!!!! These noted ideas are referred to as “back of the envelope” , your big idea!!
Entrepreneurs always understand the product and entrepreneurship. You will note the product, its features and its edge in the marketplace. The word product is used in a general sense in the business world and really means what you are selling whether it be a hard product, software, app, service, etc.
DESCRIBE YOUR PRODUCT – Its extremely important to name and describe your product. Surely this will change and be refined as time goes on, remember this is a first blush approach . It’s important to do quickly so you get all the important elements you need to make your decision , you will refine and expand this many times over as you develop your great idea!!
THREE BIG FEATURES – You probably will describe your product and make a list of its features, good. You should select the three most important features for your audience , consumer , user , client ,etc. It’s important to select the three now , it might change latter which is okay, your product will evolve, its natural . Right now the list and the big three are important.
PRICE – Most entrepreneurs have a good feel as to the retail (MSRP) price and the street (actual) price but there is a lot more to it. It’s important to establish both of these prices!!
Quickly and in general what are all of the coasts to produce your product?
MARGINS – Margins are what you sell it for less your costs.
CAPITAL – Is the amount of money you need to cover your startup costs and launch . Sometimes it includes your costs through profitability.