The Three Stages Plus One
This chapter starts with a discussion of the four stages of transforming an idea into a business. It presents that various question will arrive during first to fourth stage of transformation. The chapter suggests that how to evaluate the idea is viable from a business perspective and feasible to implement. Before starting the first stage, people must write down a problem statement that describes the problem that they are trying to solve or the question that they are trying to find an answer for and this problem statement acts a guiding light for them. The chapter provides template to write problem statement, also it advises to document all the assumptions that people are making, which will help them to have an honest insight into the uncertainty inherent in their venture. The sequence of the framework is given in the chapter to guide the thinking primarily and should not be considered as a step-by-step process that has to be followed strictly.