Stage 3: Craft Business to Know Viability
It is critical to understand the business context in which employee are playing, the value proposition to their user demographic and various aspects of the business model. This stage will guide them through all the key aspects of crafting a business. Most start-ups just focus on their idea and do not spend enough time thinking about the externalities affecting their business. These factors represent many aspects, the most important of which include the following: technology; business models; competition; industry; macroeconomic; and others. The business model is the most crucial and perhaps the most difficult part of designing a business. It involves all aspects of the business, from customers to operations to partners to funding and revenues. There are six key components to a business model: value proposition; value delivery; value creation; value partnering; value capture; and value funding. The quintant of value creation is focused on how the solution will be built.