TAILIEUCHUNG - Lecture Entrepreneurship: Chapter 4 - Zacharakis, Bygrave, Corbett

Chapter 4 - Prototyping your idea. Once you’ve identified your opportunity, the next step is to devise a strategy to pursue that opportunity. While you’re probably familiar with the basic strategy categories from previous coursework - differentiation, low cost, niche - many would-be entrepreneurs fail to grasp the intricacies of devising and implementing their strategy. | PROTOTYPING YOUR IDEA Chapter 4 1 What is prototyping? Prototyping is the iterative process of quickly putting together working models in order to represent ideas, test various aspects of a design, and gather early customer feedback, over and over again until obtaining the most suitable product. The core purpose of the prototyping process and developing a prototype is to get a response from a target customer or user -- in other words, feedback which can be acted on. 2 Why prototyping? Introducing a new product or service involves substantial risk, and upwards of 50-90% of innovations fail There is often a large gap between what the entrepreneur believes is valuable and what the target customer perceives. Prototyping, both products and services alike, is one strategy to test key assumptions about what a customer will value and be willing to buy. 3 Prototyping should answer the following questions Does my target customer want the new product I propose creating? How might I alter the product or service to make it more attractive to my target market? And how does my proposed innovation compare against existing solutions in the marketplace? 4 The prototyping process Representing Assumptions Make tangible or livable the value your product or service will offer so that the target customer can see, try or experiment with it. 5 Testing Assumptions Test what you have made tangible or livable by having your target customers use your prototype. Learning and Iterating Collect feedback from target customers and act on it by creating a new version of the prototype and repeating the process until you obtain a final product. Some kinds of prototypes are: Low or High Fidelity Looks-like or Works-like Paper Prototyping 3D printing Electronic prototyping Service simulators Minimum Viable Product (MVP) 6 Low-fidelity Vs High-fidelity prototypes 7 Quickly getting ideas out Seeking early feedback from customers Representing a final, polished product concept Making final decisions about

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