CW1 Summarise your business idea so that it has a real impact on a potential investor, client, or other stakeholder
This section is all about explaining the need you wish to meet and the problem that you are proposing to solve. You need to demonstrate that there is likely to be demand in the market for your product/service or project. You need to identify who your target customer is, and why they need what you are proposing. You need to point out how your business idea prioritises and creates the value that your target market requires. By doing that you are expected to outline at least three examples of value your solution offers.
Is the solution you provide for individuals or organisations? What are their characteristics? How many possible customers are there? Will the people or organisations who pay for the service or product be the same ones who use it? (For instance, university services are partly paid for by the government or the university, but they are used by students.) Finally, in the market, are there several different kinds of customers and needs (segments)?
The key questions you should answer are:
What is the need being addressed or problem being solved?
Whose problem or need is it, and what do customers value?
What size is your target market?
Are your customers the ‘end users’? If not, who is?
How have you ‘segmented’ your market?
The key questions to answer here are:
Who are your main competitors?
How well do they understand their target customer? what mechanism do they have in place to ensure that they are aware of how they create value for their customer
Why are they not solving the market need that you have identified already?
What are the ‘substitute’ products/ services to yours?
How well do they understand their target customer? What mechanism do they have in place to ensure that they are aware of how they create value for their customer?
