Idea Pack - Get Clear On The Problem/Solution

Start by making a copy of the Kick Off Doc created by Shaan Puri

Score On Idea Generator

Problem

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Write out what the problem is…

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Starting Questions:

If Answer is No or unclear, then idea should not be worked on.
1) are you willing to sink 2-3 years of your life and $20k-$80k of personal savings into it?
2) what’s the low, medium, and high return you see on the idea? Is the business idea a $1M, $20M, or $1B idea?
3) what scale do you have to reach to make meaningful money from it?

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"What will I be able to do with [x] that I can't do right now, and why should I want to do it?"

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"Who is most likely to be experiencing the pain and would therefore experience the value of the solution my product delivers?"

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NPV Calculation

Net present value (NPV) is the present value of all future cash flows of a project. Because the time-value of money dictates that money is worth more now than it is in the future, the value of a project is not simply the sum of all future cash flows. Those future cash flows must be discounted because the money earned in the future is worth less today. In order to calculate NPV, we must discount each future cash flow in order to get the present value of each cash flow, and then we sum those present values associated with each time period.
Use this calculator: https://www.calculatestuff.com/financial/npv-calculator

"I set-up a 90-day sprint with a clear quantitative/measurable goal to see if the idea is worth spending another 90 days on - usually this is revenue focused like selling/pre-selling a product or hitting a certain amount of users.
I find 90 days is a good length of time where you can make decent progress and still scratch the shiny objects itch.
During the 90 days, I only focus on this idea and nothing else. If I come up with an idea or see an opportunity I note it down on my list of ideas to pick from later. I don't quit during this 90 days, will try as much as possible to hit the target, even if it sucks.
At the end of the 90 days, I review and see if I hit my target, why/why not and if I liked the process of doing it (most important). Then I decide if it's worth spending another 90 days on or abandoning the project.
If I continue the project that's great - I have another 90 days to grow/improve on what's working. If not, I know that the idea didn't work or I don't like doing it and I make some short bullet points on what I learned and choose another idea from the list and start again.
This allows you to take opportunities as the come-up and give yourself enough time to see if you actually like doing it. Also gives you an out - if it doesn't work you can stop without feeling guilty (you probably learned something very deeply about the area your project was in) and move on to the next idea." (From Vineet Chauhan - https://www.facebook.com/groups/Trends.co)

Build landing page using Webflow or Jungleproof with Facebook ads to test validity in the project.
(https://humanising.co/archive/use-jtbd-to-create-landing-pages-that-convert/)

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Write out your avatar.

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Write out our anti-avatar. Who you don’t want to attract.