1. The purpose and main idea.
Any idea should have a goal and criteria of success. Often investors ask to formulate the project idea in one sentence. If a starter can do it, then the conversation is being continued, if not — the idea is too raw, and it needs to be improved.
2. Target audience.
Any entrepreneur or manager should know exactly who will use the project. Definition: "Anyone from 18 to 60 years" does not suit. The prototype of a target consumer should be pretty clear because it is a base for the future product. You need to understand who will use it, who will pay, who are vital to promoting the project, etc. That is why you need to conduct the research.
Any product has its suitable market. This can be a market limited by country’s geography, language, topics, etc. This will determine the future of the project. Segmentation can be multifactorial, for example, by country and its specific productivity. Ideally, it is necessary to learn not only the boundaries of the market but its features and rules. This is a very important point, because the same product in different markets may have different level of sales and result may be different too.
You need to learn them much deeper than just a name and their presence in the market. What they live by, what problems and plans they have. This will help to make a really wise solution.
Digitization helps businesses to become very successful because:
• they know the market;
• they have enough resources;
• the niche projects on the Internet are still very small.
A big problem of product developers is having a great idea but no understanding of how to earn. This is one of the main causes of startups’ failures. This must be the first topic to discuss. Of course, there are cases when the project is created not for earnings, but for sale a large company when monetization tools are not necessary. But this is 1 case out of 100.
6. Strengths and weaknesses.
Very often, learning of the market and competitors is so strong advantage that it is enough for the project creation. Strengths and weaknesses are usually born from such knowledge, either from past practices of the company or a particular person.
This is something that you should pay special attention to. If the idea is innovative and the product does not exist anywhere in the world or in a specific market — timing will be critical, you need to do everything as quickly as possible to occupy the niche. If you're doing something standard, such as an online store, it is done for a real business that has a clear plan. In any case, despite the fact that we will do the project and the time we are vague, we need to set the time frame and checkpoints.