Idea Phase

Idea Validation

As an idea-phase entrepreneur, you may be wondering if your idea has market potential or adequately solves a real problem. An NYSBDC advisor can assist you in answering these questions by guiding you through initial research and identification of customer pain points to confirm that there is a demand for your business solution.

Questions to Consider:

• What problem does your idea solve?
• How significant is the problem?
• Have you confirmed that people actually need or want a solution to this problem?
• How is your solution different from what’s already available?

Market Research

You won’t be successful as an entrepreneur without a solid understanding of your business’s target market. NYSBDC advisors can offer instruction on defining customer personas, analyzing competitors, estimating market size, and determining if there’s enough of an audience for your product or service.

Questions to Consider:

• Who is your target customer, and what are their defining characteristics?
• Have you conducted any research on potential competitors or similar solutions?
• What is the estimated size of your target market?

Value Proposition Development

You’ll want to refine your core value proposition as an idea-phase entrepreneur,. NYSBDC advisors can help you work through exactly what makes your solution unique, relevant, and valuable to customers.

Questions to Consider:

• Why would customers choose your solution over other options?
• What unique benefits does your product or service offer?
• What are the top reasons someone might be reluctant to try your product or service?

Business Model Design

A clear, sustainable business model for your venture will maximize your chance of success at launch. NYSBDC advisors can aid you with identifying revenue streams, potential partnerships, and your initial cost structure.

Questions to Consider:

• How do you plan to make money with this idea?
• What initial costs will you face in developing and launching this solution?
• Are there any partnerships or collaborations that could support your business model?

Product or Service Design

In the idea phase, you might need assistance in shaping the first version of your product or service. NYSBDC advisors can help you think through prototyping, feature prioritization, and developing a minimum viable product (MVP).

Questions to Consider:

• What are the essential features of your product or service?
• How would you prioritize features for your minimum viable product (MVP)?
• Have you developed any prototypes, mockups, or samples?

Funding Strategy

If you need resources to start your venture, you may be wondering about how you can gain access to funding sources. NYSBDC advisors are skilled in matching up idea-phase entrepreneurs with potential early-stage capital solutions to purse, like grants, angel investments, crowdfunding, or bootstrapping options.

Questions to Consider:

• Do you have a clear idea of how much capital you need to get started?
• What funding sources are you considering (e.g., self-funding, grants, investors)?
• Are there non-monetary resources you could leverage to offset costs?

Legal & Administrative Setup

If you are in the idea phase, you may not yet have thought through all the legal and administrative requirements to start your business. NYSBDC advisors can help you plan for business registration, regulatory requirements, intellectual property protection, contracts, and more. Advisors happily work in tandem with any legal professionals you may have.

Questions to Consider:

• What legal steps (business registration, trademarks, patents) will you need to take?
• Have you researched the regulatory requirements for your industry?
• What contracts or agreements might you need to protect your idea?

Mentorship & Networking

Establishing a network of contacts who can provide feedback, industry insights, and connections can be invaluable to you at this early stage. Opportunities to network with other entrepreneurs can stoke your motivation and provide useful partnerships. NYSBDC advisors are skilled in helping idea-phase entrepreneurs make critical connections,

Questions to Consider:

• Who can you reach out to (besides your NYSBDC advisor) for feedback or advice?
• Are there any industry groups or networking events that could connect you with helpful contacts?
• What are good ways to connect with influential individuals in your community?

Customer Feedback & Testing

As an idea-phase entrepreneur, you may not yet have set up feedback loops. These are ways to test your ideas with people, gather feedback, and make adjustments before an official launch. NYSBDC advisors can assist you in planning effective feedback loops for your idea.

Questions to Consider:

• Have you talked to potential customers or users to get their feedback?
• What method will you use to test and gather feedback on your idea or prototype?
• How will you incorporate customer feedback into your development process?

Marketing Basics

You may not have officially launched your venture yet, but having a grasp on brand positioning, messaging, and early marketing channels will be very beneficial as you approach your launch. NYSBDC advisors can assist you in learning where and how to reach your target audience.

Questions to Consider:

• What message do you want to communicate to potential customers about your product or service?
• Which marketing channels might reach your target audience most effectively?
• How would you position your brand in the market relative to competitors?

Time & Resource Management

You might be interested in figuring out how to better allocate limited resources, like time, money, and effort, to your business idea. NYSBDC advisors can help you set priorities and create timelines for your first steps.

Questions to Consider:

• What are your immediate priorities to advance this idea?
• How much time, money, and other resources can you realistically commit to developing this concept?
• Do you have a clear timeline or milestones for the next few months?