Reply To: Problems Exploring Problems

Home Forums 3. Ideate Section Discussion (May 23 to May 29) Problems Exploring Problems Reply To: Problems Exploring Problems

#2363
Erin Melnychuk
Moderator

Hi Laura,

It’s entirely normal to feel overwhelmed at this stage. Especially given that your business model is complex and could take you in any number of directions as you sink deeper into your research. You will not have a a completed business model, at least in the way that you think, by the end of the program… and that’s 100% ok.

A complex business model likely goes through 10-20 iterations before you launch with something. For the purposes of this program, you’re going to map your first version. What I’d really encourage you to do is start to map, to the best of your ability, all of the potential stakeholders in your concept. You will then start to ‘validate’ your business model by having conversations with your stakeholders. Resist the temptation to immediately update your business model immediately after each interview. Take more of a research approach. When you have conducted a mass of interviews, start to look for themes with the information. Your business model is about shifting a system. You need to have incredible insight in to how this system functions to understand your point of influence. Your identified themes can then be incorporated into future iterations of your business model.

As you are experiencing now, this process can take some time to unfold. And that’s ok! You actually want it to when the stakes are high. You are on the right path.

I hope this helps in some small way!
e.

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