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Idea to Business Case

posted Oct 16, 2020, 11:27 AM by Jageshwar Tripathi
One can find an idea to solve a problem but al ideas may not be feasible to convert in to a profitable business. To avoid failures at later stage when you have already invested lots of effort, money and time you need to do market research and develop a business case for your idea. You may need an sponsor who will invest in your idea and to convince you sponsor you will have to create and share business case.

Following are few points to analyze business possibilities of an idea and to present them as part of your business case:

Business case

What is this?

<Description of the idea in two bullets

Target users/customers

<Who will use it ? / How many users will be benefitted with this?/Market size/Opportunity size>

Delivery

<What will be the deliverable>

Differentiator

<How different it is from what is already available>

Benefits

<Reduction of : Cost/Effort. Service stability/User experience?>

Cost/Effort to build it

ROI 

Cost benefit analysis > Return on investment. If cost is higher than the benefits?>

Solution

Features

<What is the functionality or service provided. What is the use of it>

Alternatives

<What else is available and why this compared to others? Build v/s buy>

How it will be implemented?

<All from scratch, assembling and reuse?>

How will it be used ?

<Shared service, individual use, community use, online ..... whatever can describe how it will be used by end users>

How will it be supported ?

<How will it be taken care of after sale? Who will provide support and how? How users will ask for support?>

Schedule

<Calendar weeks or months to bring it to production with X number of team members>

Risk planning 

How can it fail?

<Define the risk>

Can the reasons for failure be avoided/How?

<Mitigation strategies>

Even if avoided, it fails, what to do to avoid damages ?

<Contingency plan>

Supporting references

Related to : benefits, market size, technical solution etc

Guidelines

  • As a user one can suggest the idea and business case but may not know how to implement (solution), it is fine. 
  • Brain storming and business case is different. 
  • A team can brain storm without thinking risk, schedule etc where they can dump the ideas without thinking the solution
  • But it should be followed by business case and solution approach to justify the feasibility and proposing to others. 

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