Napkin Folding

On your entrepreneurial journey and the path to identify and solve a potentially lucrative business opportunity, feedback is critical. On your first Idea Napkin, you received feedback from your fellow students. In this second effort, I’d like to revise your napkin by taking into consideration the feedback you received.

In this exercise, there are two parts. First, the idea napkin; second, the ‘feedback memo.’ I explain them below.

For the idea napkin, please describe the following

1) You. Who you are. What your talents are. What your skills and experiences are. Also: what are your aspirations? Specifically, regarding your business concept, how do you see this business (if you were to start it) playing a role in your life?

2) What are you offering to customers? Describe the product or service (in other words, how you’ll solve customers’ unmet needs).

3) Who are you offering it to? Describe, in as much detail as possible, the demographic and psychographic characteristics of your customers. Think especially of this question: what do your customers all have in common?

4) Why do they care? Your solution is only valuable insofar as customers believe its value to them. Here, explain why customers will actually pay you money to use your product or service.

5) What are your core competencies? What sets you apart from everyone else? Also: what do you have that nobody else has?

In addition to these five elements, please send a paragraph evaluating whether you believe these elements fit together or whether there are aspects of your business concept that are weaker / out-of-joint with the others.

For the “feedback memo” — please summarize at least two main points that you took away from the feedback you received. Also, please describe how you incorporated the feedback into this idea napkin. For more information on Napkin Folding check on this:

What Is Ethical Judgment?


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