Startup To Fortune
SECTION TWO: THE 5-PHASE VALUE THINKER BUSINESS BUILDING MODEL
This model will help with the following:
Phase 1 – Discover a profitable business idea that serves real, unaddressed and latent needs. Assess if you have a winning and feasible solution at an acceptable price point and the right and sustainable business model. This phase will help generate profitable business ideas and the ideas can be tested to be sure they are worth the investment of time and resources.
Phase 2 – This is the product or service development phase that iteratively takes into consideration user requirements in product development effort. Users of this model are not allowed to make huge investment on their business idea until they are sure people are passionate about the idea and are willing to path with their hard-earned money for the value the idea will provide. This is done through iterative experimentation.
Phase 3– Build a franchise prototype of the business by putting the required structure in place to prepare ahead for growth.
Phase 4– Systemize the prototype by creating key and effective business systems to ensure the business processes consistently deliver to customers’ expectation. Building systems dependent businesses that ensures the business ultimately works without the owner, delivering consistent value to clients, and preparing the business for scaling.
Phase 5– Scale by duplicating the prototype into a great and profitable business enterprise that creates massive value in the marketplace.