Imaginary Construct

The entrepreneur constructs an imaginary business model of consumers experiencing new value, willingness to pay, imputed revenue streams, and assembled resources to generate the valued experience. This is the first test of value potential.

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01

Self-Assessment

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Entrepreneur’s self-examination for guidance as to what role to play in value generation, both individually and collaboratively.

02

Dissatisfaction

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Dissatisfaction is an unconscious contribution of the consumer or customer to the value generation system. It indicates a non-specific pointer towards the potential for new and more satisfying innovation. The entrepreneurial contribution is to recognize and interpret consumer dissatisfaction.

03

Imaginary Construct

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The entrepreneur constructs an imaginary business model of consumers experiencing new value, willingness to pay, imputed revenue streams, and assembled resources to generate the valued experience. This is the first test of value potential.

04

Validation Research

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The entrepreneur conducts some kind of external or 3rd party research as a first step in the validation process. The process might consist simply of “talking to people”. This is primarily diagnostic, to better understand the nature and cause of consumer dissatisfaction, and the preliminary outline of a preferred solution. A value proposition may be implied but it is not fully articulated.

05

Peer Evaluation

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The entrepreneur considers the business cases of other entrepreneurs, either via direct contact / dialogue, or via secondary research.

06

Value Refinement

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The entrepreneur utilizes the knowledge and learning accumulated to this point and critically examines the emerging value proposition and business model, with a view to a closer approximation to a conceptually viable firm construct.